Last Friday, payroll employment data, from a survey of businesses, showed the US created just 98,000 jobs in March. The consensus of forecasters had expected job growth of 175,000. The other jobs number, which comes from a survey of households, showed 472,000 new jobs in March.
Headline CPI rose from 2.5% to 2.74% last month, fueling speculation about higher interest rates. But inflation readings will be lower in the next few months, according to Jeffrey Gundlach.
If you read us regularly, and we hope you do, you know that we write each week about a topic we think is both important and timely. Last week, we were either clairvoyant, or extremely persuasive.
Joel Greenblatt serves as managing principal and co-chief investment officer of Gotham Asset Management and is one of the foremost value managers. His fund, the Gotham Index Plus Institutional Fund (GINDX) is in the 1st percentile of its Morningstar peer group (Large Cap Blend) for the period since inception (March 31, 2015) through March 31, 2017, significantly outperforming the S&P 500.
Well, that was fun! The GOP's attempt to reform healthcare hit a brick wall of politics. Conservative Republicans wanted to completely "repeal" Obamacare, while moderates and leaders were willing to keep much of it as long as it cost less. Moving one way or the other lost too many votes. Democrats refused to participate. So, the bill died.
The public reaction to recent proposals that robots be taxed when they replace human labor has been largely negative. But a moderate tax on robots – even a temporary levy that merely slows the adoption of disruptive technology – seems like a natural and obvious component of any policy to address rising inequality.
Family wealth has emerged as the financial-industry topic of this decade, akin to what estate planning was in the ‘70s, investment planning in the ‘80s, financial planning in the ‘90s, and wealth management in the ‘00s. Today family wealth advisors serve 35,000 households that all together account for more than $5 trillion in assets.
The debate over healthcare reform is in full swing, with forces aligning on all sides. From our perch, House Speaker Paul Ryan's health care bill has some appeal.
Considering that the Federal Reserve raised short-term interest rates by a quarter point, today's Fed statement was surprisingly dovish.
If robots are supposed to take all our jobs, they're not very good at it. Nonfarm payrolls rose 235,000 in February, rising faster than even the computer models thought they would. This was the 84th month in a row of private sector job growth, the longest streak on record.