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| Economic Events | |
Total nonfarm payroll employment rose by 151,000 in January, and the unemployment rate was little changed at 4.9%, the Bureau of Labor Statistics reported. Job gains were led by retail trade, food services, health care, and manufacturing. Employment declined in educational services, transportation and warehousing, and mining. THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about wholesale inventories for December. Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about retail sales for January and business inventories for December. | |
| Sponsored message from T. Rowe Price | |
| Next Generation Thinking: A fresh look at the millennial generation. The American workforce is changing, and millennials are driving the retirement savings conversation. Get the practical solution you need to engage this new generation.Read more > | |
| Market Mirror | |
U.S. stocks closed sharply lower after a weak jobs report cast doubt on the strength of the U.S. economy, the Associated Press reports. The Dow shed 211.75 points (1.29%) to close at 16,204.83, the NASDAQ fell 146.42 points (3.25%) to 4,363.14, and the S&P 500 closed 35.48 points (1.85%) lower at 1,879.97. The Russell 2000 lost 29.17 points (2.87%) to finish at 985.61, and the Wilshire 5000 plunged 387.83 points (1.98%) to close at 19,164.19. On the NYSE, 3.1 billion shares traded, with declining issues outnumbering advancing issues more than 3 to 1. On the NASDAQ, 2.6 billion shares changed hands, with a more than 4 to 1 lead for decliners. The price of the 10-year Treasury note and the price of the 30-year Treasury bond were each up 1/32, decreasing their yields to 1.838% and 2.676%, respectively. WEEK’S WORTH: For the week ending February 5, the Dow decreased 1.59%, the NASDAQ plunged 5.44%, and the S&P 500 finished 2.91% lower. The Russell 2000 fell 4.81%, and the Wilshire 5000 lost 3.27%. | |
| Compliance | |
| Verizon Retirees Take PRT Challenge to Supreme Court | |
| After seeing their pension risk transfer lawsuits dismissed in both district and circuit court, tens of thousands of former Verizon employees hope SCOTUS will have more sympathy.Read more > | |
| From the Magazine | |
| Chasing Plan Design Perfection | |
| Not long after behavioral finance was used to explain why retirement plan participants act as they do, people began realizing that one force especially—inertia—was hurting employees. It kept them from joining a retirement plan, from keeping on top of their investments and from revisiting their contribution level. But many plan sponsors are not models of perfect retirement plan behavior either. They might be sluggish about improving or changing their plans and keeping on top of design and administration trends.Read more > | |
| Investing | |
| Positive fourth-quarter performance was not enough to pull target-date funds out of negative territory for 2015, according to the Callan Target Date Index.Read more > | |
| Managed Accounts Gaining Favor from Plan Sponsors | |
| Retirement plan sponsors increasingly feel managed accounts are needed to help employees better prepare for retirement, but employee education is needed.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1693, a charter was granted for the College of William and Mary in Williamsburg, Virginia. In 1861, the Confederate States of America was formed. In 1910, William D. Boyce incorporated the Boy Scouts of America. In 1918, during World War I, “The Stars and Stripes” was published under orders from General John J. Pershing for the United States Army forces in France. It was published from February 8, 1918, to June 13, 1919. In 1922, the White House began using radio after U.S. President Warren Harding had it installed. In 1963, the Kennedy administration prohibited travel to Cuba and made financial and commercial transactions with Cuba illegal for U.S. citizens. In 1963, Lamar Hunt, owner of the American Football League franchise in Dallas, Texas, moved the operation to Kansas City. The new team was named the Chiefs. In 1971, the NASDAQ stock-market index debuted. In 1985, “The Dukes of Hazzard” ended its 6-1/2 year run on CBS television. | |
| SURVEY SAYS RESPONSES: Valentine’s Day is this Sunday. So, last week, I asked NewsDash readers, “When was your first love? The majority of responding readers (52.6%) reported they fell in love for the first time between the ages of 16 and 20, inclusive. This was followed by 28.9% who indicated their first love was between ages 11 and 15. No one reported their first love occurring later than age 30, and interestingly, no one reported never having been in love. In comments, there were a few expressions of distaste for Valentine’s Day. One reader said the survey made his head spin: “Whoa, Nellie! We go from Super Bowl grrr, rah-rah, crash ’em, bash ’em to soft kitty, warm kitty. I can’t transition that fast. Mercy me, my head just exploded!” There were some very warming stories about first loves that ended up being life-long loves, and some readers shared what drew them to their first loves. Editor’s Choice goes to the reader who said: “Valentine’s Day is too commercialized. My husband and I have been known to stand in the card aisle, pick out a card and show it to the other person, and call it good! (Without even buying one!)” Thank you to everyone who participated in our survey!Read more > | |
| Share the good news with a friend! Pass the NewsDash 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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