A look into unemployment trends, inflation data, and consumer sentiment.
Taking a closer look…
- Unemployment continued to gradually rise. This is a trend we've seen throughout the year. While job numbers rebounded in November, it wasn’t enough to offset a decline in October.1
- Even though the unemployment rate has continued to climb, it remains well below the long-term average of 5.7%.2 Wages have continued to rise.3 Although sentiment on the job market remains weak, the employment backdrop has been healthy enough to support consumer spending and a growing economy.
- Inflation declined in November. However, the latest data may be incomplete due to the government shutdown. A more complete update is expected in early 2026. This data is important because inflation influences many economic drivers including pricing, consumer confidence, and spending habits.4
- Consumer sentiment remained low. This was likely weighed down by a slower job market and persistent inflation. This is a key trend to watch because when consumers feel uncertain about their economic futures, they can sometimes cut back on spending.5
Institutional Portfolio Manager, Strategic Advisers LLC
"The global economy and corporate profits lifted US stocks, international stocks, and bonds this year. That’s despite concerns around tariffs, inflation, jobs, and artificial intelligence. Historically, the pace of economic growth and the outlook for corporate profits have been the keys to stock market performance. A positive outlook for both, may lead to further gains for investors in 2026."
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For over 30 years, Strategic Advisers and its dedicated group of seasoned investment professionals have helped clients reach their financial goals. Our team of portfolio managers, with specialized areas of focus in asset allocation and specific asset classes, along with our deep quantitative and fundamental research, drive our investment selection and risk management decisions on behalf of our clients.