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December 16th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending December 10, the advance figure for seasonally adjusted initial claims for unemployment insurance was 211,000, a decrease of 20,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 1,000 from 230,000 to 231,000. The four-week moving average was 227,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 230,000 to 230,250.
Interest on a 30-year fixed-rate mortgage averaged 6.31% for the week ending December 15, down from last week when it averaged 6.33%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.12%. Interest on a 15-year fixed-rate mortgage averaged 5.54%, down from last week when it averaged 5.67%. A year ago at this time, the 15-year FRM averaged 2.34%.
Advance estimates of U.S. retail and food services sales for November, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $689.4 billion, down 0.6% from the previous month, but up 6.5% above November 2021, the Census Bureau reported. Total sales for the September through November period were up 7.7% from the same period a year ago. The September to October percent change was unrevised from up 1.3%. Retail trade sales were down 0.8% from October, but up 5.4% above last year. Gasoline stations were up 16.2% from November 2021, while food services and drinking places were up 14.1% from last year.
U.S. total business end-of-month inventories for October were $2,468.3 billion, up 0.3% from last month, the Census Bureau reported. U.S. total business sales were $1,859.5 billion, up 0.8% from last month.
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| MARKET MIRROR |
Thursday, the Dow decreased 764.13 points (2.25%) to close at 33,202.22, the Nasdaq decreased 360.36 points (3.23%) to 10,801.53 and the S&P 500 lost 99.57 points (2.49%) to close at 3,895.75. The Russell 2000 decreased 45.85 points (2.52%) to close at 1,774.61 and the Wilshire 5000 decreased 991.47 points (2.50%) to close at 38,627.55.
The price of the 10-year Treasury note decreased 2/32 and the yield was down to 3.448%. The price of the 30-year Treasury bond decreased 1/32 and the yield was down to to 3.499%.
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AWARDS
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Think Your Retirement Plan Adviser Should Be Recognized?
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We need your help in identifying the best retirement plan advisers in the country. If you work with a great plan adviser or plan adviser team, nominate them to be recognized in the 2023 PLANADVISER Retirement Plan Adviser of the Year awards program. Nominations for the Plan Sponsor Service and Plan Adviser Service categories can only come from plan sponsor clients, so it is up to you to make their excellence known. 
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SURVEYS
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CIO’s Transition Management Survey
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Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
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ON THIS DATE: In 1773, nearly 350 chests of tea were dumped into Boston Harbor off British ships by Colonial patriots thereafter known as the “Boston Tea Party”. In 1901, “The Tale of Peter Rabbit,” by Beatrix Potter, was printed for the first time. In 1972, the Miami Dolphins became the first N.F.L. team to go unbeaten and untied in a 14-game regular season. The Dolphins defeated Washington in Super Bowl VII in 1973 to complete the only undefeated season in N.F.L. history. In 1944, during World War II, the Battle of the Bulge began in Belgium. In 1985, organized crime figure Paul Castellano, reportedly the “boss of bosses” of the Five Families of the Mafia, was fatally shot; John Gotti was later convicted of arranging the murder. In 2000, President-elect George W. Bush selected Colin Powell as the first African American secretary of state.
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