Industrials Up As Traders Bet Jobs Slowdown Temporary -- Industrials Roundup

Shares of industrial and transportation companies rose slightly as traders bet a slowdown in jobs growth will be temporary.

One brokerage said the relatively mild symptoms and other unique aspects of the Omicron variant mean its economic impact would be short-lived.

"We expect a sharp up-down pattern in cases in most countries," said strategists at brokerage Bank of America Securities. "Given how contagious Omicron is, we expect a rolling global shock. Because of the massive number of mainly mild cases, we expect the main impact will be a quarantining effect on labor supply."

In one illustration of this problem, shipping giant FedEx warned the Omicron variant is contributing to staffing shortages and delaying shipments traveling on aircraft because of crew shortages. Similar issues are plaguing the passenger jet industry.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

01-07-22 1630ET