Veris Economic and Market Update: Q1 2024
By Jane Swan, CFA and Roraj Pradhananga, CIMA & CPA
Against the headwinds of eleven Fed interest rate hikes, which started in March of 2022 and plateaued at 5.25%-5.5% in July of 2023, the US economy remains strong. 1 Consumer spending withstood higher borrowing costs, persistent, but slowing, inflation, and the dwindling of pandemic era savings.
Both the manufacturing and services purchasing manager index (PMI), which are indicators of economic resilience, were in expansionary territory as of March 2024. There was a slight deterioration in services PMI in the first quarter and consumer sentiment worsened due to higher inflation expectations, but real wage growth remains positive supporting consumer spending, which accounts for nearly 70% of the US GDP.
Six Trends in Sustainable, ESG, and Impact Investing
Despite politicization and anti-ESG and anti-DEI rhetoric, I believe investor interest in sustainable, socially responsible, and impact investment is on the rise.¹ The ESG and impact investing industry continues on a path to the mainstream, as I predicted in my last article on impact investing trends in 2022.
I still believe now, as I did then, that ESG and DEI mitigate risk and help identify long-term investment opportunities and returns. A growing number of investors seem to share that belief.
Veris Economic and Market Update: Q4 2023
The US economy remains resilient, supported by strong retail spending and labor markets and signs of improving consumer confidence¹ and strengthening in housing markets.
In the third quarter of 2023, GDP grew at its fastest rate in nearly two years – driven by consumer and government spending and private inventory investment.² However, we believe recent indications signal that economic growth is slowing down. The US Manufacturing Purchasing Managers’ Index (PMI) was in negative territory as of Q4 2023.³ ⁴ Consumer debt is also increasing,⁵ indicating that retail spending may be driven by borrowing as pandemic era savings dwindle. The 4th quarter GDP estimate, currently at 2.4%,⁶ suggests the economy has remained strong.
Veris Named On Real Leaders 2024 List of Top Impact Companies
“At Veris, we’ve always believed in the power of responsible investing to create a positive and lasting impact. Veris is honored to be featured on Real Leaders’ 2024 list alongside so many companies that are working to build a more sustainable future.”
-Veris CEO Stephanie Cohn Rupp
Nonprofit Organizations Veris Supported in 2023
Every year, Veris provides donations and other kinds of support to a variety of nonprofits across the United States. Our firm’s offices seek out local charitable organizations that are doing outstanding work to support vulnerable individuals, families, and communities. In 2023 Veris contributed to or provided volunteer service to the following mission-driven organizations based in New York, NY, San Francisco, CA, Portsmouth, NH, or Denver, CO.
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