Postcards: Somebody, Hire Us

The job market is deteriorating. Get ready for the Fed to push the market higher. ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more You are a free subscriber to Postcards from the Florida Republic. To upgrade to paid and receive the daily Republic Risk Letter, [subscribe here](. --------------------------------------------------------------- [Postcards: Somebody, Hire Us]( The job market is deteriorating. Get ready for the Fed to push the market higher. [Garrett {NAME}](floridarepublic) Sep 5 floridarepublic   [READ IN APP](   Dear Fellow Expat: Hold it. Hold it. Wait. Stop. Let me interrupt. I’m also a child of the 2008 Great Financial Crisis. I’ll never get over that period of my life. Right now, I have a full-time job… a side hustle… and an editorial mistress for my side hustle. The government has my corporate taxes… but if my wife tried to understand it, she’d think I’m living a triple life. People will say it’s not supposed to be that way. But I’m a lot more comfortable because of it. I embraced that trauma. There used to be a time when you could diversify your investments and advance. No more. Now, you have to diversify your sources of income. No single point of failure is allowed. It’s the way the world works today. And we have to survive. You get one of two choices. You complain about multiple jobs and gigs… or you embrace it. It becomes part of our fabric. But things are about to get a little tougher on the new jobs front. The data came in this morning. And the numbers aren’t good. In the next two to three quarters, this economy will become more competitive for limited resources. But I'd like to explain how this ends on the backside. And something to buy based on my quick trip to the Nation’s capital. There’s Always Money in… Oh, to work in the U.S. government. I’ve been in D.C. for the last two mornings, looking at million-dollar boats from my hotel room. The money in Washington D.C. today is absurd. I don’t feel like I’m in the United States right now. This feels like Zurich, Switzerland, or maybe the Capital City in the Hunger Games. This morning, I walked up to Johns Hopkins’ new Bloomberg Center, which sits in the shadow of the Capitol Building. I bet it cost $1 billion. I entered and explained to the security guard that I was an alumnus. She pointed to an email address on a posterboard and told me I needed to make an appointment if I wanted to see where my tuition money went. I shrugged, exited, and walked north from there. Past the Capital Grille. Past the new housing developments, which are probably $500 per square foot. Past the Department of Labor Building and the homeless man who lives under the bypass (to increase the irony). Past the Georgetown Law Center, where people are dressed like they’re in Monaco. How do law students afford $400 Nike Jordans and Burberry sweaters? They all live in Washington. I’m not sure what it is about this city... but if things go wrong in America, I will retreat here, sell out, and work for a think tank, making a comfortable living. It’s 12:45 on a Thursday, and the Irish bars near the train station are standing-room only. What do people do here? What the hell is this place? Is this where 30% of my income goes? Postcards from the Mental Breakdown Meanwhile, in the rest of America… things are slowing down. The private sector is slowing down, and job openings are slowing down. Unemployment lines may start lining up again. The U.S. jobs market looks brutal. The JOLTS report stunned me. Here’s CNBC. Job openings slumped to their lowest level in 3½ years in July, the Labor Department reported Wednesday in another sign of slack in the labor market. The department’s closely watched [Job Openings and Labor Turnover Survey]( showed that available positions fell to 7.67 million on the month, off 237,000 from June’s downwardly revised number and the lowest level since January 2021. Tomorrow, we’ll get the August jobs report. How can we trust it? The U.S. government just downwardly revised more than 878,000 jobs over the last year. And we’re expected to believe that this economy is healthy. Tomorrow, most of the new jobs will be from the healthcare and government sectors. So… the jobs will basically all be government. But… remember one thing… it’s a good time to invest in the government. The Federal Reserve is set to cut rates this month, and hopefully, it will start some semblance of economic recovery. However, with the central bank now focusing on the jobs market, things will start to pick up in the next few months. Look for the market to take a few hits even as rates move lower. Then, prepare for a vast buying opportunity as the jobs market reaches its bottom, too. Hedge Baby… Hedge I have to argue the following based on a two-mile walk: There are just absurd amounts of money in this city. You can call it grift. You can call it a crime. You can note that at least 10% of every dollar taxed stays within 100 miles of this city. It shows. So, why wouldn’t I invest in this machine? I might not like it, but the income is predictable. I’m advocating for a way to at least get some of my tax dollars back. Postal Realty Trust (PST) is a real estate firm that acquires, owns, and manages properties leased to the United States Postal Service (USPS). That’s right. It was founded in 2018 and primarily invests in properties such as post offices and distribution centers, offering a niche market strategy within the real estate sector. The company's business model is centered on long-term, stable leases with the USPS, which provides consistent rental income and a reliable tenant profile. PST owns and manages hundreds of properties across multiple states. The trust’s unique focus exposes investors to a specialized asset class less correlated with traditional commercial real estate markets. PST's strategy appeals to those seeking income stability and diversification in their real estate investments. The REIT pays 6.7%, making it an ideal candidate for dividend reinvestment. What’s the risk? Do you think the government’s going to stop printing money? Do you think they’ll shut down the postal service? If PSTL is ever trading again under $10… we’ve got bigger problems. That’s where we’d be retreating to Washington. And I… don’t… want to do that. Stay positive, Garrett {NAME} Secretary of Letters and Stationary Disclaimer Nothing in this email should be considered personalized financial advice. While we may answer your general customer questions, we are not licensed under securities laws to guide your investment situation. Do not consider any communication between you and Florida Republic employees as financial advice. Under company rules, editors and writers cannot recommend their positions. The communication in this letter is for information and educational purposes unless otherwise strictly worded as a recommendation. Model portfolios are tracked to showcase a variety of academic, fundamental, and technical tools, and insight is provided to help readers gain knowledge and experience. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. There are large amounts of risk in the equity markets. Consider consulting with a professional before making decisions with your money.   [Like]( [Comment]( [Restack](   © 2024 Garrett {NAME} 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Get the app]( writing]()