November Market Recap
Stocks began November with a decisive slide toward multi-month low levels as the longest government shutdown in US history disrupted air travel right before the holiday season. Once a full-blown crisis was avoided, investors quickly turned their attention to uncertainty surrounding the Fed’s interest rate decision at their upcoming December meeting. After a rough stretch of selling, stocks finally found their footing heading into Thanksgiving.
Seasonality has traditionally been the primary force driving the market in December. The holidays are the most important time of the year for retailers, and Black Friday sales will serve as a barometer for consumer spending. Preliminary numbers were upbeat as shoppers opened their wallets amid heavy traffic at retailers across the nation!
Is the Job Market Scary or Merry?
Since the beginning of the year, several major corporations have announced significant layoffs. Many of these jobs are high-paying, corporate-level positions that are being replaced by automation and artificial intelligence, as well as some excess due to the over-hiring practice a few years ago. In fact, job cuts surpassed one million during the first ten months of 2025.1
On the bright side, payroll-processing company ADP shows US private employment is now over 134 million and many industries are holding payroll numbers steady.
Sectors that are less sensitive to the economy such as healthcare, logistics, and transportation continue to add to their head count. Skilled trade workers are also in high demand.
Finally, while initial claims for unemployment insurance remain low, continuing claims have been trending up.
We will keep you updated on these developments and their implications regarding your own situation!
Key Changes to Washington State's Estate Tax
Earlier this year, the Evergreen State enacted new tax legislation that has a significant impact on its residents’ estate planning. These changes took effect on July 1, 2025, creating two sets of estate tax results depending on the date of death. There is good news and bad news. The good news is that the exemption amount has increased to $3 million and will continue receiving annual inflation adjustments. The bad news is that those whose estate exceeds the exemption amount will likely end up paying more. Progressive tax brackets are still in effect, but with higher rates at almost every level. In the top bracket, taxes are 75% more than under the old law.
For instance, for an estate in Washington worth $11 million (gross), the estate would owe 12% more under the new law.
Work with a qualified estate planning specialist, CPA, and financial planner for a review and strategy to help minimize the potential impact.
