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“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau

There’s a decent amount of economic data on the calendar this morning with Empire Manufacturing, Retail Sales, and Import Prices just hitting the wires.  Empire Manufacturing came in a bit shy of forecasts, but Retail Sales came in higher across the board.  Not only that but August’s reading was also revised higher. While Import Prices aren’t as widely followed as CPI and PPI, the headline reading showed lower than expected increases.

The increase in risk appetite from yesterday appears to be in place again this morning as futures are firmly positive (and higher now then before the data hit) and interest rates are higher.  Goldman earnings just hit and the headline numbers were all much better than expected and the stock is trading up nearly 2%.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

We’re seeing it again this morning where some companies are reporting weaker results or guidance citing the impact of supply chain issues, labor shortages, and inflation.  Perhaps the biggest question heading into this earnings season is whether these issues, which are impacting just about every company out there, have been sufficiently priced into the market.

In looking at Google Trends search data for these three terms, it’s not as if they aren’t front and center.  The chart below shows the frequency of search results for the three terms (Inflation, Labor Shortage, and Supply Chain) going back to 2004, and all three have spiked enormously this year to levels not seen in the history of the data.  In the case of ‘labor shortage’ and ‘supply chain’ searches for these two terms hit a record this month.

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