Last year, 2017, was a great year. Stock markets across the WORLD rallied to never before seen highs, thus providing huge gains in the “average Joe’s” savings plan, which is usually in a 401k, or a pension scheme.
It is amazing to read that pension funds across the country are broke, despite the massive 2017 gains, not even including the huge gains since the lows of 2009. Other than corruption, how is that possible? Well, I suppose there is one way: government sanctioned PONZI schemes. We have discussed this a small amount over the last year or two, however, in 2018 we (unfortunately) expect this to be a bigger story and expect to report on it more often.
The first scheduled report of 2018 will be that of the PMI Mfg Index. Econoday reports the following: PMI manufacturing rose a sharp 1.2 points in the December flash to 55.0. The flash showed increases for new orders, production and especially employment where growth in this sample was the best since September 2014. Forecasters see no change for final December with the consensus at 55.0.
Happy New Year!!