Strong States

February 13, 2023

Enjoy this week's "Investor Insights," a weekly newsletter that highlights the financial news you need to know and provides tips and tricks to help you make better investment decisions.

U.S. companies announced 102,943 job cuts in January 2023, which represented a 440% increase in layoffs since January 2022. 41% of the layoffs came from the technology sector alone. ₁

States are currently holding around $137 billion in rainy-day funds, which is the highest on record. If there is a recession, this is helpful because state and local governments account for 11% of the US economy and 13% of all payrolls. ₂

A total of 57 Ponzi schemes were discovered in 2022, which was nearly a 70% increase in one year. In aggregate, the schemes represented $5.3 billion dollars, with close to 60% of that value coming from crypto-related Ponzi schemes. ₃

More than two-thirds of the companies in the S&P 500 have reported fourth-quarter earnings, but only 69% of them have beat their earnings estimates (compared to 76% over the past four quarters). ₄

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MFS - "Beyond the News"
WSJ - "‘States Are Flush with Cash, Which Could Soften a Possible Recession"
Barron's - "Ponzi Schemes Surged in 2022. Many Involved Crypto"
Barron's - "Stock Market Has Its Worst Week of the Year. No News is Bad News."

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Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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