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WEEKLY QUOTE
“Intelligence
without ambition is a bird without wings.”
- Salvador Dalí
WEEKLY TIP
Self-employed?
The annual deadline to set up a Keogh plan is December 31, and Keogh
contributions for 2012 can be made up to the due date for filing your tax
return.
WEEKLY RIDDLE
Victor
is assigned to paint suite numbers on doors at an office building with 100
suites, which will be numbered from 1 to 100. How many times will he have to
paint the number 8?
Last week’s riddle:
Liz went into a convenience store at 1:58am on a Sunday morning
to get a coffee. She drove six miles away and then returned to the store to
get a lotto ticket ... also at 1:58am. The store’s clock was working
perfectly, so how could it be 1:58am again when she returned?
Last week’s answer:
Liz
made her trips to the convenience store during the morning when clocks were
set back an hour at the end of Daylight Saving Time (at 2:00am).
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December 10,
2012
JOBLESS RATE DROPS, SURPRISING ANALYSTS
Non-farm
payrolls expanded by 146,000 positions in November. Economists polled by
Reuters had expected only 93,000 new jobs because of the impact of Superstorm
Sandy. Yet while the jobless rate dipped to 7.7% last month, it was largely
because fewer people sought work; the labor force participation rate was 63.6%,
scraping an all-time low. The economy has added an average of 151,000 jobs a
month in 2012, about 25% less than the growth needed to dramatically reduce
unemployment.1,2
SENTIMENT INDEX SLIPS
The
fiscal cliff issue and ferocious weather may have been big factors in the sudden
8.2% drop in the University of Michigan’s consumer sentiment index.
November’s 74.5 preliminary reading was far from the number (82.7) that
economists surveyed by Reuters had forecast.2
MANUFACTURING
CONTRACTS
For
November, the Institute for Supply Management gauged service sector expansion
and manufacturing sector contraction. ISM’s manufacturing index fell to 49.5
for the month, down from 51.7 in October. The non-manufacturing index was at
54.7, improved from October’s 54.2 mark.3
MIXED WEEK FOR STOCKS, NO PROGRESS AT
THE CLIFF
With
the fiscal cliff less than four weeks away, neither Democrats nor Republicans
were citing any compromise on tax rates on Capitol Hill (though the idea of
setting the top federal tax bracket at 37% rather than 39.6% had emerged). House
Speaker John Boehner said that the White House had “wasted another week” due to
the Obama administration’s stubbornness; House Democratic leader Nancy Pelosi
felt that the Republican leadership was just as inflexible. The major index
performance for the week: Dow, +0.99% to 13,155.13; NASDAQ, -1.07% to
2,978.04; S&P 500, +0.13% to 1,418.07. Oil ended the week at just $85.93
a barrel on the NYMEX and gold settled Friday at $1,705.50 an ounce on the
COMEX.2,4,5,6,7
THIS WEEK: No major
U.S. economic releases are scheduled for Monday. On Tuesday, Dollar General
reports earnings. Wednesday, the Federal Reserve makes a policy announcement
(with a corresponding press conference), OPEC wraps up a meeting of its oil
ministers, and Costco unveils its latest earnings. The Census Bureau’s
November retail sales numbers arrive on Thursday, along with November’s PPI,
the latest weekly jobless claims figures and earnings from Hovnanian, Pier 1
Imports and Adobe Systems. Friday sees the release of the November CPI and
data on November’s industrial production.
Sources: cnbc.com, bigcharts.com, treasury.gov, treasurydirect.gov - 12/7/122,8,9,10
Indices are unmanaged, do not
incur fees or expenses, and cannot be invested into directly.
These returns do not include
dividends.
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«RepresentativeDisclosure»
This material was prepared by
MarketingLibrary.Net Inc., and does not necessarily represent the views of
the presenting party, nor their affiliates. Marketing Library.Net Inc. is not
affiliated with any broker or brokerage firm that may be providing this
information to you. This information should not be construed as investment,
tax or legal advice and may not be relied on for the purpose of avoiding any
Federal tax penalty. The Dow Jones Industrial Average is a price-weighted
index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is
an unmanaged, market-weighted index of all over-the-counter common stocks
traded on the National Association of Securities Dealers Automated Quotation
System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of
securities considered to be representative of the stock market in general. It
is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX)
operates two securities exchanges: the New York Stock Exchange (the “NYSE”)
and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and
the Pacific Exchange). NYSE Group is a leading provider of securities
listing, trading and market data products and services. The New York Mercantile
Exchange, Inc. (NYMEX) is the world's largest physical commodity futures
exchange and the preeminent trading forum for energy and precious metals,
with trading conducted through two divisions – the NYMEX Division, home to
the energy, platinum, and palladium markets, and the COMEX Division, on which
all other metals trade. Additional risks are associated with international
investing, such as currency fluctuations, political and economic instability
and differences in accounting standards. All information is believed to be
from reliable sources; however we make no representation as to its
completeness or accuracy. All economic and performance data is historical and
not indicative of future results. Market indices discussed are unmanaged.
Investors cannot invest in unmanaged indices. The publisher is not engaged in
rendering legal, accounting or other professional services. If assistance is
needed, the reader is advised to engage the services of a competent
professional.
Citations.
1 - www.reuters.com/article/2012/12/07/us-usa-economy-idUSBRE8B605F20121207
[12/7/12]
2 - www.cnbc.com/id/100289757 [12/7/12]
3 - www.ism.ws/ISMReport/NonMfgROB.cfm [12/5/12]
4 - www.cnn.com/2012/12/07/politics/fiscal-cliff/index.html [11/27/12]
5 - www.politico.com/story/2012/12/boehner-on-fiscal-cliff-no-progress-to-report-84753.html
[12/7/12]
6 - www.bloomberg.com/news/2012-12-07/soybeans-corn-fall-most-in-three-weeks-commodities-at-close.html
[12/7/12]
7 - montoyaregistry.com/Financial-Market.aspx?financial-market=retirement-investment-funds&category=3
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F7%2F11&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F7%2F11&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F7%2F11&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F7%2F07&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F7%2F07&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F7%2F07&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F6%2F02&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F6%2F02&x=0&y=0
[12/7/12]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F6%2F02&x=0&y=0
[12/7/12]
9 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[12/7/12]
9 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[12/7/12]
10 - treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm71002.pdf
[7/10/02]
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Wednesday, December 12, 2012
Economic Update for the week of Dec. 10th, 2012
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