Dashboard update: new year

Latest Macro and Markets Dashboard: United States

I’ve made some adjustments to the dashboard. Several new variables have been added, including the purchasing managers index (below), which is dangerously low (48.6 in November). New labor market indicators cover wage and output growth, which have reversed after a long stretch of relative wage stagnation, and the labor force participation rate, which remains low, even as unemployment returns to medium-run equilibrium levels.

Equity market coverage has been expanded to cover the Dow Jones Industrial Average, and the Nasdaq-100. The Nasdaq has dramatically outperformed the DJIA and S&P 500 since the financial crisis. I’ve also added the Shiller index of price to earning ratios. On the index charts, I’ve added a light gray moving average line, which factors in the 50 weeks before the present value.

As the federal funds rate increases over the coming years, it will be interesting to track some bond market indicators, such as real yield curve rates on treasuries, and corporate bond yields. These variables have been added to the dashboard.

pmi

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