- Even after the S&P 500 fell 20% in 2022 its annualized return over the last decade is still 11.7%. To put this in perspective, if the S&P 500 did not grow at all this year the annualized gain over the ten years through December would still be 9.4%.
- In the 1990s 15% of small-cap companies (i.e. the Russell 2000 index) were unprofitable. Today that number has ballooned with 40% of companies in the index having negative earnings this year.
- India is now the world's most populous country. Yet, unemployment for young people in the country is at nearly 40%. More than half of the 900 million people of legal working age in India have given up looking for jobs.
- The pandemic led to a substantial increase in entrepreneurship. New business applications rose 44% from 2019 to 2022, and over 5 million businesses were created in the US last year alone.
Bloomberg- "Stock Gains Whipped up in Pandemic Bubble Resist Being Popped"
Apollo Chief Economist - "40% of Companies in Russell 2000 have Negative Earnings"
Bloomberg- "India Elbows China to Become World's Most Populous Nation"
Bloomberg- "Over 5 Million New US Startups Show Covid-Era Boom Has Legs"
Economic Calendar
Monday:
None scheduled
Tuesday:
Employment cost index (Q4), S&P Case-Shiller home price index (SAAR) (Nov), FHFA home price index (SAAR) (Nov), Chicago business barometer (Jan), Consumer confidence index (Jan), Rental vacancy rate (Q4)
Wednesday:
ADP employment report (Jan), S&P manufacturing PMI (final) (Jan), ISM manufacturing index (Jan), Job openings (Dec), Quits (Dec), Construction spending (Dec), Federal funds rate, Fed Chair Jerome Powell news conference, Varies Motor vehicle sales (SAAR) (Jan)
Thursday:
Initial jobless claims (Jan), Continuing jobless claims (Jan), Productivity, first estimate (SAAR) (Q4), Unit labor costs, first estimate (SAAR) (Q4), Factory orders (Dec), Core capital goods orders (revision) (Dec)
Friday:
Nonfarm payrolls (Jan), Unemployment rate (Jan), Average hourly earnings (Jan), Labor-force participation rate, 25-54 year-olds (Jan), S&P U.S. services PMI (final) (Jan), ISM services index (Jan)
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