Chart of the Week
Inflation over the past year rose 2.9%, but the cumulative impact since 2020 has been difficult for households to handle.
Despite wages rising faster than prices, the lack of gains after inflation is weighing on consumers.
With productivity above 2%, perhaps we are getting closer to the point where pay will outpace inflation by a few percent. This will depend on the job market shrugging off the weakness over the past three months.
What We’re Reading
Consumer Checkpoint: August 2024 – Bank of America
The Life Cycle of Market Champions – Bridgewater
7 Great Investing Books for Beginners – Morningstar
A Few Little Ideas And Short Stories – Morgan Housel
Podcast of the Week
Solving the Mystery of the Big Market Selloff – Odd Lots, Bloomberg
Last Week
Initial jobless claims threw cold water on the notion that the jobs market is slowing dramatically. Inflation came in at expectations, likely giving the Fed the green light to lower interest rates next month.
The Week Ahead
Over the next week we will have data across the spectrum that will give perspectives on the US consumer along with business performance. It will be interesting to see if lower interest rates bring a pickup in housing starts and sales.
Thank you for reading.
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