The Independent Market Observer

Sam Millette

Sam Millette is director, fixed income, on the Investment Management and Research team at Commonwealth. With the firm since 2013, he manages the fixed income research team, responds to advisor requests, analyzes individual bonds, and authors market research and commentary. Sam graduated from Tufts University with a degree in economics and is a member of the CFA Society Boston.

Recent Posts

Monday Update (on Tuesday): Retail Sales Slide to End the Year

January 18, 2022

There were a number of important economic data reports last week, with a focus on December’s inflation and retail sales reports. Retail sales came in well below expectations, as inflation and the Omicron variant weighed on spending during the month. This will be another busy week for updates, with a focus on the housing sector.

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Monday Update: December Job Growth Comes In Below Expectations

January 10, 2022

We received a number of important economic data releases last week, with a focus on business confidence, the international trade report, and the December jobs report. Fewer jobs than expected were added in December, although improvements to the household survey and participation rate caused the unemployment rate to fall notably to end the year. This week will be packed with updates, with reports to come on December inflation, retail sales, and industrial production, as well as consumer sentiment to start January.

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Monday Update: Busy Week of Updates Ahead

January 3, 2022

There were no major economic data releases last week. This week, however, we’ll see a number of important updates to start the new year. The focus will be on business confidence, the minutes from the most recent Fed meeting, the international trade report, and the December employment report.

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Monday Update: Consumer Confidence Improves to End the Year

December 27, 2021

Last week saw a number of important economic updates, with a focus on consumer confidence, existing home sales, durable goods orders, and personal income and spending. Consumer confidence improved by more than expected to finish out the year, which is a positive sign for year-end spending reports. There are no major economic data releases scheduled for this week, but we’ll see a number of updates in the first week of the new year.

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Monday Update: Retail Sales Growth Slows in November

December 20, 2021

There were a number of important economic data releases last week, with a look at producer inflation, retail sales, home builder confidence, new home construction, industrial production, and the results from the most recent Fed meeting. This will be another busy week of updates, with reports scheduled on consumer confidence, housing sales, durable goods orders, and personal income and spending.

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Monday Update: Consumer Prices Rise in November

December 13, 2021

There were only a few major economic data releases last week, with a focus on international trade, consumer prices, and consumer confidence. Consumer inflation came in slightly above economist expectations in November, while confidence increased by more than expected to start December. This will be a much busier week of updates, with reports scheduled on producer inflation, retail sales, home builder confidence, new home construction, and industrial production. Economists will also be closely monitoring the results from the Fed’s December meeting.

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Monday Update: Job Growth Slows in November

December 6, 2021

Last week saw a number of important economic data releases, with a focus on consumer and business confidence and the November employment report. The jobs report showed a notable slowdown in headline job growth in November, although the month’s underlying data was more encouraging. This week will be relatively quiet, with only three major data releases scheduled. They will cover international trade, consumer inflation, and a first look at consumer sentiment in December.

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Monday Update: Personal Income and Spending Beat Expectations

November 29, 2021

Last week saw a number of important economic updates, with reports on home sales, durable goods orders, personal income and spending, and the most recent FOMC meeting. Among the largely positive reports, the better-than-expected personal income and spending growth provided a highlight. This week will be another busy one for data updates, with a focus on consumer and business confidence and the November employment report.

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Monday Update: Retail Sales Beat Expectations in October

November 22, 2021

Last week saw a number of important economic data releases, including October’s retail sales and industrial production reports, and a look into the housing sector. Both retail sales and industrial production beat expectations, which is a positive sign for overall economic growth to start off the fourth quarter. This will be a busy week for updates, with reports on October’s existing home sales, durable goods orders, and personal income and spending set to be released. We'll also get the minutes of the most recent Fed meeting.

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Monday Update: Consumer Confidence Falls as Prices Rise

November 15, 2021

Last week saw a number of important economic updates, with a focus on October’s inflation reports and a first look at consumer confidence in November. Prices continued to rise in October, which negatively affected consumer confidence to start November. This will be another busy week for updates, with October’s retail sales and industrial production reports and a few updates on the housing sector scheduled for release.

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Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

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