The malaise was not confined to those picking individual stock winners. Through December 1, aggregate hedge fund returns trailed the market to the point of farce. According to data compiled by Bloomberg, hedge funds were up an average of 2% on the year, just barely offering the coupon rate of a risk-free 10-year Treasury note. Over 1,000 funds are on track to close down in 2014, the worst year for liquidations since 2009.
Company: The Grommet
Consumers are feeling better. Consumer confidence is at the highest level in four years, thanks to improvements in jobs, housing and the stock market. In the wake of the recession, Americans whittled down their debts, avoided borrowing and delayed purchases. That means the stage could be set for stronger consumer demand, which could nudge businesses that have put off hiring to add more workers. 'Business has likely pushed productivity growth as far as possible,' Principal Global's Mr. Baur says, suggesting employers will need to boost payrolls to meet stronger demand.[qh]}
New construction will provide luxury options for renters with deep pockets, mostly in the boroughs outside Manhattan. In Brooklyn, 6,527 new rental units are expected to hit the rental market next year, nearly twice the 3,802 units anticipated for Manhattan, according to Citi Habitats.