Initial jobless claims decreased by 6,000 compared to the previous week, with 233,000 individuals filing for unemployment benefits in the week ending on June 22. Meanwhile, new pending home sales data revealed a 2.1% month-over-month decline, rather than the 0.5% increase economists expected.
US money institution Wealth Management senior capital strategist Tom Hainlin joins sector Domination to give insight into recent economic data and its implications for the labor sector and the economy as a whole.
On the stock sector, Hailin points out, “If we look at just the pillars of development, inflation and finance charge rates, even though the data was a little soft, it’s still a positive economy. Inflation will get a new reading tomorrow on the PCE…We have positive but decelerating inflation, and Treasury yields have stabilized around four and a quarter here. We think that’s a pretty good setup for shares to price higher at least at the broad index level.”
Hainlin recommends that investors tilt more toward positive development and inflation-sensitive holdings: “So for the typical diversified investor, they’ve got some allocations to shares and securities and things we call real holdings. We would have some of that money out of core securities and into those US large-cap equities,” he adds.
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