Reading Time: 5 minutes There are many stories in the financial press about how wage growth is accelerating as the labor market tightens. It’s important to contextualize these claims. Nominal wage growth is accelerating as seen in the hourly earnings growth and the weekly earnings growth. The Employment Cost Index, which measures wages and salaries as well as benefits,CONTINUE READING

Reading Time: 5 minutes Earnings growth is much more important than the financial media gives it credit. There are often stories about geopolitics, while there few about the rate of change of analysts’ estimates outside the reporting season. The true driver of equity performance, which is future earnings estimates, are very boring and are not as easy to writeCONTINUE READING

Reading Time: 5 minutes Earnings growth is much more important than the financial media gives it credit. There are often stories about geopolitics, while there few about the rate of change of analysts’ estimates outside the reporting season. The true driver of equity performance, which is future earnings estimates, are very boring and are not as easy to writeCONTINUE READING

Reading Time: 5 minutes Financial Conditions Ripe For Speculation 2017 was an unusual year where financial conditions actually eased despite the Federal Reserve raising rates. The financial tightness in 2015 and 2016 was catalyzed by weakness in the energy market. With the help of central banks, as we have previously stated, the economy narrowly avoided a recession. It’s stillCONTINUE READING