| Economic Events | Construction spending during July was estimated at a seasonally adjusted annual rate of $1,211.5 billion, 0.6% below the revised June estimate of $1,219.2 billion, the Census Bureau reported. The July figure is 1.8% above the July 2016 estimate of $1,189.8 billion. During the first seven months of this year, construction spending amounted to $691.2 billion, 4.7% above the $659.9 billion for the same period in 2016. Total nonfarm payroll employment increased by 156,000 in August, and the unemployment rate was little changed at 4.4, according to the Bureau of Labor Statistics. Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining. THE ECONOMIC WEEK AHEAD: Today, the U.S. Census Bureau will report about factory orders in July. Thursday, the Labor Department will release its initial claims report, and Friday, the Census Bureau will report about wholesale trade in July. | | Market Mirror | Friday, the Dow gained 39.46 points (0.18%) to finish at 21,987.56, the NASDAQ increased 6.67 points (0.10%) to 6.435.33, and the S&P 500 was up 4.90 points (0.20%) at 2,476.55. The Russell 2000 closed 8.30 points (0.59%) higher at 1,413.57, and the Wilshire 5000 climbed 59.33 points (0.23%) to 25,717.29. The price of the 10-year Treasury note decreased 13/32, bringing its yield up to 2.162%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 2.773%. WEEK’S WORTH: For the week ending September 1, the Dow was up 0.80%, the NASDAQ climbed 2.71%, and the S&P 500 increased 1.37%. The Russell 2000 gained 2.62%, and the Wilshire 5000 finished 1.51% higher. | | Compliance | PBGC Provides Premium, Filings Relief for Hurricane Harvey Victims | The Pension Benefit Guaranty Corporation (PBGC) has shared detail about its intent to waive certain penalties and extend certain filing deadlines in response to the hurricane disaster in Texas and Louisiana.Read more > | PBGC Offers Financial Assistance to Union Plan Approved for Benefits Reductions | The agency says the financial assistance, together with benefit reductions that are required as a condition for receiving PBGC assistance, will help the United Furniture Workers Pension Fund A to avoid insolvency and to pay benefits to participants. The U.S. Department of the Treasury approved a related application submitted by the plan for the required benefit reductions and certified the results of a participant vote on the plan’s benefit reduction proposal.Read more > | | Investing | How More Retirees Could Affect Investment Returns | As the Baby Boomer generation nears retirement and draws down the assets they built in their working years, the retirement system in America and capital markets could go through some major shifts. The Center for Retirement Research at Boston College (CRR) explores various ways investment returns and Social Security could be affected by an aging population.Read more > | | Small Talk | ON THIS DATE: In 1774, the first session of the U.S. Continental Congress convened in Philadelphia. The delegates drafted a declaration of rights and grievances, organized the Continental Association, and elected Peyton Randolph as the first president of the Continental Congress. In 1836, Sam Houston was elected as the first president of the Republic of Texas. In 1877, Sioux chief Crazy Horse was killed by the bayonet of a U.S. soldier. The chief allegedly resisted confinement to a jail cell. In 1881, the American Red Cross provided relief for a disaster for the first time. The disaster was the Great Fire in Michigan. In 1882, the first U.S. Labor Day parade was held in New York City. In 1885, Jake Gumper bought the first gasoline pump to be manufactured in the U.S. In 1901, the National Association of Professional Baseball Leagues was formed in Chicago. It was the first organized baseball league. In 1914, Babe Ruth hit his first home run as a professional player in the International League. In 1939, the U.S. proclaimed its neutrality in World War II. In 1958, Boris Pasternak’s “Doctor Zhivago” was published for the first time in the U.S. In 1960, Cassius Clay of Louisville, Kentucky, won the gold medal in light heavyweight boxing at the Olympic Games in Rome, Italy. Clay later changed his name to Muhammad Ali. In 1989, Chris Evert retired from professional tennis after a 19 year career. | TRIVIAL PURSUITS: How many states are in more than one time zone?Read more > | Share the news with a friend! Pass the NewsDash along and tell your friend/associates they can sign up for their own copy.Read more > |
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