US UNEMPLOYMENT RATE IS STILL NEAR A 50 YEAR LOW – SOFT LANDING STILL MORE LIKELY THAN A RECESSION Despite Federal Reserve tightening, the US unemployment rate is still extremely low @ 3.5% • Unemployment rates are among lowest US has experienced in 50+ years • Technology companies continue to announce 100,000+ layoffs o Most layoffs are coming at the expense of H1B foreign workers o H1B foreign worker layoffs do not appear in unemployment statistics o US has 80m baby boomers which have started to become eligible for retirement since 2012 o 4.3m are becoming eligible per year (5.8m workers are unemployed as a basis of comparison — 3.5%) o As more baby boomers retire, the unemployment rates will drop even lower o The Federal Reserve is worried about wage inflation — this could become a problem in the future as companies rehire tech o There may be pent up demand for retirees to leave work force o If we had more retirees this could drop appreciably more o Unemployment will likely stay low due to seniors leaving workforce (eventually)
• ETF Fund Flows in US Market
During the past week, US market is showing stronger interest in US Equities.
Category
1Y Fund Flow
YTD Fund Flow
1W Fund Flow
Non-US Equity ETF
109.60B
71.55B
-0.43B
US Equity ETF
384.95B
202.99B
1.62B
All Equity ETF
494.55B
274.54B
1.19 B
*Fund flows through 08/25/2023
• Selected Entrepreneurial Companies w/Strong Performance Since May 03 (FOMC Announcement)
Ticker
Name
Country
Sector
Market Cap
Return(%)
$7,074.15 $1,558.71 $2,917.37 $2,541.80 $2,191.82 $13,696.19
454.74 196.37 166.73 147.34 147.07 140.12
CVNA US ACHR US IONQ US UPST US OPEN US
Carvana Co
UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES
Consumer Discretionary
Archer Aviation Inc
Industrials
IonQ Inc
Information Technology
Upstart Holdings Inc
Financials Real Estate
Opendoor Technologies Inc
APP US
AppLovin Corp
Information Technology
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