Please see below for the weekly summaries of the investment markets and the U.S. economic data:

Investment Market Summary

Equity markets saw a positive week, with small and value stocks leading the charge. US Small Value stocks surged by 1.60%, followed closely by US Small Cap Core and US Mid Value at 1.40% each. Growth stocks also performed well, with US Mid Growth and US Large Growth gaining 1.00%. Large Value stocks, however, saw a more modest increase of 0.10%.

Sector performance was mixed. U.S. Utilities outshined all others with a significant gain of 3.40%. Technology and REITs also climbed, rising 1.40% and 1.50% respectively. The lone decliner was the Energy sector, which experienced a notable drop of 3.30%.

The bond market displayed strength across the board. US Core Total Return Bonds and Bloomberg Barclays High Yield Bonds both increased by 1.20%, while International bonds gained 0.70%.

International equities enjoyed a positive week as well. The MSCI Pacific NR USD index led the way with a robust growth of 2.90%. Gains were also reported by the MSCI Europe NR USD and MSCI EM Latin America USD indexes, rising 0.50% and 1.80% respectively.

Alternative assets, however, faced a downturn. Gold fell by 1.70%, while the US Dollar dipped by 0.80%. The biggest decline came from Broad Commodities, which dropped 3.60%, driven primarily by a decrease in energy commodities.

Economic Data Summary

Labor Market Cools:

• Job openings fell slightly, suggesting a potential slowdown in hiring demand.

• New job creation came in well below expectations, marking a significant decline from previous months.

• Initial jobless claims remained stable, hinting at a cautious hiring environment.

Consumer Confidence Wanes:

• Consumer confidence dipped, possibly indicating growing concerns about the economic outlook.

• The unemployment rate edged up slightly, potentially impacting consumer sentiment.

Manufacturing and Services Contract:

• Key indices for both manufacturing (Chicago Business Barometer and ISM) pointed towards a contraction in activity.

• The ISM services index also signaled a slowdown in the service sector.

Housing Market Stays Strong:

• The S&P Case-Shiller home price index indicated continued strong price appreciation despite broader economic uncertainties.

Overall, the data suggests a potential for a slowdown in economic activity. Rising unit-labor costs coupled with sluggish wage growth and declining productivity raise concerns about pressure on business margins and overall economic performance. While the housing market remains a source of strength, other sectors warrant close monitoring in the coming weeks.