Macroeconomics

Weekly Market Monitor

30 May 2025 | 3 minute read
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The Strategic Advisory Solutions Market Monitor features a thematic chart and highlights key economic events and data releases driving the past week’s market moves.

Chart of the Week: Mixed Signals

In 2025, the “soft” survey data has deteriorated sharply while “hard” activity data has remained relatively resilient. This widening gap has challenged investors’ ability to gauge the true underlying strength of the US economy. Still, the question remains if activity will catch down to surveys or if sentiment will recalibrate. In our view, as trade policy becomes more constructive, the drag on disposable income and financial conditions from tariffs could be smaller than expected, potentially reversing some of the recent pessimism in US surveys. 

Chart of the Week

Source: Goldman Sachs Global investment Research and Goldman Sachs Asset Management. As of May 21, 2025. Chart shows an aggregate of soft data (e.g. consumer sentiment, business optimism) and hard data (e.g. ISM manufacturing, employment, retail sales) relative to March 4, sourced from various surveys and economic data releases. For Illustrative Purposes Only.

Download the full document, which includes the chart of the week and a summary of market returns and economic activity over the week. On pages 2 and 3, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.

Weekly Market Monitor
Our weekly Market Monitor features a thematic chart and highlights key economic events and data releases driving the past week’s market moves.
weekly market monitor
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