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Also, consumer spending has increased as we enter the holiday season despite high inflation. Goods and services purchases have surged 1.3%, the highest since March. The spending has topped projections in-part because consumers began their holiday shopping early this year. In addition, new jobless claims fell to a 52-year low, declining to 199,000, indicating broad-based improvement in the labor market.
Given this setting, we believe fundamentally strong stocks Pfizer Inc. (NYSE:PFE) and Ryerson Holding Corporation (RYI) could soar in price. These stocks look significantly undervalued at their current price levels.
