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September 5th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7% above the revised June estimate of $1,958.9 billion, the Census Bureau reported. The July figure is 5.5% above the July 2022 estimate of $1,869.3 billion. During the first seven months of this year, construction spending amounted to $1,101.5 billion, 3.7% above the $1,062.1 billion for the same period in 2022.
Total nonfarm payroll employment increased by 187,000 in August, and the unemployment rate rose to 3.8%, the Bureau of Labor Statistics reported. Employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Employment in transportation and warehousing declined.
Tuesday, the Census Bureau will report factory orders for July. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will announce wholesale inventories for July.
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| MARKET MIRROR |
Friday, the Dow gained 115.80 points (0.33%) to close at 34,837.71, the Nasdaq lost 3.15 points (0.02%) to close at 14,031.82 and the S&P 500 gained 8.11 points (0.18%) to close at 4,515.77. The Russell 2000 rose 21.15 points (1.11%) to close at 1,920.83, and FT Wilshire 5000 Index rose 137.68 points (0.30%) to close at 45,606.11.
The 10-year Treasury note decreased 28/32, bringing the yield to 4.186%. The 30-year Treasury bond decreased 1 4/32, bringing the yield to 4.297%.
For the week ending September 1, the Dow rose 1.43%, the Nasdaq rose 3.25% and the S&P 500 rose 2.50%. The Russell 2000 gained 3.63%, and the FT Wilshire 5000 Index ended 2.74% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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The Standard names new national retirement sales directors; Wescott joins NFP as a VP; Index Fund Advisors hires Higgins as SVP, institutional adviser. 
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ON THIS DATE: In 1960, U.S. boxer Cassius Clay, who later changed his name to Muhammad Ali, won the gold medal in the 175-pound division at the 1960 Olympic Games in Rome. In 1972, Palestinian terrorists attacked the Olympic Village in Munich, West Germany, during the Summer Olympic Games, taking hostage and eventually killing 11 members of the Israeli team. In 1975, Lynette Fromme attempted to assassinate U.S. President Gerald R. Ford; Fromme, a follower of Charles Manson, was sentenced to life in prison but was released in 2009. In 1976, the first episode of “The Muppet Show,” cocreated by Jim Henson, aired, and the TV series became hugely popular. In 1997, Mother Teresa—who was awarded the 1979 Nobel Peace Prize for her charitable work with the poor, especially in India—died at age 87 in Kolkata. In 2000, Tuvalu, a group of nine coral islands in the west-central Pacific Ocean with a population of about 10,000, became the 189th member of the United Nations. In 2001, at a conference in Washington, D.C., scientists described an observation of energy flares that provided strong evidence of the theorized black hole at the center of the Milky Way galaxy. In 2016, writer and political activist Phyllis Schlafly, best known for her opposition to the women’s movement and especially the Equal Rights Amendment, died at age 92.
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