The 303,000 net new jobs created in March, per last Friday’s announcement by the Bureau of Labor Statistics, was well above analyst expectations and conclusive proof that the US isn’t anywhere near a recession. The Atlanta Fed GDPNow estimate of first quarter GDP was 2.5% before the employment numbers were released; it likely may go a bit higher this week. Last week, stocks and bonds (price down / yield up) were down. The MSCI Emerging Markets index outperformed the S&P 500 and the MSCI EAFE. Across U.S. Russell style & market cap indices, large-cap growth did the best and the momentum factor led more broadly. Oil rose to over $90/barrel amid escalating tensions in the Middle East, triggering a sell-off in stocks and a flight to treasuries and bonds. However, a blowout jobs report on Friday helped the market recover losses as traders put faith that the strong economy will power corporate earnings even if rates remain elevated. On the wealth planning front, we discuss the most important decade of your financial life.
Click Here to Read the April 8, 2024, Economic Commentary
Click Here to Read the April 8, 2024, Investment Commentary
Click Here to Read the April 8, 2024, Wealth Planning Commentary
