IAIC Market Update - May 15, 2023

May 15, 2023

Last Week in the Markets: May 8th – 12th, 2023

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

On Wednesday the Bureau of Labor Statistics released the latest Consumer Price Index (CPI) data showing that household purchases rose by 4.9% on a year-over-year basis and by 0.4% in April after rising 0.1% in March. The most recent monthly price increases were led by shelter, used vehicles and gasoline. Overall, the energy index rose 0.6% for the month, and food prices in the aggregate were unchanged.
The U.S. Producer Price Index (PPI) rose 0.2% in April after falling 0.4% in March and was unchanged in February. On an annualized basis producer prices rose 2.3% for the twelve months ending in April. Year-over-year producer prices have fallen each month over the past year from a high of 11.2% in April 2022.
China’s consumer prices rose 0.1% in April, after rising 0.7% in March, and its year-over-year inflation rate is 1%. China’s PPI fell 3.6% compared to April 2022. China's inflation for consumers and producers are significantly lower than the United States, who has seen 10 consecutive interest rate increases and has brought U.S. CPI down to 4.9%.

Source: BLS CPI Release, BLS PPI Release, China’s inflation

What’s ahead for this week?

In Canada, new housing price index, housing starts, manufacturing sales, wholesale sales, and retail sales will be reported.
In the U.S., a variety of indicators for April showing the health of the economy will be reported, including retail sales, capacity utilization, industrial and manufacturing production, business, and retail inventories, building permits, housing starts, and existing home sales.
Globally, the Eurozone will announce its first quarter Gross Domestic Product (GDP) and trade balance and its consumer inflation for April and year-over-year. China is scheduled to release its industrial production, retail sales and unemployment rate for April. Capacity utilization and industrial production, imports, exports and trade balance, and CPI will be reported by Japan.

Source: Eurozone

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers