{"id":206072,"date":"2024-05-06T10:15:00","date_gmt":"2024-05-06T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=206072"},"modified":"2024-05-07T03:34:27","modified_gmt":"2024-05-07T07:34:27","slug":"weekly-market-recap-may-6-2024","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-may-6-2024\/","title":{"rendered":"Weekly Market Recap: May 6, 2024"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Job openings declined to 8.5M in Mar.<\/li>\n\n\n\n<li>Nonfarm payrolls increased 175k in Apr.<\/li>\n\n\n\n<li>Wages grew 0.2% m\/m (3.9% y\/y) in Apr.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1Q24 SLOOS<\/li>\n\n\n\n<li>Prelim. consumer sentiment<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>This week\u2019s chart shows labor force participation rates in the U.S., Eurozone, and UK. Each market is continuing to experience tightness with different underlying drivers. Remarkably, the U.S. has added 2.8 million jobs (1.8% growth) in the past year without a reacceleration in wage growth. In April, wages grew 3.9% y\/y, the slowest pace since June 2021, and only 0.2% m\/m. This is partly due to the strong recovery in participation rates in addition to a surge in immigration. In the Eurozone, the rebound in participation has been equally impressive. However, employment growth has been a less impressive 1.0% over the past year with less help from immigration. Finally, employment growth in the UK has been negative at -0.6%, due to less positive immigration trends and poor participation rates. During the pandemic, many decided they had saved enough to retire early or are experiencing long-term health issues that prevent them from working.<\/p>\n\n\n\n<p>In all three cases, inflation has continued to trend downward despite a tight labor market. While relatively weaker GDP growth in the Eurozone and UK may lead to more near-term policy easing, all three central banks should be able to cut rates by year-end. High for longer rates in the U.S. may prevent a dollar decline in the short run, but it could weaken once the Fed begins cutting rates, bolstering the dollar-denominated return from overseas assets. Consequently, while the April jobs report continues to show a healthy U.S. economy, investors should examine the opportunities that exist today in less buoyant, but also much less expensive, overseas markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1004\" height=\"402\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Screenshot-2024-05-06-102423.png\" alt=\"Labor force participation rates in the US and Europe\" class=\"wp-image-206077 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Screenshot-2024-05-06-102423.png 1004w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Screenshot-2024-05-06-102423-700x280.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Screenshot-2024-05-06-102423-300x120.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/Screenshot-2024-05-06-102423-768x308.png 768w\" data-sizes=\"(max-width: 1004px) 100vw, 1004px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1004px; aspect-ratio: 1004\/402;\" \/><\/figure>\n\n\n\n<p>Chart of the Week: Source: FactSet, OECD, ONS, U.S. Department of<br>Labor, J.P. Morgan Asset Management. Participation rates are for<br>people between 16-64 in the UK, 15-64 in the Eurozone, and 18-64 in<br>the U.S.<\/p>\n\n\n\n<p>Thought of the week: Source: FactSet, OECD, ONS, U.S. Department of<br>Labor, J.P. Morgan Asset Management.<\/p>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted May 6, 2024 \u2013\u00a0<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2024 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., May 2024.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of May 6, 2024 or as of most recently available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While relatively weaker GDP growth in the Eurozone and UK may lead to more near term policy easing, all three central banks should be able to cut rates by year end.<\/p>\n","protected":false},"author":186,"featured_media":206077,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[1576,1753,2622,1685,2298,3761],"contributors-categories":[13608],"class_list":{"0":"post-206072","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-consumer-sentiment","14":"tag-job-openings","15":"tag-labor-force","16":"tag-macro","17":"tag-market-recap","18":"tag-nonfarm-payrolls","19":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 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