10/19/2024
Economic Update | Week Ending October 19, 2024
Investors pushed the Dow and S&P 500 to all-time highs again this week. That marked six straight weeks of gains. When the Fed began raising rates in 2022 it was widely expected that they would push the country into a recession to tame inflation. Now inflation is closer to acceptable levels and the Fed has begun to lower rates. Many indicators show that the economy has remained strong. Adding to the strong jobs report at the beginning of the month, new unemployment claims were down this week. The Commerce Department reported that retail sales rose 0.4% in September, exceeding expectations of a 0.3% monthly gain. Excluding auto sales, retail sales rose 0.5% in September. That far exceeded the 0.1% gain experts forecasted for a monthly increase in retail sales excluding autos. Third quarter profits are beginning to be reported. Early indications are that we will see another strong quarter.
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Investors pushed the Dow and S&P 500 to all-time highs again this week. That marked six straight weeks of gains. When the Fed began raising rates in 2022 it was widely expected that they would push the country into a recession to tame inflation. Now inflation is closer to acceptable levels and the F...
