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September 2nd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending August 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 232,000, a decrease of 5,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 6,000 from 243,000 to 237,000. The four-week moving average was 241,500, a decrease of 4,000 from the previous week’s revised average. The previous week’s average was revised down by 1,500 from 247,000 to 245,500.
Interest on 30-year fixed-rate mortgage averaged 5.55% for the week ending September 1, up from last week when it averaged 5.13%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.87%. Interest on a 15-year fixed-rate mortgage averaged 4.85%, up from last week when it averaged 4.55%. A year ago at this time, the 15-year FRM averaged 2.17%.
Construction spending during July was estimated at a seasonally adjusted annual rate of $1,777.3 billion, 0.4% below the revised June estimate of $1,784.3 billion, the Census Bureau reported. The July figure is 8.5% above the July 2021 estimate of $1,637.3 billion. During the first seven months of this year, construction spending amounted to $1,013.7 billion, 10.8% above the $915.2 billion for the same period in 2021.
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| MARKET MIRROR |
Thursday, the Dow gained 145.99 points (0.46%) to reach 31,656.42, the Nasdaq slipped 31.08 points (0.26%) to close at 11,785.13 and the S&P 500 won 11.85 points (0.30%) to end at 3,966.85. The Russell 2000 sagged 21.30 points (1.15%) to 1,822.82 and the Wilshire 5000 inched up 11.00 points (0.03%) to close at 39,571.86.
The price of the 10-year Treasury note decreased 28/32 lowering the yield down to 3.263%. The price of the 30-year Treasury bond decreased 1 3/32 lowering the yield to 3.371%.
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SURVEYS
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DC Survey Now Open
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ON THIS DATE: In 1799, Congress founded the U.S. Treasury. In 1864, during the Civil War Union forces led by Gen. William T. Sherman occupied Atlanta following the retreat of the Confederates. In 1897, the first issue of “McCall’s” magazine was published. The magazine had been known previously as “Queens Magazine” and “Queen of Fashion.” In 1945, aboard the USS Missouri in Tokyo Bay, Japan formally surrendered to the Allies, ending World War II. In 1945, hours after Japan surrendered in World War II, Vietnamese communist leader, Ho Chi Minh, declared the independence of Vietnam from France. In 1969, America’s first automatic teller machine made its public debut, dispensing cash to customers at Chemical Bank in Rockville Centre, New York. In 1975, English writer J.R.R. Tolkien, best known for the inventive fantasies The Hobbit (1937) and The Lord of the Rings (1954–55), died at age 81. In 1992, the U.S. and Russia agreed to a joint venture to build an international space station.
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