Jonathan Levin, Columnist

GDP and Jobs Show the Stock Market Bears Are Still Early

Are you missing the rally? A lively start to January and the latest spate of economic data show the perils in turning negative on equities too soon.

January 26, 2023 at 4:31 PM UTC

By Jonathan Levin

Jonathan Levin is a columnist focused on US markets and economics. Previously, he worked as a Bloomberg journalist in the US, Brazil and Mexico. He is a CFA charterholder.

A little premature.
Photographer: William Vanderson/Hulton Archive/Getty Images

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There’s a price to be paid for being early in investing even if you get the broader story right, as US stock market bears are learning the hard way.

While recession remains a very real threat, data released Thursday confirmed that it could take several quarters for the US economy to run out of momentum. Gross domestic product increased at a 2.9% annualized rate in the last quarter of 2022, Commerce Department data showed, while a separate report showed that already low initial jobless claims declined.