This Weekly Financial Markets Update reviews the top market headlines: A Bounce Back Jobs Report for November, Continued Mixed Business Activity in November, Beig Book Outlines Slight Economic Growth
  • The U.S. economy added 227,000 jobs in November
  • The ISM Services index registered 52.1% in November
  • The Federal Reserve publishes its Beige Book eight times per year

Top Three Market Headlines

A Bounce Back Jobs Report for November: The U.S. economy added 227,000 jobs in November, according to the U.S. Department of Labor, thereby rebounding from October when the impacts of hurricanes and strikes limited the number of gains to just 36,000. Employment in November trended up in health care, leisure and hospitality, government, and social assistance, while falling across retailers. At the same time, the unemployment rate crept upwards, ticking up to 4.2 percent versus 4.1% in October. Average hourly earnings in November rose 4.0% from a year ago, matching October's pace.

Continued Mixed Business Activity in November: The Institute for Supply Management (ISM) reported last week that business activity in the U.S. services sector expanded for the fifth straight month. The ISM Services index registered 52.1% in November, down 3.9 percentage points from October but remaining above the 50% threshold that separates sector expansion from contraction. Meanwhile, the ISM Manufacturing index reading was 48.4%, up slightly from 46.5% in October, but this represented the eighth consecutive month of contraction for the sector.

Beige Book Outlines Slight Economic Growth: Last week the Federal Reserve published its latest Beige Book, a recurring compilation of anecdotal information summarizing economic environments across the 12 Federal Reserve districts. According to the report, economic activity expanded slightly across most regions since October, and survey respondents were also optimistic about rising demand prospects in coming months. Contacts noted that inflation rose only moderately since the last report, with firms finding it harder to pass higher costs on to price-sensitive consumers, while employment growth remained tempered.

As of December 06, 2024 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 1.32% 2.75% 21.93% 28.04%
S&P 500 0.99% 5.95% 29.34% 35.75%
Russell 2000 -1.02% 8.25% 20.34% 31.89%
MSCI EAFE 1.71% -4.37% 8.05% 13.07%
MSCI Emerging Markets 2.45% -5.62% 10.29% 16.01%
FTSE NAREIT Equity -2.45% -1.21% 14.53% 22.89%
Bloomberg Commodity -0.59% -2.03% 3.71% 5.23%
Bloomberg U.S. Aggregate 0.45% -1.01% 3.40% 5.76%

Federal Reserve 12/4/2024, Institute for Supply Management, US Dept. of Labor 12/6/2024. Data from Morningstar Direct. US Bureau of Labor Statistics 12/6/2024, Returns for periods greater than one year are annualized. Investment advisory, named and independent fiduciary services are offered through Gallagher Fiduciary Advisors, LLC, an SEC Registered Investment Adviser. Gallagher Fiduciary Advisors, LLC does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. Gallagher Fiduciary Advisors, LLC is a single-member, limited-liability company, with Gallagher Benefit Services, Inc. as its single member. Neither Arthur J. Gallagher & Co., Gallagher Fiduciary Advisors, LLC nor their affiliates provide accounting, legal or tax advice. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your Gallagher Fiduciary Advisors consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.