The End Is Nigh…the End of the Year, That Is

December 3, 2012

Investors should maintain a long-term focus on the middle of the investment risk
spectrum, where the most attractive risk-reward opportunities lie.
-Jason Pride, director of investment strategy, Glenmede

- Thanksgiving signaled the beginning of the end of the year, with both the critical holiday sales season,as well as the usual slowdown in market activity. A bevy of data releases this week will give us
additional clarity on whether the economy is holding firm in the last quarter of 2012.

- Leading indicators appear to have stabilized, despite Sandy. The ISM manufacturing and service PMIs

are released this week, providing a look at national conditions.
- Third quarter GDP was reported at 2.7%, although real final sales were closer to 1.9%. Housing remains

an important positive contributor to economic growth and government spending was actually a
positive contributor for the first quarter since 2Q2010, due primarily to national defense.
- The final employment report of 2012 will also be released this week.

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