Bellevue Perspectives

Monday Minute

  • Last week the U.S. broke the record for the longest expansion in history, 120 months.  The prior record spanned March 1991 to March 2001.  The current expansion started in June of 2009 and has also been one of the slowest expansions on record, growing cumulatively by 25%.  For comparison, the prior expansion starting in 1991 grew accumulatively by 42.6%.
  • On Friday the Bureau of Labor Statistics reported that the economy added 224,000 jobs in June, while the unemployment rate moved up to 3.7%. Job gains were led by professional and business services, health care and transportation/warehousing.  The stock market reacted negatively to the positive surprise in employment figures. This is most likely due to the fact that the market was expecting a number that would provide further evidence of economic slowdown, which could push the Federal Reserve to lower the fed funds rate at their upcoming Federal Open Market Committee meeting on July 30th and 31st. A cut in interest rates is a stimulus measure that the Fed uses to foster economic activity.

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All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of HighTower Advisors, LLC, or any of its affiliates.