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Blokland’s daily sketch

Blokland’s daily sketch

26-11-2020 | Daily sketch

Weak US macro data confirms slowdown

  • Jeroen Blokland
    Jeroen
    Blokland
    Portfolio Manager

The latest wave of Covid-19 infections and the restrictions that go along with it are showing up in the macro numbers. Initial jobless claims have risen to 778K – the highest level in five weeks and still much higher than any week during the global financial crisis. Real personal income fell 0.8% in October – also because further fiscal stimulus has yet to be announced. Consumer confidence came in lower than expected as well. Earlier we saw a sharp decline in European PMI data, pointing to a new virus-induced slowdown. While I’m pretty confident things will get better once we are past the current setback in the recovery, markets will have to continue to look through the near term, which after the current rally could prove challenging.

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As a senior portfolio manager I use charts to illustrate financial issues every day. I tweet my favorites as @jsblokland and was named 'one of the 50 most important people for investors to follow in 2018' by MarketWatch.
Previous editions of the daily sketch can be found on my personal financial markets blog. All graphics provided are collected from Bloomberg data and public websites. They do not always reflect my personal opinion and may also not necessarily reflect the opinion of Robeco. Please cite all references or quote the original source if replicating content.

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