JOBS REPORT GIVES THE FED A GREEN LIGHT The economy created 211,000 jobs in November – a healthy hiring total that could prompt the Federal Reserve to tighten for the first time since 2006. Job growth has averaged 218,000 over the past three months (the Labor Department just revised October and November job gains upward by ...
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“Let me now turn to where I see the economy is likely headed over the next several years. To summarize, I anticipate continued economic growth at a moderate pace that will be sufficient to generate additional increases in employment, further reductions in the remaining margins of labor market slack, and a rise in inflation to our 2 percent objective. I expect that the fundamental factors supporting domestic spending that I have enumerated today will continue to do so, while the drag from some of the factors that have been weighing on economic growth should begin to lessen next year. Although the economic outlook, as always, is uncertain, I currently see the risks to the outlook for economic activity and the labor market as very close to balanced.”
For some perspective on all-important long-term interest rates, today’s chart illustrates the 44-year trend of 30-year mortgage rates.
Ongoing concerns over a sluggish global economy in addition to a potential deflationary environment have encouraged investors…
Ferrari's IPO debut has finally arrived. The intial offering price was at the top of the previously indicated range of $48 to $52 per share and gives Ferrari a whopping market capitalization of around $9.8 billion. Not too shabby for a car that helped Ferris Bueller have the best day ever.
The Federal Reserve left interest rates alone in September, but that did little to calm investors. Growth worries took the market south again – the S&P 500 lost 2.64% for the month as more disappointing economic news filtered out of China. Perceptions of reduced demand for crude oil and other raw materials led to monthly losses in the commodities sector. America’s economic indicators looked good by comparison, but encouraging consumer spending and consumer confidence numbers failed to distract Wall Street during a gloomy end of summer for equities…
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