Author: Zac Martin, Investment Associate
Week Ending April 25th – Kashmir
Leading Economic Indicators for March continued to decline, however, at a slower six-month rate than the previous six-month average. Additionally, the decline saw new pressures from declining consumer expectations and the largest decline in stock prices since September 2022. The Conference Board also revised their GDP forecast for 2025 lower to 1.6%, this does remain above the Atlanta Fed’s GDP forecast of -2.5%.
Several regional manufacturing surveys reported last week, Richmond Fed Manufacturing Activity Survey, Chicago Fed National Activity Index and the Kansas City Fed Manufacturing Survey. All reports posted a decline in activity and reported higher actual prices and an increase in inflationary expectations. Additionally, New Orders fell within these reports as customers look to change up supply chains due to tariff activity. Within the Kansas City Fed’s report 5/7 selected comments from firms surveyed mentioned tariffs as a negative impact to business.
The Week Ahead:
- Consumer Confidence & JOLTS Report (4/29)
- First Preliminary of GDP Q1 & Personal Consumption Expenditures (4/30)
- ISM Manufacturing PMI (5/1)
- Nonfarm Payrolls & Unemployment Rate (5/2)
- Earnings: PYPL, HON, UPS, GM, PFE, KO, SYY, GLW, PPG, SBUX, V (4/29), ADP, WDC, CAT, TT, ITW, META, MSFT, QCOM (4/30), MA, APD, CVS, MCD, AMGN, AMZN, AAPL (5/1), CVX, XOM, TROW (5/2)
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