DHC - Shortages Of Everything

• U.S. equity markets finished broadly higher this past week despite employment data and corporate commentary suggesting a fast-developing labor shortage, one of several notable shortages emerging during post-pandemic economic reopenings.
• Finishing at fresh record-highs, the S&P 500 climbed 1.2% on the week - notching gains in six of the past seven weeks. Small-Caps jumped 2% but the tech-heavy Nasdaq was under pressure.
• Real estate equities were mixed amid the busiest week of earnings with 100 REITs reporting results. The Equity REIT Index declined by 0.6% with 9-of-19 property sectors in positive territory.
• The U.S. economy added just 266k jobs in April, well below the estimates of around 1,000,000 which some economists suggest is linked to supplemental unemployment benefits which - in some cases - result in higher pay than the employment alternative.
• Seven REITs boosted their dividends this past week while earnings continue to impress. 85% of REITs topped consensus earnings estimates. Of the 83 REITs and homebuilders that provide guidance, nearly two-thirds raised estimates.

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