Today’s post is from Brian Price, Commonwealth’s senior vice president of investment management and research.

My colleague Sam Millette, senior investment research analyst on Commonwealth’s Investment Management and Research team, has helped me put together this month’s Economic Risk Factor Update. Thanks for the assist, Sam!

Last week, we saw a number of important economic updates as we kicked off December. Business confidence fell unexpectedly last month, but a better-than-expected jobs report and increased consumer confidence bode well for future growth. This will be a relatively quiet week for economic updates, with November’s inflation figures and the retail sales report highlighting the release calendar.

Today’s post is brought to you by Rob Kane, a senior investment research analyst on Commonwealth’s Investment Management and Research team. Over to you, Rob!

As I mentioned yesterday, one of the key data points that will determine whether we get a recession sometime next year is whether job growth continues. Tomorrow, we get the November 2019 jobs report. This report is a big one—not only for the economic impact but also for the potential market impact on whether we will really see a Santa Claus rally.

November was a great month for U.S. markets, with the S&P 500 up by 3.63 percent, the Dow up by 4.11 percent, and the Nasdaq up by 4.64 percent. All three indices are now up by more than 20 percent for the year. As we celebrated Thanksgiving, we had a lot to be thankful for. The news abroad wasn’t as good. But it also wasn’t as bad as the headlines might have suggested, as developed markets were up by 1.13 percent and emerging markets were down by just 0.13 percent. Given the headlines, those results are also pretty good.

November was another great month for U.S. markets, although international markets didn’t fare as well. Still, the news was positive given the worrying headlines on the Hong Kong riots and the ongoing trade dispute. Here in the U.S., consumer confidence remained at a strong level, and business confidence bounced back. Plus, job growth beat expectations, and new home sales were up.

What should we expect from the markets in 2020? Yesterday, I appeared on CNBC's The Exchange to discuss this and much more.

Last week was filled with economic updates, as we finished out the month of November. The highlight was the second estimate of third-quarter GDP growth, which showed faster economic growth than previously reported. This week, data releases will focus on business and consumer confidence, international trade, and November’s employment report.

Brad here. Today, we’re launching a new monthly column in which members of Commonwealth’s Investment Management and Research team will share their learnings and viewpoints on various topics with you. Our first post is from Nicholas Follett, manager of fixed income. Enjoy!