Private Client Group

September 12th, 2022

Airfare Up but Travelers Still Flying, The ‘Quiet Quitters’, Conflicting Services Sector Data


In today’s Steady Investor, we look at key factors that we believe are currently impacting the market and what could be next for the markets such as:

Air Travel is More Expensive, But U.S. Consumers are Doing it Anyway – Airline tickets experienced a price surge earlier in the spring, on the heels of rising oil and jet fuel prices. That saw ticket prices jump by 25% from the beginning of the year through May, far outpacing broad inflation. But then came June and July, with airline prices falling back just as consumers were eager to travel for the summer season. Ticket prices are still elevated, but that did not stop U.S. consumers from going forward with travel plans. This Labor Day, travel volume for a holiday weekend exceeded pre-pandemic levels for the first time, with the TSA reporting that 8.76 million travelers went through checkpoints over the holiday weekend. For Labor Day 2019, there were 8.62 million travelers. Consumers’ enthusiasm for travel comes even amidst increasing stories of flight delays, cancellations, and lost luggage. Fortunately, airlines had a smoother weekend – data showed that only 0.6% of flights over the weekend were cancelled, and just 16.6% were delayed.1


Are You Protecting Your Retirement Investments?

Making sure your retirement investments are protected is top of mind for many investors today.

Imagine working hard to build up your retirement, just to have events cause a stock market suddenly plunge and wipe out half of your portfolio. This is why it’s important to have an effective strategy in place to account for the market’s ups and downs. Our free guide, How Solid Is Your Retirement Strategy? can help you build a retirement strategy that takes the “what ifs” into account.

This guide also offers our views on some key retirement investment strategies that may help you preserve your financial security in retirement, including:

If you have $500,000 or more to invest, get our free guide by clicking on the link below.

Get our FREE guide: How Solid Is Your Retirement Strategy?2


A New Buzzword in U.S. Labor Markets: “Quiet Quitters” – The U.S. jobs market is historically strong, with about two open jobs for every unemployed American and wages steadily on the rise. But that doesn’t mean U.S. workers are happy about it. Research by Gallup shows that a historically high number of U.S. workers are either actively disengaged from work or doing the minimum amount required to stay employed, a trend referred to as “quiet quitting.” According to Gallup’s research, about 50% of the U.S. workforce is made up of quiet quitters, with people who are “psychologically detached” from their work and simply collecting paychecks and perhaps pondering a different career. Only about one-third of respondents in Gallup’s poll said they were engaged in their work and enjoyed what they do, which should alert bosses around America – especially those desperate to keep workers.3

Is the U.S. Services Sector Expanding or Contracting? Depends on Who You Ask – The services sector in the U.S. makes up a lion’s share of the economy, far more so than manufacturing. It follows that activity in the services sector is key to monitor, as it often determines whether the broad economy is in expansion or contraction mode. That’s why the conflicting readings for the U.S. services sector in August has not only been a head-scratcher, it’s also emblematic of how difficult it is to get a clear read on the U.S. economy. According to the Institute for Supply Management, the services sector grew at a faster pace in August compared to July, with a reading of 56.9 versus 56.7, respectively. The data firm S&P Global offered a different take, stating that the services sector actually contracted in August due to falling demand. Their Services PMI Business Activity Index showed a 43.7 print for August, down from 47.3 in July and marking the fastest deceleration since May 2020. The two surveys use different methodologies and survey different businesses, so there is not necessarily one print that should be emphasized over the other. The takeaway here may ultimately be that the U.S. economy is stalling, not necessarily fully in contraction or expansion mode.4

How to Protect Your Retirement from Market Volatility? While there is no way to prevent market volatility, there is a way to protect your retirement assets through market ups and downs. We recommend finding a retirement strategy that takes the “what ifs” into account. Our free guide can help you to prepare for what’s to come as you plan your ultimate retirement.

If you have $500,000 or more to invest, get our free guide, How Solid Is Your Retirement Strategy.5 You’ll get valuable and practical ideas to help build a “weatherproof” retirement strategy that can potentially protect your retirement nest egg from any storm that could threaten your financial security.


1 Wall Street Journal. September 6, 2022.

2 ZIM may amend or rescind the guide “How Solid Is Your Retirement Strategy?” for any reason and at ZIM’s discretion.

3 Wall Street Journal. September 7, 2022.

4 Wall Street Journal. September 6, 2022.

5 ZIM may amend or rescind the guide “How Solid Is Your Retirement Strategy?” for any reason and at ZIM’s discretion.


Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.

Zacks Investment Management, Inc. is a wholly-owned subsidiary of Zacks Investment Research. Zacks Investment Management is an independent Registered Investment Advisory firm and acts as an investment manager for individuals and institutions. Zacks Investment Research is a provider of earnings data and other financial data to institutions and to individuals.

This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Do not act or rely upon the information and advice given in this publication without seeking the services of competent and professional legal, tax, or accounting counsel. Publication and distribution of this article is not intended to create, and the information contained herein does not constitute, an attorney-client relationship. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole.

Any projections, targets, or estimates in this report are forward looking statements and are based on the firm’s research, analysis, and assumptions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Clients should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.

Certain economic and market information contained herein has been obtained from published sources prepared by other parties. Zacks Investment Management does not assume any responsibility for the accuracy or completeness of such information. Further, no third party has assumed responsibility for independently verifying the information contained herein and accordingly no such persons make any representations with respect to the accuracy, completeness or reasonableness of the information provided herein. Unless otherwise indicated, market analysis and conclusions are based upon opinions or assumptions that Zacks Investment Management considers to be reasonable.

The S&P 500 Index is a well-known, unmanaged index of the prices of 500 large-company common stocks, mainly blue-chip stocks, selected by Standard & Poor’s. The S&P 500 Index assumes reinvestment of dividends but does not reflect advisory fees. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor. An investor cannot invest directly in an index.

Questions posed are for demonstrative and informational purposes only and may not reflect the views of current clients or any one individual.

Any investment inherently involves a high degree of risk, beyond any specific risks discussed herein.
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