Weekly Briefing 8/7/22 – The Forecast

Weekly Briefing 8/7/22

Weekly Briefing 8/7/22

In our last Weekly Briefing, we spoke of our anticipation for geopolitical events to cause turmoil in the stock market and major indexes.  Nancy Pelosi has since visited Taiwan as China now positions increasing military forces around the island country.  We foresee turbulence to be felt in the stock market as the major indexes head lower to complete the correction of 2022 over the next several weeks.  Once the final bottom arrives over these next few weeks, we believe the market will rally into the end of the year.  We then foresee the ‘real recession’ to set in during the beginning of 2023.

Last Week’s Economic Data:

ISM Manufacturing PMI:  Beat

JOLTs Job Openings:  Miss

ISM Non-manufacturing PMI:  Miss

Initial Jobless Claims:  Miss

Non-farm Payrolls:  Beat

Unemployment Rate:  Beat

Upcoming Economic Data:

Wednesday:  Core CPI, CPI (YoY)

Thursday:  PPI, Initial Jobless Claims