PERSPECTIVAS

May’s jobs report showed a labor market that is improving, with payroll growth exceeding expectations and layoffs down sharply from last year. Steady hiring and fewer layoffs should continue to support consumer spending and U.S. economic growth.

A surge in energy prices pushed the latest U.S. Consumer Price Index (CPI) reading above forecasts, reinforcing the case that inflation could remain higher for longer. Higher energy prices have also increased market volatility and uncertainty around the path of interest rates.

Although companies benefiting most directly from AI-related capital spending are the main drivers of higher earnings, strength is no longer confined to that group. Earnings across the broader market remain solid and are expected to grow more than 10% this year and next, suggesting the risk of concentrated market leadership may not be founded.

After sluggish job growth in 2025, investors are looking for signs that the labor market may be stabilizing. With consumer spending driving 70% of economic activity, an improving labor market is essential to sustaining economic growth.

John Rae, de Walter Scott, analiza el papel del fabricante subcontratado de medicamentos Lonza en el ecosistema sanitario.

Checkpoints is a comprehensive monthly chartbook highlighting major top-of-mind themes that could shape financial markets in the near term. In addition to the broader macroeconomic discussion, Checkpoints delivers detailed views on major asset classes, including global equities, fixed income and real assets.

Welcome to another edition of Vantage Point, the quarterly economic and markets outlook from the BNY Investment Strategy & Research Group.

The U.S.’ extraction of President Maduro from Caracas on January 4 could alter the trajectory of geopolitics in the Americas.

BNY's commitment to insight and perspectives comes to life through our investment and market leaders who gather quarterly to debate the key issues shaping markets today.

Vea una actualización trimestral del fondo con April LaRusse: Directora de Especialistas en Renta Fija en Insight Investment.