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August 12th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
The Producer Price Index for final demand fell 0.5% in July, the Bureau of Labor Statistics reported. Prices for final demand goods declined 1.8%, and the index for final demand services advanced 0.1%. Final demand prices moved up 9.8% for the 12 months ended in July.
Interest on a 30-year fixed-rate mortgage averaged 5.22% as of August 11, up from last week when it averaged 4.99%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.87%. Interest on a 15-year fixed-rate mortgage averaged 4.59%, up from last week when it averaged 4.26%. A year ago at this time, the 15-year FRM averaged 2.15%.
In the week ending August 6, the advance figure for seasonally adjusted initial claims for unemployment insurance was 262,000, an increase of 14,000 from the previous week’s revised level of 248,000, the Labor Department reported. The four-week moving average was 252,000, an increase of 4,500 from the previous week’s revised average of 247,500.
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| MARKET MIRROR |
Thursday, the Dow was up 27.16 points (0.08%) at 33,336.67, the Nasdaq lost 74.89 points (0.58%) to finish at 12,779.91, and the S&P 500 was down 2.97b points (0.07%) at 4,207.27. The Russell 2000 closed 6.01 points (0.31%) higher at 1,975.26, and the Wilshire 5000 decreased 28.61 points (0.07%) to 42,126.46.
The price of the 10-year Treasury note decreased 1 15/32, bringing its yield up to 2.888%. The price of the 30-year Treasury bond fell 2 7/32, increasing its yield to 3.177%.
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EVENTS
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Plan Design Considerations to Boost Outcomes
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Join PLANSPONSOR for a webinar on August 18, during which industry experts and a plan sponsor will discuss what retirement plan design features have been shown to boost outcomes for participants, innovative ideas for plan design and how attention to overall financial wellness can improve retirement security for employees. Speakers will also talk about what education is needed to best set participants up for success. 
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ON THIS DATE: In 30 B.C., Cleopatra, queen of Egypt, took her life following the defeat of her forces against Octavian, the future first emperor of Rome. In 1851, Isaac Singer was issued a patent on the double-headed sewing machine. In 1865, disinfectant was used for the first time during surgery by Joseph Lister. In 1898, the Spanish-American War came to an end when Spain formally agreed to a peace protocol on U.S. terms: the cession of Cuba, Puerto Rico and Manila in the Philippines to the United States pending a final peace treaty. In 1918, regular airmail service began between Washington, D.C., and New York City. In 1939, “The Wizard of Oz” premiered in Oconomowoc, Wisconsin. In 1964, Mickey Mantle set a major league baseball record when he hit home runs from both the left and ride sides of the plate in the same game. In 1973, American golfer Jack Nicklaus won the Professional Golfers’ Association (PGA) championship for his 14th major title, surpassing Bobby Jones’ record of 13 major championships. In 1981, IBM unveiled its first PC. In 1990, fossil hunter Susan Hendrickson discovered three huge bones jutting out of a cliff near Faith, South Dakota. They turned out to be part of the largest-ever Tyrannosaurus rex skeleton ever discovered, a 65 million-year-old specimen dubbed Sue, after its discoverer. In 2014, actress Lauren Bacall died at her New York City home at age 89.
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