September was a tough month for markets. With interest rates rising significantly, markets pulled back across the board. In fact, September marks the second month in a row that U.S. indices were down by mid-single digits, with the Nasdaq being the worst performer. On the international side, developed markets were down slightly less than U.S. markets, with emerging markets showing similar results. Even fixed income declined. What does this all mean for the rest of the year? Let’s take a closer look.
Economy Remains in a Good Place
Despite the market woes, the economy continued to chug along last month. Job growth remained healthy, consumer income and spending continued to grow, and retail sales were up. And while consumer confidence reportedly dropped, digging into the data reveals people still feel pretty good about the present—even if they’re worried about the future. This has been the case for a while now, even as growth continued. So, it’s not something to get too concerned about just yet.
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