July and Jobs

The month just ended was the best overall month for the stock market in 7 years. That is cause to celebrate for sure! Year to date the S&P 500 Index shows an 11% gain. A diversified portfolio (like those we manage) with a 60% stocks/40% fixed allocation is up  about 14% for the year (this is because small and international have outperformed). 

On the jobs front I came across an interview with Charles (Chuck) Schwab . He said "we haven't restored the confidence of the people that create jobs". I think that is very well put. To a large extent confidence in the markets and the banking system has been restored but the big missing link is confidence among small businesses. Schwab goes on to say "there are 6 million businesses that employ more than 1 person. What would it take to get them to hire 1 more?"