While the federal minimum wage will likely remain unchanged from $7.25, 27 states and D.C. planned stateminimum wage increases for 2023. On January 1, 23 increases went into effect that could drive wage growthhigher in January’s jobs report.
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weekly_market_recap-01.30.2023pdf
While markets have been fairly resilient at the start of the year, recent economic data have pointed to further weakening in the economy. Overall and core retail sales (excluding autos, gas and food) fell sharply in December, and while poor weather conditions may be partly to blame, the data suggest consumers were much more reserved in their spending during the holiday season.… Read More
While the story last year was about inflation peaking, the 2023 narrative is shifting toward how quickly inflation cancool, and furthermore, how much cooling will be sufficient to get the Fed to pause its rate-hiking campaign.
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weekly_market_recap-01-17-2023
The U.S. labor market was a shining star in 2022 against a dim economic backdrop of tighter financial conditions and recession fears. Although real GDP normally outpaces payroll employment, due to rising labor productivity, payrolls grew more rapidly than real GDP growth in 2022, flipping the script on this dynamic.… Read More
2022 was a difficult year for the public markets, as positive stock-bond correlations offered investors little to no protection against the macroeconomic backdrop of persistently high inflation, hawkish monetary policy and heightened geopolitical tensions
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weekly_market_recap-01-02-2023
The story for the U.S. economy this year has largely been about battling record-high inflation, which has left bothequity and fixed income markets bumpier than a ride on Santa’s sleigh. While we do expect a steady deceleration ininflation next year, the rate of inflation is still elevated relative to history, even after coming in below expectations forthe second consecutive month in November.… Read More
As we enter the final stretch of the year, the U.S. economy is running on low gas against strong headwinds. Economicdata this week showed a picture of declining industrial production, manufacturing and services PMIs and retailsales.
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weekly_market_recap-12-19-2022
This week, investors will gain further clarity on whether the recent inflation downtrend is sticking and the Fed’s timingon a policy pivot. `
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Dec-12-weekly_market_recap
Last week’s job data supported a reoccurring theme – the labor market is cooling from a position of strength. According to the October JOLTs report, there are still more jobs than Americans looking – now at a 1.7 openings/available worker from 2 to 1 earlier this year.… Read More
Headlines have been dominated by the better-than-expected October CPI report, but this improvement in inflation will likely be overshadowed by a deteriorating growth outlook in the coming months. Looking at the basic building blocks of gross domestic product (GDP), we see weakness across a variety of sectors, with homebuilding set to slow significantly and higher rates to weigh on inventories, business investment and exports.… Read More