The United States: The FOMC has consistently been underestimating the pace of declines in the unemployment rate during this cycle.
Global Developments: How have the government debt-to-GDP ratios changed since 2006?
China: The rate of new project approvals suggests increasing fiscal stimulus.
The Eurozone: Has the Fench debt-to-GDP ratio peaked?
Equities: The next chart shows the Merrill Lynch private clients’ repositioning over the past four weeks.
And the table below provides ETF flows for September. Healthcare seems to be a common theme with the chart above. The communications industry flows are due to the ongoing S&P sector rebalancing (into the new Communication Services sector).
Credit: Growth in corporate bond ETF AUM has been impressive indeed.
Emerging Markets: Mexican workers’ remittances (mostly from the US) remain robust.
Food for Thought: Health insurance is a crucial recruiting tool.
Edited by Joseph Cohen
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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