Payroll growth typically slows significantly in the 2nd year of Fed tightening. Fast tightening cycles are more detrimental. A rising real fed funds rate implies weaker labor market conditions in 2023, with a stronger impact on interest-sensitive sectors such as manufacturing and construction. The expected increase in the unemployment rate shatters the soft landing scenario, but also paves the way for future equity gains.
Complete the form and a member of our team will send you a copy of this publication.
While you wait, explore additional NDR research and solutions.
Institutional Investors
Custom Research
Wealth Managers
Stock Selection
ETF Selection
Please note that you are using an unsupported browser. While the site will continue to function, you might experience sub-optimal behavior until you upgrade. Please update your browser to a later version for a better experience.