Market Valuation Monitor

Sahm Rule

Rise in the 3-month average unemployment rate above its low of the prior 12 months. A reading of 0.50 or more has marked every US recession since 1970.

Latest: 0.00 pts · −0.44σ vs trend · Normal recession risk · as of Oct 2026

Composite valuation

Composite since 1962, monthly

Composite (σ)±1σ / ±2σ bands
Month-end readings; last point updates with each trading day

Where every model stands

Expected returns

Expected real S&P 500 return per year, dividends included, implied by today's composite reading. Pick a horizon.

Composite vs return over the next 10 years

Weights and each model's correlation with future returns
How the weights were chosen, and the caveats