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January 19th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Advance estimates of U.S. retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $677.1 billion, down 1.1% from the previous month, but up 6.0% above December 2021, the Census Bureau reported. Total sales for the 12 months of 2022 were up 9.2% from 2021. Total sales for October through December were up 6.7% from the same period a year ago.
The October to November percent change was revised from down 0.6% to down 1.0%. Retail trade sales were down 1.2% from November, but up 5.2% above last year. Nonstore retailers were up 13.7% from December 2021, while food services and drinking places were up 12.1% from last year.
The Producer Price Index for final demand declined 0.5% in December, the Bureau of Labor Statistics reported. Prices for final demand goods decreased 1.6%, and the index for final demand services rose 0.1%. The index for final demand increased 6.2% in 2022.
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| MARKET MIRROR |
Wednesday, the Dow decreased 613.89 points (1.81%) to close at 33,296.96, the Nasdaq fell 138.10 points (1.24%) to close at 10,957.01 and the S&P 500 decreased 62.11 points 1.56% to close at 3,928.86. The Russell 2000 fell 29.92 points (1.59%) to close at 1,854.36 and the Wilshire 5000 fell 606.79 points (1.53%) to close at 39,167.36.
The price of the 10-year Treasury note increased 1 27/32, bringing the yield to 3.373%. The price of the 30-year Treasury bond increased 2 3/32, bringing the yield to 3.541%.
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UpFront
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Obstacles to HSA Investment
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MORNINGSTAR’S “2022 Health Savings Account Landscape” reports that HSAs have grown at a 31% rate over the past 15 years. 
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AWARDS,
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Plan Sponsor of the Year Nominations Closing Soon!
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Are you or do you know of a plan sponsor that goes above and beyond to make retirement security a reality for employees? Get yourself, or them, recognized in PLANSPONSOR’s Plan Sponsor of the Year awards program. Judging for the awards is largely based on applications the plan sponsors will be sent to fill out, so get your nominations in soon. The deadline is January 20.
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Deadline Extended for Retirement Plan Adviser of the Year Nominations!
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Do you know an adviser or adviser team you admire for their community impact? Do you work with an adviser or adviser team that offers great service to your participants or is working on a solution to solve for the retirement plan coverage gap? We have just extended the deadline for nominations for our Retirement Plan Adviser of the Year Awards to January 20. Judging for the awards is largely based on the application that each nominee will fill out, so please get your nominations in soon.
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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 1809, poet, author and literary critic Edgar Allan Poe was born. In 1943, singer Janis Joplin, was born. In 1946, Dolly Parton, a singer and songwriter, was born. She has composed more than 3,000 songs, including “I Will Always Love You,” “Jolene,” “Coat of Many Colors,” and “9 to 5.” As an actress, she has also starred in films including 9 to 5 and The Best Little Whorehouse in Texas, for which she earned Golden Globe nominations for Best Actress. In 1952, Professional Golfers Association President Horton Smith announced that a seven-man committee “almost unanimously” voted to allow African American golfers to compete in PGA co-sponsored events, from which they had been barred. In 1955, President Dwight D. Eisenhower held the first televised presidential press conference. In 1972, 36-year-old former Major League Baseball pitcher Sandy Koufax, a star with Los Angeles Dodgers, became the youngest player elected to the Baseball Hall of Fame. In 2004, at a campaign rally, Democratic presidential hopeful Howard Dean emitted a noise that many claim ended his career in electoral politics: the “Dean Scream,” as it was called.
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