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| Economic Events | |
The U.S. Census Bureau of the Department of Commerce announced that construction spending during May was estimated at a seasonally adjusted annual rate of $1,143.3 billion, 0.8% below the revised April estimate of $1,152.4 billion. The May figure is 2.8% above the May 2015 estimate of $1,112.2 billion. During the first five months of this year, construction spending amounted to $438.5 billion, 8.2% above the $405.4 billion for the same period in 2015. THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about factory orders for May. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for June. | |
| Market Mirror | |
Friday, the Dow increased 19.38 points (0.11%) to 17,949.37, the NASDAQ closed 19.89 points (0.41%) higher at 4,862.57, and the S&P 500 ticked up 4.09 points (0.19%) to 2,102.95. The Russell 2000 was up 4.84 points (0.42%) at 1,156.76, and the Wilshire 5000 gained 27.69 points (0.13%) to finish at 21,739.07. On the NYSE, 3.1 billion shares traded, with a 1.7 to 1 ratio of advancers to decliners. On the NASDAQ, 2.6 billion shares changed hands, with 3 advancing issues for every 2 declining issues. The price of the 10-year Treasury note increased 9/32, bringing its yield down to 1.443%. The price of the 30-year Treasury bond climbed 1 11/32, decreasing its yield to 2.224%. WEEK’S WORTH: For the week ending July 1, Dow finished 3.16% higher, the NASDAQ climbed 3.28%, and the S&P 500 gained 3.20%. The Russell 2000 was up 2.59%, and the Wilshire 5000 increased 3.02%. | |
| Industry Voices | |
| Barry’s Pickings Online: Getting Our Priorities Straight | |
| Michael Barry, president of the Plan Advisory Services Group, discusses encouraging terminating participants to leave their assets in the retirement savings system.Read more > | |
| From the Magazine | |
| Switching Over | |
| No one ever said switching recordkeepers was painless. The process can take an average of 90 days; there are blackout periods to consider, plan design changes, participant communications and more. But a conversion can be less complicated than plan sponsors might fear—if they do it the right way. And the right way requires extreme organization from all parties involved.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1865, William Booth founded the Salvation Army in London. In 1865, the U.S. Secret Service Division was created to combat currency counterfeiting, forging and the altering of currency and securities. In 1892, Andrew Beard was issued a patent for the rotary engine. In 1935, U.S. President Roosevelt signed the National Labor Relations Act into law. The act authorized labor to organize for the purpose of collective bargaining. In 1946, the bikini bathing suit, created by Louis Reard, made its debut during a fashion show at the Molitor Pool in Paris. In 1947, Larry Doby signed a contract with the Cleveland Indians, becoming the first black player in the American League. In 1950, U.S. forces engaged the North Koreans for the first time at Osan, South Korea. | |
| SURVEY SAYS: Thoughts About the PPA | |
| Last week, I asked NewsDash readers, “Do you think the PPA has succeeded in improving the retirement security picture, what provisions helped the most, and where did the PPA fall short?” Most respondents (55.6%) had mixed feelings about whether, overall, the PPA has improved the retirement security of American workers; 18.5% said it has, and 25.9% said it has not. Automatic enrollment safe harbor (59.3%), qualified default investment alternatives (48.1%), eliminating sunset for catch-up contributions (48.1%) and making Roth contributions a permanent option (51.8%) were the provisions readers selected as most helpful for improving retirement security. Asked which provisions of the PPA and related regulations missed the mark, the top responses were new funding rules for DB plans (43.5%), qualified default investment alternatives (26.1%) and ‘computer model’ advice rules (26.1%). Readers who left comments about the PPA’s impact on retirement security were mostly negative about provisions concerning defined benefit plans and mostly positive about provisions concerning defined contribution plans. Editor’s Choice goes to the reader who said: “PPA simply increased regulations and law with which to comply. Retirement security for the average retirement plan participant has not changed. Until one’s ability to save changes and the discipline, either incentivized or not, to stay the course changes, how does increased regulation help?” A big 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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