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| Economic Events | |
Total nonfarm payroll employment increased by 201,000 in August, and the unemployment rate was unchanged at 3.9, according to the Bureau of Labor Statistics. Job gains occurred in professional and business services, health care, wholesale trade, transportation and warehousing, and mining. THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about wholesale trade for July. Wednesday, the Bureau of Labor Statistics (BLS) will reveal the producer price index for August. Thursday, the Labor Department will issue its initial claims report, and the BLS will reveal the consumer price index for August. Friday, the Census Bureau will report about retail sales in August and business trade in July. | |
| Sponsored message from Schwab Retirement Plan Services, Inc. | |
| The Millennial Money Myth Why Millennials are more financially savvy than previously thought and demanding more from plan sponsors.Read more > | |
| Market Mirror | |
Friday, the Dow fell 79.33 points (0.31%) to 25,916.54, the NASDAQ closed 20.19 points (0.25%) lower at 7,902.54, and the S&P 500 decreased 6.37 points (0.22%) to 2,871.68. The Russell 2000 was down 1.29 points (0.08%) at 1,713.18, and the Wilshire 5000 lost 70.80 points (0.24%) to finish at 29,919.29.
The price of the 10-year Treasury note decreased 17/32, bringing its yield up to 2.938%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 3.102%. WEEK’S WORTH: For the week ending September 7, the Dow was down 0.19%, the NASDAQ fell 2.55%, and the S&P 500 decreased 1.03%. The Russell 2000 lost 1.58%, and the Wilshire 5000 finished 1.17% lower. | |
| From the Magazine | |
| Behavioral Finance: The Sum of All Sources | |
| In a counterintuitive way, Andrew Biggs, a Washington, D.C.-based resident scholar for the American Enterprise Institute (AEI), says, lower-income earners have a good chance of maintaining their quality of life after they finish working, so long as they take the right approach to balancing saving and spending while in the labor force. “Judging the adequacy of retirement saving is a complex task without straightforward answers,” he says. “For poorer households, however, a simpler and more easily verifiable framework is possible.”Read more > | |
| Small Talk | |
| ON THIS DATE: In 1608, John Smith was elected president of the Jamestown, Virginia, colony council. In 1794, America’s first non-denominational college was chartered. Blount College later became the University of Tennessee. In 1813, the first defeat of British naval squadron occurred in the Battle of Lake Erie during the War of 1812. The leader of the U.S. fleet sent the famous message “We have met the enemy, and they are ours” to U.S. General William Henry Harrison. In 1846, Elias Howe received a patent for his sewing machine. In 1913, the Lincoln Highway opened. It was the first paved coast-to-coast highway in the U.S. In 1921, the Ayus Autobahn in Germany opened near Berlin. The road is known for its nonexistent speed limit. In 1923, the Irish Free state joined the League of Nations. In 1926, Germany joined the League of Nations. In 1935, “Popeye” was heard on NBC radio for the first time. In 1948, Mildred “Axis Sally” Gillars was indicted for treason in Washington, D.C. Gillars was a Nazi radio propagandist during World War II. She was convicted and spent 12 years in prison. In 1953, Swanson began selling its first “TV dinner.” In 1955, “Gunsmoke” premiered on CBS. In 1955, Bert Parks began a 25-year career as host of the “Miss America Pageant” on NBC. In 1989, Hungary gave permission to thousands of East German refugees and visitors to immigrate to West Germany. In 1998, Mac Davis received a star on the Hollywood Walk of Fame. In 2002, the “September 11: Bearing Witness to History” exhibit opened at the Smithsonian’s National Museum of American History. In 2002, Switzerland became the 190th member of the United Nations. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you think you are paid fairly, considering what you do, and if you think you are underpaid, do you have any plans to try to do something about it?” Asked how they feel most of the time, half of responding readers said they are paid fairly for their job. More than four in ten (42.5%) feel they are underpaid, and 7.5% admitted to feeling they are overpaid. Among those who feel underpaid, 38.1% plan to just “Suck it up.” “Look for a new job” and “Ask for a raise, promotion or new position in the company” were each selected by 28.6% of respondents. Less than one-quarter (23.8%) plan to wait to see what their next increase will be, and 4.8% don’t know what they plan to do about it. Among readers who chose to leave comments, a couple said other things are more important than money. Some told what happened when they asked for a salary increase. But, many lamented about why they are underpaid. Editor’s Choice goes to the reader who said: “Combination of ‘suck it up’ and search. I’m smart enough (also an age thing) to know the pros and cons of any job move. Commute, benefits, coworkers also matter.” 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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