WHAT HAVE YOU DONE FOR ME LATELY?: Despite the fact that U.S. corporations have delivered quite a bit lately, markets continued to be volatile, and the S&P 500 recorded a weekly loss. With 91% of the S&P 500 companies having reported third quarter earnings, profits are up 28% from a year ago. 78% have…
DetailsPUTTING OCTOBER IN THE PAST: Declines in the U.S. stock market on Friday interrupted a very strong week. Friday’s pullback was a result of concerns about oil prices and global economic growth. The big rise took place after the U.S. election results. With a divided congress, anxiety about radical economic policy changes receded. Markets like…
DetailsSTRONG LABOR MARKET CONTINUES: In October, the U.S. economy added 250,000 jobs. The Labor Force Participation Rate increased (more people outside the job market jumped back in), and thus the unemployment rate remained at 3.7%. In fact, the share of Americans in their prime working years, 25-54, who are working or looking for work rose…
DetailsU.S. ECONOMY GROWS AT 3.5% RATE IN THIRD QUARTER: The United States gross domestic product grew in the third quarter at an annual rate of 3.5%. Consumers led the way as personal consumption expenditures increased by 4.0% (strongest since 2014). SCARY OCTOBER: October is shaping up to be one of the worst months in…
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October 16, 2018 Dear Valued Clients and Friends: Third Quarter 2018 Market Commentary: As we send you this third quarter commentary, the stock market is experiencing some negative volatility after six months of fairly steady gains. In two short weeks, observations about the last quarter can feel somewhat out of touch with where…
DetailsFRIDAY’S BOUNCE BACK DOESN’T SAVE WALL STREET FROM WORST WEEK SINCE MARCH: Stocks rose about 1% on Friday, but that did not prevent major indices from experiencing their worst week in over half a year. As the Fed raises rates, risk-averse investors seeking dependable returns get pulled back into safer investments that are now giving…
DetailsLOWEST UNEMPLOYMENT RATE SINCE DECEMBER 1969: 137,000 new jobs were added to the U.S. economy in September, the 96th straight month of gains. 137,000 is not a particularly large number, and it may have been affected by Hurricane Florence. However, the Bureau of Labor Statistics updated the July and August numbers upward by fairly…
DetailsWHILE YOU WERE NOT PAYING ATTENTION: While no one seemed to be paying attention, the stock market muddled through a week that ended slightly lower. Nothing extraordinary occurred to move markets in one direction or the other. Early in the week, trade tensions with China moved stocks lower. Then the Fed made their announcement raising…
DetailsCONTINUING THE BALANCING ACT: The U.S. Federal Reserve Bank has two stated goals, full employment and price stability. While there are still areas of labor underperformance across the country, for all practical purposes the Fed has achieved its twin objectives. Unemployment and inflation numbers look very good. Moving forward, the Fed must strike a balance.…
DetailsU.S. INDUSTRIAL PRODUCTION IS HEALTHY: For the third consecutive month, industrial production in the U.S. rose, this time by 0.4%. Manufacturing output increased by 0.2% largely due to a big increase in the production of motor vehicle parts. Industrial output in August was 4.9% higher than August of a year ago. …AS ARE RETAIL…
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