The Institute of Supply Management (ISM) conducts a monthly survey that focuses on the manufacturing industry. Investors and economists follow the survey closely because it can provide context about broader economic conditions.

This letter recaps the first quarter, discusses the stock market’s strong start to 2024, and looks ahead to the second quarter.

Stocks traded higher in February, with the rally broadening after large cap stocks accounted for most of January’s gains. The S&P 500 traded above 5,000 for the first time, setting a new all-time high, and has now returned +21.5% since the start of November.

Inflation quietly but significantly influences the economy, affecting people's investments in profound ways. As financial advisors at Provident Financial Planning, we grasp the intricate interplay between inflation and investments, acknowledging the opportunities and obstacles it brings.

Traditionally, one would expect to see unemployment rise as interest rates rise, the economy slows, and businesses scale back operations and reduce their workforce in response to the changing economic environment. Why does the unemployment rate remain low today?

In 2021, Congress passed the Corporate Transparency Act, which created a new beneficial ownership information (“BOI”) reporting requirement for certain companies.