Soft landing, hard landing or… take off?

Recent macroeconomic data shows that the US economy is rebounding strongly. International Securities Market (ISM) services moved back into expansionary territory while new orders soared to 60.4 vs the prior reading of 45.2.

The labour market continues to show signs of strength, with the Job Openings and Labor Turnover Survey (JOLTS) data reporting a sizable increase in job openings in December, while wage pressure seems to be easing for now.

All of this leaves us in a position that feels even better than a Goldilocks scenario. The US economy has escaped the recession for now, but we shouldn’t lower our guard. Recessions usually happen when no-one expects them.

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.

Carlo Putti

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