{"id":193782,"date":"2024-05-13T10:45:00","date_gmt":"2024-05-13T14:45:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/weekly-market-recap-may-13-2024-2\/"},"modified":"2024-05-14T09:59:40","modified_gmt":"2024-05-14T09:59:40","slug":"weekly-market-recap-may-13-2024-2","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-may-13-2024-2\/","title":{"rendered":"Weekly Market Recap: May 13, 2024"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consumer confidence fell to 67.4 in May.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CPI<\/li>\n\n\n\n<li>PPI<\/li>\n\n\n\n<li>Retail sales<\/li>\n\n\n\n<li>Housing starts<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>Despite weak income growth in early 2024, consumer spending remained resilient, and real wages stayed positive. The personal saving rate, however, slid to 3.6% for the quarter and 3.2% in March, lower than for any year since 2007. This may seem concerning, but it&#8217;s important to note that the personal saving rate, calculated as the residual of disposable personal income less personal outlays, is inherently volatile.<\/p>\n\n\n\n<p>This week\u2019s chart, which shows the personal saving rate from 1978 to today, reveals that consumers\u2019 unwavering spending habits over the past few years have pushed the personal saving rate well below its long-term average of 8.5%. In 2020 and 2021, pandemic aid boosted personal savings, allowing consumers to spend cash accumulated from the government without drawing down on existing savings. While this tailwind persisted into 2022, it began to fade in 2023. Consumers had to adapt and began accumulating credit card debt, which has now risen above pre-pandemic levels. This suggests that consumers might finally be ready to pause their spending.<\/p>\n\n\n\n<p>However, it is worth noting that wage gains have outpaced inflation for over a year, and household wealth rose by 8% in 2023. Consumer sentiment remains positive. Despite a possibly overstated 12.7% month-over-month drop in early May, it&#8217;s up 14.2% year-over-year, standing 17.4 index points above its low of 50 in June 2022. Consequently, the saving rate will likely stay low as consumers continue to find ways to keep the spending party going.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1007\" height=\"403\" data-src=\"https:\/\/ibkrcampusdev.wpengine.com\/wp-content\/uploads\/sites\/3\/2024\/05\/Screenshot-2024-05-13-110550.png\" alt=\"Despite a saving slide, consumer spending still has room to grow\" class=\"wp-image-193781 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/05\/Screenshot-2024-05-13-110550.png 1007w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/05\/Screenshot-2024-05-13-110550-700x280.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/05\/Screenshot-2024-05-13-110550-300x120.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/05\/Screenshot-2024-05-13-110550-768x307.png 768w\" data-sizes=\"(max-width: 1007px) 100vw, 1007px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1007px; aspect-ratio: 1007\/403;\" \/><\/figure>\n\n\n\n<p>Chart of the Week: Source: FactSet, BEA, J.P. Morgan Asset<br>Management.<\/p>\n\n\n\n<p>Thought of the week: Source: FactSet, University of Michigan, J.P.<br>Morgan Asset Management.<\/p>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted May 13, 2024 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2024 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., May 2024.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of May 13, 2024 or as of most recently available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week\u2019s chart, which shows the personal saving rate from 1978 to today, reveals consumers\u2019 unwavering spending habits over the past few years.<\/p>\n","protected":false},"author":186,"featured_media":193781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[146,147,8,12,148,7],"tags":[],"contributors-categories":[429],"class_list":{"0":"post-193782","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Weekly Market Recap: May 13, 2024 | Traders&#039; Insight<\/title>\n<meta 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