Chart of the Week
Just two years ago, more people were quitting their jobs than at any time in the prior two decades.
A growing economy and fewer people entering the workforce created a bidding war. Wage increases followed.
The chart below shows that the quit rate leads wages by six months. With quits continuing to fall, wages growing at a slower pace is likely. This will presumably continue alongside the lower inflation trend witnessed over the past year.
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What We’re Reading
Information That Would Get Your Attention – Morgan Housel
The Best Investments for Taxable Accounts – Morningstar
Howard Marks Investment Memo: Easy Money – Oaktree
Podcast of the Week
The Best Way to Sell Your House – Masters in Business
Last Week
The fourth quarter gross domestic product (GDP) beat expectations, up over 3% after the third quarter grew 5%. Consumers’ spending habits continue to exceed expectations, though durable goods orders disappointed in December. Prices continue falling closer to the Fed’s target as the annual change in personal consumption expenditures fell to 2.6%.
The Week Ahead
On Wednesday, we will read into the Federal Reserve’s post-meeting statement for clues on when the interest rate-cutting cycle might start. The payroll report on Friday will be an important data point to see any shifts in the jobs market
Thank you for reading.
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