Treasury yields will sketch out a range between now and Q1 2024, with the upside determined by inflation and the downside determined by labor markets.
As expected, US personal income growth moderated from an upwardly revised 0.4% to 0.2% in October. However, disposable personal income growth experienced a less pronounced slowdown from 0.4% to 0.3% -- particularly in real terms…
According to our Global Investment Strategy (GIS) service, so far this year, inflation in the US has declined sharply even though employment growth has remained strong. There are many factors that have contributed to this…
Today, we are sending you the BCA annual outlook for 2024. The report is an edited transcript of our recent conversation with Mr. X and his daughter, Ms. X, who are long-time BCA clients with whom we discuss the economic and…
The US nonfarm payroll report is an important monthly data release that investors scrutinize for updates on the state of the US labor market and economy more broadly. In the current context, the updates help gauge whether the US…
The US flash PMI sent a mixed signal about economic activity in November. The Composite index was unchanged at 50.7 – beating expectations of a slight decline to 50.4. The stable reading comes on the back of a…
Our kinked Phillips curve framework predicted the immaculate disinflation of 2023. That same framework is now warning that the global economy is heading towards a recession in the second half of 2024.
US jobless claims have been trending higher in recent weeks, confirming that labor market conditions are deteriorating. Initial claims came in slightly above consensus estimates on Thursday, increasing by 231 thousand versus…
To the extent that US small businesses are typically more exposed to domestic economic conditions than larger firms, results of the NFIB Small Business Economic Trends survey are instructive. One important trend is that the…