Earnings Season - April 14, 2021

Q3 and Q4 earnings season easily exceeded analysts’ low earnings estimates.

  • In hindsight, analysts failed to incorporate the strong economic recovery into profit estimates.
  • Most companies topped a low hurdle.

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Vaccines, Cash and Economic Growth - April 12, 2021

It seems pretty obvious, at least in hindsight. Reopen the economy, give people cash, roll out effective vaccines, and job growth would soar. But an April 6 headline in Bloomberg News, U.S. Jobs Come Roaring Back, Surprising Employers and Economists, reveals that the experts were caught flat-footed.

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March Roars Like a Lion - April 8, 2021

The U.S. BLS reported nonfarm payrolls soared by 916,000 in March.

Two key measures of the manufacturing and service sectors provided by the Institute for Supply Management came in well above expectations in March.

  • Manufacturing—best reading since the early 1980s
  • Services—best reading ever

It’s good news—but why is it occurring?

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A Housing Bonanza - April 5, 2021

The pandemic has created distortions in the economy that have aided some sectors and hurt others. One sector that has benefitted enormously has been housing. Sales have been strong, housing construction has accelerated, and housing prices have soared. 

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