As in most years, there was no shortage of reasons to be pessimistic in 2021. Despite these headwinds, the US economy is surprisingly doing quite well. Businesses are hiring at a rapid pace and job openings exceed the number of unemployed individuals. Unemployment numbers finished the year at 3.9% (closing in on historical lows) and wages are trending higher. Quarter over quarter US real GDP closed the year on a positive note above average expectations and the global services and manufacturing indexes are all showing signs of positivity and continued healing and growth. While we are still battling another delta/omicron surge, it is having a smaller impact on economic growth and will likely subside as well – until the next variant is discovered.
“Keep your face always toward the sunshine, and shadows will fall behind you.”
– Walt Whitman –
We hope you enjoy this installment of Timonier’s “From the Engine Room”.
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