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| Economic Events | |
On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in July after increasing 0.3% in June, the Bureau of Labor Statistics reported. The index for all items less food and energy rose 0.1% in July after rising 0.2% in June. Real average hourly earnings increased 0.1% in July, seasonally adjusted. Average hourly earnings increased 0.2%, and the CPI-U increased 0.1%. Real average weekly earnings increased 0.4% over the month. | |
| Market Mirror | |
U.S. stock indices closed lower on Wednesday as investors got mixed signals from the Federal Reserve over the possibility of an interest rate hike in September, according to the Associated Press. The Dow fell 162.61 points (0.93%) to 17,348.73, the NASDAQ was down 40.30 points (0.80%) at 5,019.05, and the S&P 500 decreased 17.31 points (0.83%) to 2,079.61. The Russell 2000 lost 11.91 points (0.98%) to finish at 1,202.98, and the Wilshire 5000 closed 188.80 points (0.86%) lower at 21,874.91. On the NYSE, 3.2 billion shares traded, and on the NASDAQ, 2.7 billion shares changed hands, with declining issues outnumbering advancing issues nearly 3 to 1 on both exchanges. The price of the 10-year Treasury note increased 19/32, bringing its yield down to 2.127%. The price of the 30-year Treasury bond climbed 26/32, decreasing its yield to 2.817%. | |
| From the Magazine | |
| Insights: Uncommon Plan Errors | |
| We often talk—and write—about mishaps in plan administration. We report on the Internal Revenue Service (IRS) and Department of Labor (DOL) “fix-it” guides, which address the most common plan errors, and hope these will help make sponsors aware of potential risks in their plans. Still, there are many fallacies that persist in our industry, and many may never show up on either of those agencies’ lists. Here are two “uncommon errors.”Read more > | |
| Investing | |
| Mutual Fund Expenses Lower Within 401(k) Plans | |
| In 2014, the average expense ratio for equity mutual funds offered in the United States was 1.33%, but 401(k) plan participants who invested in equity mutual funds paid less than half that amount—0.54%, on average, according to data from the Investment Company Institute (ICI). What contributes to lower expenses for 401(k) participants?Read more > | |
| Small Talk | |
| ON THIS DATE: In 1833, future President Benjamin Harrison was born in North Bend, Ohio. In 1911, a dispatcher in the New York Times office sent the first telegram around the world via commercial service. In 1920, seven men, including legendary all-around athlete and football star Jim Thorpe, met to organize a professional football league at the Jordan and Hupmobile Auto Showroom in Canton, Ohio. The meeting led to the creation of the American Professional Football Conference (APFC), the forerunner to the National Football League (NFL). In 1975, Viking 1, an unmanned U.S. planetary probe, was launched from Cape Canaveral, Florida, on a mission to Mars. In 1977, “Best of My Love,” by the Emotions, hit the top of the U.S. pop charts. | |
| SURVEY SAYS: Help us gauge what changes plan sponsors are making to their plans. This week, I’d like to know, when was the last time your firm or retirement plan sponsoring entity executed a plan amendment that was not dictated by new legislation or regulations? And, for what reason(s) was the amendment made? You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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