Russell E. Towne | 8/5/2024 "Recession Fears may be Overblown
AUTHOR: TOWNEWEALTHMANAGEMENT.NET/BLOG 8/5/2024: Towne Wealth Management BLOG:
“The recession fears are overblown,” says Wren, senior global market strategist at Wells Fargo, according to USA Today, 8/5/2024. Further, Goldman Sachs Group economists see a recession risk as “limited,” according to reporting from Bloomberg and other outlets. Nevertheless, they did raise the probability of a U.S. recession within the next year from 15% to 25%. This was all triggered by a jobs report, where data showed employers only adding 114,000 positions in July which fell well below the expected 206,000 number, reports NBC News 8/5/2024.
And for the rest of the week… we have:
Monday: ISM Services Index. Fed Official Mary Daly speaks.
Tuesday: International Trade in Goods and Services. Treasury buyback announcement.
Wednesday: Consumer Credit. EIA Petroleum Status Report.
Thursday: Jobless Claims. Fed Balance Sheet.
With potential interest rate cuts, a change to a more positive political climate to the
markets…
This may end up being just a summer correction…
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The opinions expressed in this material do not necessarily reflect the views of LPL Financial and based on the political content of this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in this material may not develop as predicted. All indices are unmanaged and may not be invested into directly.
Russell E. Towne, LPL Financial Advisor, is a registered representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
The opinions expressed in this material do not necessarily reflect the views of LPL