FIRESIDE CHARTS
Wages Climb Higher, A Generational Shift, and Real Treasury Yields Sink Deeper into Negative Territory
Friday’s jobs report came in below economists’ forecasts, though not due to lack of demand. The supply shortage is pushing wages higher, particularly in the recently revitalized leisure and…
Services PMI Hits Highest on Record, a Labor Market Update, and is a QE Taper Approaching?
More good news from ISM this week: services PMI saw gains in every sector and climbed to its highest level on record in May—though again, not without a corresponding hike in prices. This morning’s jobs…
Expanding Business Activity, Climbing Output Costs, and Growing Nerves About Tail Risk
The Chicago PMI raced past projections and surged to a fresh record in May and the ISM Manufacturing PMI continues to show rapid expansion in factory activity—though neither is without accompanying…
Pricing Pressures, Inflation Indicators, and Crypto Concerns
Pricing pressures continue to plague manufacturers as supply chain issues persist and activity eases off highs, though the Richmond Fed Manufacturing Index remains firmly in growth territory…
Global Business Activity Accelerates, New Equity Issuance at Multi-Decade Highs, and a Crypto Check In
Business activity accelerated yet again this month with Markit Manufacturing PMI coming in above expectations, and the phenomenon isn’t limited to just the U.S… or the manufacturing sector. Services…
S&P 500 Margins Hit Record High, Crypto’s Wild Week, and the Hunt for Dividend
Major U.S. indices broke a three-day losing streak yesterday, sparking hope that stocks could close a volatile week on a positive note—and almost certainly a sigh of relief from highly-leveraged…
Persistent Employment Concerns, the Path Ahead After a Bear Market, and Fears for the Novice Investor
Employment remains a persistent problem in the U.S., forming a—to bring back a 2020 buzzword—checkmark recovery as continuing unemployment claims remain stubbornly elevated. As 21 states move to end…
Consumer Sentiment Weakens, New Highs and Consolidations, and is a Pattern Emerging in UST Yields?
Activity—and prices—are on the rise in the industries most battered by the pandemic, and it helped propel overall CPI growth far past expectations in April. Everything is relative though; core CPI…
Perspective on CPI Growth, Bull Runs, and a Reminder that Everything is Relative
Activity—and prices—are on the rise in the industries most battered by the pandemic, and it helped propel overall CPI growth far past expectations in April. Everything is relative though; core CPI…
Earnings Beats Near Record Highs, the Financial Sector’s Long Recovery, and is Equal-Weight Construction Poised for a Comeback?
The breadth of earnings beats in Q1 is near record highs, but how much of that achievement is the product of a pandemic-induced low bar? Strong performance from banks was a large contributor to…