Client Letter: Investment Perspectives Employment
Jobs, or lack thereof, are on everyone’s mind. Persistently high unemployment in the developed world has been a hallmark of the financial crisis and ensuing recession. While the recession in the US officially ended fifteen months ago, unemployment remains stubbornly elevated.
Only a year ago, following the bankruptcy of Lehman Brothers, the world appeared on the brink of a financial collapse that threatened to lead the real economy into a deflationary spiral. Today, the picture is very different. Global stock and bond markets have recovered very close to October, 2008, levels and the real economy, still reeling from the worst recession since World War II, is showing initial signs of improvement.