SUMMARY U.S. equities saw a significant downturn in May. The breakdown of U.S.-China trade negotiations and new tariffs on Mexico’s imports brought fears of a slowdown in global growth. U.S. manufacturing PMI fell to levels not seen since September 2009, with new orders falling for the first time since August 2009. Businesses emphasized trade tension […]
SUMMARY U.S. equities were meaningfully higher in April. Advance estimates of real GDP increased by an annualized rate of 3.2% in the first quarter. Elevated inventories, improving trade, and government spending were positive contributors to GDP, but growth is not expected to remain at these levels throughout the year. The unemployment rate remained essentially unchanged […]
SUMMARY U.S. equities were positive in March and finished the first quarter with the best returns in seven years. Real GDP increased by an annualized rate of 2.2% in the fourth quarter, a downward revision from the 2.6% initial estimate. The unemployment rate ticked down to 3.8% in February in part due to furloughed federal […]
SUMMARY U.S. equities continued to rally through the month of February. Real GDP increased by an annualized rate of 2.6% in the fourth quarter. The deceleration in growth from the third quarter (3.4%) was partly due to a decrease in government spending during the government shutdown. The shutdown also contributed to the uptick in the […]
SUMMARY U.S. equities rallied in the new year. Contributing factors included both a better-than-expected start to the earnings season and a “patient” Fed willing to delay further interest rate hikes. U.S. manufacturing saw improvements in operating conditions with domestic demand leading to new business growth. Business confidence saw an uptick among manufacturers. However, the government […]
SUMMARY U.S. equities saw a steep decline in December and ended 2018 in negative territory. Optimism in business confidence fell to levels not seen since October 2016 as growth of new manufacturing orders slowed and demand fell. Consumer confidence remained strong but experienced back-to-back declines in November and December mainly due to concerns of slowing […]
SUMMARY U.S. equities rebounded in November, aided by Fed Chairman Powell’s comments that the fed funds rate is just below “neutral” and indicated that the Fed would not engage in an aggressive tightening policy. Real GDP increased at an annual rate of 3.5% in 3Q (second estimate), below the 4.2% rate in 2Q. U.S. manufacturing […]
Summary U.S. equities saw a significant pullback in the month as end-of-cycle fears had the market exiting risk assets. Economic data remains positive, pointing to low and decreasing unemployment (3.7%), rising wages and salaries (up 3.1% YTD) leading to manufacturing and services PMI beating expectations, and an increase in real GDP (up 3.5% in 3Q). […]
Summary U.S. equities finished the month almost flat but still outpaced the rest of the world for the year. Strong economy (GDP 4.2%), low unemployment (3.9%) and tame inflation (2.7%) supported a strong level of consumer confidence that is hovering close to an 18-year high. Compared to the rest of the developed world, US manufacturing […]
Summary U.S. equities traded higher in August as the current bull market became the longest on record during the month. Strong improvement in the health of U.S. manufacturing led to the highest consumer confidence level since October 2000. The unemployment rate declined to 3.9% (decreased by 0.1% in July) and wages continued to rise (up […]
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