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Lauren Goodwin, economist and Chief Market Strategist at New York Life Investments, has suggested that equity markets may continue to perform until the labor market weakens, despite emerging signs of an economic slowdown.
What Happened: On Tuesday, Goodwin expressed her views on the current state of the economy during CNBC’s “Last Call.” She indicated that a significant market correction or recession concerns are unlikely to materialize.
"We're not likely to see the market really correct or show concerns about recession until the labor market falls off,” she said.
"I think we have a bit of room to run from an equity-market perspective.”
See Also: Mexican Assets Have Worst Day Since 2020 Lockdown: Why Sheinbaum Is Shaking Investor Confidence
Why It Matters: Goodwin’s comments come at a time when concerns about the potential impact of a slowing economy on equity markets are growing. According to Jon Wolfenbarger, founder of BullAndBearProfits.com and a former investment banker at JPMorgan and Merrill Lynch, the S&P 500’s seven-month uptick might be nearing its peak, with fears of an impending recession growing.
However, a Global Fund Manager Survey conducted by Bank of America in May 2024 showed that most investors did not expect a recession in the next 12 months. This optimism was driven by expectations of decreasing inflation and short-term interest rate cuts.
Interestingly, a Harris Poll conducted for the Guardian in June 2024 revealed that despite a 12% rise in the S&P 500, 49% of Americans believed the U.S. stock market index was down for the year. This perception underscores the disconnect between market performance and public sentiment.
Read Next: Paul Krugman: Biden’s Economic Success Is Clear But ‘Telling Voters To Buck Up’ Would Be A Mistake
Image via Pixabay
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
Posted In: TLT
