Charts & Chat - June 4, 2023
Eric Boyce • June 4, 2023
This week, CEO Eric Boyce, CFA discusses:
1. latest jobs update - average earnings, labor participation, small firms still growing labor while large firms trimming
2. home price affordability update, impact on resumption of student loan repayment on consumption
3. small company defaults rising, loan costs rising, loan demand dropping
4. ISM manufacturing update -weakness new orders and backlog
5. narrow stock market leadership, retail flows are chasing returns.
6. quality, value tend to lead after fed rate tightening ends & when growth peaks relative to value

By Eric Boyce
•
April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




