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| Economic Events | |
August sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $473.4 billion, up 1.7% from the revised July level and up 7.2% from the August 2016 level, the Census Bureau announced.
The unemployment rate declined to 4.2% in September; total nonfarm payroll employment changed little (-33,000), the Bureau of Labor Statistics reported. A sharp employment decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey. THE ECONOMIC WEEK AHEAD: Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the producer price index for September. Friday, the Bureau of Labor Statistics will reveal the consumer price index for September, and the Census Bureau will report about retail sales for September and business inventories for August. | |
| Sponsored message from Best of PSNC | |
| Best of PLANSPONSOR National Conference October 24-November 2, 2017.Read more > | |
| Market Mirror | |
Friday, the Dow decreased by 1.72 (0.01%) to 22,773.67, the NASDAQ was up 4.82 points (0.07%) at 6,590.18, and the S&P 500 was down 2.74 points (0.11%) at 2,549.33. The Russell 2000 decreased by 1.85 (0.12%) to 1,510.23, and the Wilshire 5000 closed 38.40 points (0.14%) lower at 26,548.89.
The price of the 10-year Treasury note was down 4/32, increasing its yield to 2.365%. The price of the 30-year Treasury bond decreased 7/32, bringing its yield up to 2.903%. WEEK’S WORTH: For the week ending October 6, the Dow climbed 1.65%, the NASDAQ gained 1.45%, and the S&P 500 was up 1.19%. The Russell 2000 finished 1.30% higher, and the Wilshire 5000 increased 1.20%. | |
| Compliance | |
| Providers Remain Uncertain Amid Tense Legislative Session | |
| The list of regulatory and legislative challenges affecting employers and their retirement plan consultants can seem endless, and when linked to the increasing litigation from the plaintiffs’ bar, it can seem impossible to reach a point of certainty.Read more > | |
| IRS Reveals FY 2018 Compliance Priorities | |
| In the Internal Revenue Service (IRS) Tax Exempt and Government Entities FY 2018 Work Plan, the agency revealed efforts it will be making next year to help sponsors achieve compliance for their employee retirement plans. Plan sponsors will have a number of new compliance checks to keep in mind.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1701, the Collegiate School of Connecticut was chartered in New Haven. The name was later changed to Yale. In 1812, during the War of 1812 American forces captured two British brigs, the Detroit and the Caledonia. In 1855, Isaac Singer patented the sewing machine motor. In 1872, Aaron Montgomery started his mail order business with the delivery of the first mail order catalog. The firm later became Montgomery Wards. In 1888, the public was admitted to the Washington Monument for the first time. In 1930, aviator Laura Ingalls landed in Glendale, California, to complete the first solo transcontinental flight across the U.S. by a woman. In 1936, the first generator at Boulder Dam began transmitting electricity to Los Angeles. The name of the dam was later changed to Hoover Dam. In 1994, the U.S. sent troops and warships to the Persian Gulf in response to Saddam Hussein sending thousands of troops and hundreds of tanks toward the Kuwaiti border. In 2003, Britain’s Queen Elizabeth II knighted Roger Moore and made Sting a CBE (Commander of the British Empire). | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers a series of questions about their financial wellness. Having a household budget, and sticking to it, was one of the weaker areas for responding readers. Respondents fared better when it came to emergency savings and debt. Asked if they have an emergency savings of at least three month’s salary, 72.5% said yes and 27.5% said no. Meanwhile, 70.8% are free from credit card debt, and 29.1% are not. Asked if they have student loan debt, either their’s or a family member’s, 22.8% said yes, and 77.2% said no. Nearly nine in 10 responding readers (88.6%) indicated they save at least 10% of income for retirement (including their deferrals and any employer contributions), while only 11.4% reported they don’t. Among the verbatim comments, some folks seem to be doing very well and are close to retiring. Others mentioned setbacks that hurt their financial wellness, such as divorce or a large medical expense. And, medical expenses seems to be the top worry of respondents to the survey. I think the survey served as a reminder to some of what our financial situations should look like, “Ugh… your survey just wrecked me this morning.” Editor’s Choice goes to the reader who said: “Working hard to have a balance in life between saving and living—life happens.” Thanks to all who participated in the survey!Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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