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According to the U.S. Commerce Department, retail sales rose a seasonally adjusted 1.7% in October. In addition, the national unemployment rate fell to 4.6% in October, the lowest level since the economic recovery began in May 2020. Furthermore, Goldman Sachs (NYSE:GS) expects the economic recovery to reaccelerate in the coming quarters, driving the unemployment rate back to a 50-year low by the end of next year.
Against this favorable backdrop, we think it could be wise to bet on fundamentally strong stocks Safe Bulkers, Inc. (SB) and Cumulus Media Inc. (CMLS). These stocks are rated A (Strong Buy) in our proprietary rating system, and Wall Street analysts expect them to rally more than 80% in the near term.
