Several pieces of data being reported this week are of considerable importance to investors, who continue to scrutinize the tea leaves for confirmation of an economic soft landing (or, alternatively, for portents of a recession.) Manufacturing sector and service sector activity readings for August are expected to add to the mountain of information pointing to a current US economic growth rate of 2%, but the commentary from both the ISM and S&PGlobal reports on sector activity will be carefully read for any unexpected points of weakness. The S&P 500 index on Friday closed out both the week and August in positive territory. The latter achievement was especially impressive considering the decline experienced by the index at the beginning of the month. The S&P declined 3% on August 5 due to a combination of the unwinding of the yen carry trade and growth fears sparked by the July nonfarm payrolls report. On the wealth planning front, we discuss key retirement changes that you need to know.
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