Weekly Market Commentary

4/24/23 DRAINING THE LIFEBLOOD OF THE ECONOMY

Jeffrey Roach, PhD, Chief Economist

Jeffrey Buchbinder, CFA, Chief Equity Strategist

Investors use various analogies to describe the importance of small businesses in the domestic

economy. Some refer to the small business sector as the backbone or the lifeblood of the economy.

At this current stage of the cycle, we could say there are rising risks of an acute backache or a

draining of that lifeblood. In this edition of the Weekly Market Commentary, we discuss the

weakness in small businesses and what that foreshadows in the markets and the economy.

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