3 Things You Need to Know This Week | Global PMIs, US Jobs, Estate Planning (June 1, 2026)
Fisher Investments' weekly briefing covers three key topics: global PMI readings for May, upcoming US labor market data, and estate planning basics amid the 'Great Wealth Transfer.' The video emphasizes that mixed economic signals are not necessarily alarming, and that markets remain forward-looking despite headline uncertainty.
Summary
The episode opens with a discussion of global Purchasing Managers Index (PMI) data, with final May readings expected from the US, UK, eurozone, and Japan. Composite PMIs in the UK and eurozone have dipped slightly below 50, technically signaling potential contraction, but the hosts caution that PMIs below 50 don't capture the full picture — the economy can still expand if the largest companies are among those growing. The US and Japan are showing PMIs above 50, indicating clear expansion. PMIs are highlighted as forward-looking indicators that suggest a healthy environment for capital markets, even amid geopolitical and supply chain concerns, which are framed as part of the 'wall of worry' that stocks historically climb.
The second segment focuses on the upcoming US jobs report for April, covering nonfarm payrolls and unemployment. After months of volatile readings, March and April showed consecutive job gains, and May is expected to mark the first three-month streak of consecutive growth in a year. The hosts characterize this as a sign of labor market stability rather than a boom. However, they caution that jobs data is backward-looking — it reflects decisions made months earlier — and that its effects are already priced into forward-looking equity markets.
The final segment addresses estate planning in the context of the 'Great Wealth Transfer,' the term for Baby Boomers passing down over $85 trillion in assets to younger generations. The hosts recommend working with an attorney or estate planner to create wills, living trusts, or other legal structures, and to review these documents periodically, especially after life changes like relocating to a new state. They also stress the importance of openly communicating estate plans with family members — explaining intentions, document locations, and the reasoning behind decisions — to avoid misunderstandings and ensure values and assets are transferred according to one's wishes.
Key Insights
- The hosts argue that PMI readings below 50 do not necessarily indicate economic contraction, because PMIs measure the percentage of businesses growing rather than the magnitude of growth — meaning large companies still growing can sustain overall economic expansion.
- The hosts characterize concerns about war, oil, and supply chain disruptions as classic 'bricks in the wall of worry,' arguing that markets can continue rising as long as reality turns out slightly better than depressed investor expectations.
- The hosts note that US jobs data is inherently backward-looking, reflecting corporate hiring decisions made months earlier, and that its impact on markets is already priced in by the time the data is released.
- The hosts frame May 2026 as potentially the first three-month period of consecutive US job growth in a year, characterizing this as a shift toward labor market stability rather than a return to post-pandemic boom conditions.
- The hosts state that Baby Boomers currently hold over $85 trillion in assets and recommend that estate holders not only create legal structures like wills and living trusts, but also openly communicate the reasoning behind their estate plans to family members to prevent misunderstandings.
Topics
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