- The belief among Americans that the benefits of a college education are not worth its cost has greatly increased over the past decade with 56% of respondents expressing this view in a recent survey, compared to 40% ten years ago.
- Job openings in the U.S. experienced a decline in March down to 9.59 million, following a previous record high of 12.03 million job openings a year ago. This decline was also 2.44 million fewer openings than in February, the second-largest decline in job openings since 2001.
- Since 1980, the small-cap companies (i.e. Russell 2000 index) have typically underperformed the large-cap S&P 500 by 4% in the 6 months after the economic cycle has peaked before a recession. This data increases the view that small-cap stocks tend to perform poorly ahead of economic weakness.
- According to a survey, public confidence in Federal Reserve chairman Jerome Powell's leadership has significantly declined. As the Fed combats inflation, the poll shows that only 36% of US adults have a "fair amount" of confidence in Powell's ability to make the right decisions for the economy.
MFS - "Beyond the News"
Reuters - "Wall St Week Ahead Amid Banking Woes, Faltering US Small-Caps Offer Ominous Economic Sign"
Bloomberg - "Jerome Powell Faces Lowest Public Confidence for Fed Chairman on Record, Gallup Says"
Economic Calendar
Monday:
Empire State manufacturing survey (May), Chicago Fed President Goolsbee on TV, Minneapolis Fed President Kashkari speaks
Tuesday:
Cleveland Fed President Mester speaks, U.S. retail sales (Apr), Retail sales minus autos (Apr), Industrial production (Apr), Capacity utilization (Apr), Business inventories (Mar), Home builder confidence index (May), Fed Vice Chair Barr testifies, Richmond Fed President Barkin speaks, New York Fed President Williams speaks, Chicago Fed President Goolsbee on TV, Atlanta Fed President Bostic and Chicago Fed President Goolsbee on panel
Wednesday:
Housing starts (Apr), Building permits (Apr)
Thursday:
Philadelphia Fed factory survey (May), Initial jobless claims (May), Fed Gov. Philip Jefferson speaks, Fed Vice Chair for Supervision Barr testifies, Existing home sales (Apr), U.S. leading economic indicators (Apr)
Friday:
New York Fed President Williams speaks, Fed Chairman Powell and former Fed Chairman Bernanke on panel
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