Weekly Market Notes - December 9, 2019

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Summary

  • The U.S. economy added 266,000 new jobs in November, well above the 188,000 that economists had expected, and provided the markets with another boost.
  • The factors that have driven and should continue to drive the markets in 2020 are the strength of the consumer, monetary policy, trade and the global economy.
  • While it is very hard to see a recession within the next 12 months with record-low unemployment and rising wages, the weak manufacturing sector and geopolitical uncertainty suggest the economy will remain in a slow-growth mode, with most economists forecasting 1.80% GDP for 2020.

Baird Market and Investment Strategy                                                       --
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About our authors: William A. Delwiche, CMT, CFA Investment Strategist Willie Delwiche is Baird’s Associate Investment Strategist. Before joining Baird in 1999, Willie worked briefly as a researcher at the Committee for Economic Development, a Washington, D.C., pro-business think tank. Willie received a BA in economics and in government and politics from the University of Maryland and an MA in economics from the University of Wisconsin – Milwaukee. He is a member of the Market Technicians Association and the American Economics Association. Mary Ellen Stanek, CFA Managing Director Director of Asset Management Mary Ellen Stanek, CFA, has 35 years of investment management experience. She currently serves as Managing Director and Director of Asset Management for Robert W. Baird & Co. and Chief Investment Officer of Baird Advisors. Additionally she serves as President of the Baird Funds. Previously she had served as President and CEO of Firstar Investment Research & Management Company. Mary Ellen is responsible for the development and portfolio management of all proprietary asset management services. She co-manages several fixed income mutual funds as well as a number of taxable and tax-exempt portfolios. Mary Ellen is a member of The CFA Institute, the CFA Society of Milwaukee, the Greater Milwaukee Committee (Chair), Milwaukee 7 (Co-Chair), Tempo (past President) and Professional Dimensions.
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