Date: August 2016

5 posts in August 2016


Breaking up is not that hard to do: Real Estate (RE) classification

Effective September 1, 2016, the Global Industry Classification Standard (GICS®) will undergo its first major change since its inception in 1999. As a result of the evolving investment landscape, not to mention the global economy, real estate will be carved out of the financial sector. The new 11th sector will primarily contain equity REITs. All…

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US Consumer Update: Continuing to Drive Economic Growth

US Consumer Update: Continuing to Drive Economic Growth. Today’s July retail sales report was unchanged but still consistent with the theme of strong consumer resilience continuing in Q3 2016. The headline print at 0% was below Bloomberg expectations of 0.4%.  Digging into the retail categories, it seems auto sales took away demand from other retail…

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August Quick Read on the US Economy

My view on the economy is little changed over the month.  I still see the US in an environment of modest economic growth.  A second strong payroll number should quiet the concerns that a period of weakness is beginning. Our latest reading for the Astor Economic Index® (“AEI”) is still near the highest level posted this…

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STAR Gazing

We see several themes playing out this year for US domestic sectors, with regards to sector fundamentals, factor selection and the overall direction of the US economy. In our STAR mid-year update, we seek to answer following questions: How have the sector economic fundamentals evolved and how does that guide allocation? So far this year,…

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July’s Jobs Number Supportive of Steady Growth

The July Employment report came in with an upside surprise—255,000 jobs created during the month, which was well above expectations of 179,000. Making the jobs picture even rosier was the upward revision for June, to 292,000 from 287,000. Strength in the labor market for June and July has helped bring people back into the workforce,…

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