  Landaas & Company newsletter  November edition now available. Advisors on This Week’s Show Bob Landaas Brian Kilb Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Nov. 1-5, 2021) Significant Economic Indicators & Reports Monday Despite continued growing pains, the manufacturing sector expanded in October for the 17th month in a row, though at a slower rate, according to the Institute for Supply Management. The trade group’s index, based on surveys of industry purchase managers, showed ongoing struggles between rising demand and constraints such as "worker absenteeism, short-term shutdowns due to parts shortages, difficulties in filling open positions and overseas supply chain problems." The Commerce Department said construction spending declined slightly in September, though it still hovered near all-time highs, unadjusted for inflation. At a seasonally adjusted annual rate of $1.57 trillion, expenditures were down 0.5% from the August pace and up 7.8% from the year before. Spending on residential construction declined 0.4% for the month and rose 19% from September 2020. Tuesday no significant reports Wednesday Demand for manufactured goods continued growing in September as factory orders rose for the 16th time in 17 months, though at just 0.2%. Orders declined for the second month in a row for motor vehicles amid ongoing backlogs of microchips. Excluding transportation equipment, factory orders rose 0.7% from August and 14.2% from September 2020, according to the Commerce Department. A proxy for business investments gained 1.4% from August and was up 13.7% from the year before. The service sector of the U.S. economy grew in October at the fastest rate in 13 years of data from the Institute for Supply Management. The trade group’s service index showed expansion for the 17th month in a row after it contracted in April and May of 2020 for the only time in 11 years. “Demand shows no signs of slowing,” the ISM said, although purchasing managers surveyed reported ongoing challenges from supply chain disruptions, shortages of workers and materials. The Bureau of Economic Analysis reported the annual rate of motor vehicle sales rose to 13 million in October after five months of decline. Vehicle sales hit an all-time high of 18.3 million in April. Sales covering cars and light trucks bottomed out at 8.6 million in April 2020, the lowest in 45 years of data. Just before widespread shutdowns from COVID-19, the sales pace was 16.9 million. Thursday The U.S. trade deficit widened 11.2% in September to a record $80.9 billion, the Bureau of Economic Analysis reported. Imports rose 0.6%, led by capital goods, including computers. Exports declined by 3%, mostly because of a drop-off in shipments of industrial supplies. Through three quarters, the trade gap expanded by 33.1% from the same time in 2020, with the value of imports rising 21.1% and exports rising 17.4%. The net expansion of the deficit detracts from the gross domestic product. The four-week moving average for initial unemployment claims declined for the fourth week in a row, dropping 18.6% in that time. The level was 23% behind the average since 1967, though it was still 36% above where it stood just before the pandemic. The Labor Department said 2.7 million Americans claimed jobless benefits in the latest week, down 5.5% from the week before. The year before, 27 million workers claimed benefits. The Bureau of Labor Statistics said the annual rate of worker productivity declined in the third quarter by 5%, the biggest drop in 40 years. The estimate resulted from a 1.7% gain in output and a 7% rise in hours worked. Compared with productivity in the third quarter of 2020, the level dropped 0.5%, the worst showing in a decade. Since the pandemic, productivity has risen at an average annual rate of 1.6%, exceeding the 1.4% average from 2007 to 2019. Since 1947,

Landaas & Company Money Talk Podcast

Money Talk Podcast, Friday Nov. 5, 2021

  Landaas & Company newsletter  November edition now available. 2021 Investment Outlook Seminar Advisors on This Week’s Show Bob Landaas Kyle Tetting Art Rothschild Paige Radke (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 25-29) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday No major releases Tuesday The year-to-year increase in residential prices rose to a fifth consecutive all-time high in August. The S&P CoreLogic Case-Shiller national home price index rose 19.8% from August 2020, the most in 33 years of data. It was up marginally from the July increase, suggesting that strong housing gains might be starting to slow. An imbalance between limited supply and steady demand has been driving prices higher. Except for May 2020, the annual price gain has been accelerating every month since September 2019, when the year-to-year increase was 3.2%. Housing prices have far outpaced inflation overall. The annual rate of new home sales rose 14% in September to their highest level in six months, the Commerce Department reported. The volatile indicator recovered from three months below the pre-pandemic level. According to Commerce estimates, the median price for a new house reached a record $408,800 in September, up 19% from the year before as inventory dipped to 5.7 months, the lowest since May. Only 26% of the houses sold were completely built, down from 39% for all of 2019. The Conference Board said its consumer confidence index rose in October for the first time in four months. The business research group credited easing fears from the delta variant of COVID-19 for boosting consumers’ plans to buy houses, cars and appliances in coming months. Confidence muted a 13-year high of short-term expectations for inflation. Wednesday Demand for long-lasting manufactured products declined 0.4% in September, the first setback in five months. The Commerce Department said durable goods orders through the first nine months of 2021 were up 23.4% from the same time in 2020. But, as an indication of the imbalance between demand and supply amid logistic bottlenecks, shipments of durable goods through September were up only 13.6% from the year before. Core capital goods orders, a proxy for business investment, rose 0.8% from August and were up 16% from September 2020. Thursday The U.S. economy rose at an annual pace of 2% in the third quarter, slower than expected and down from 6.7% in the April-through-June period. Adjusted for inflation, gross domestic product reached a record $19.5 trillion and was up 1.4% from the peak prior to the 2020 recession, according to the Bureau of Economic Analysis. Economic growth was led by consumer spending, which generates about 70% of economic activity and advanced at a 1.6% annual pace, down from a 12% clip in the second quarter. The Federal Reserve Board’s preferred measure of inflation rose 4.3% from the third quarter of 2020, up from 3.9% in the second quarter and 1.8% in the first. The four-week moving average for initial unemployment claims fell for the third week in a row, dropping to its lowest point since widespread shutdowns from the pandemic. The Labor Department reported the new-claim average fell below 300,000, down from 5.3 million in April 2020 and 20% below the 54-year average. In the latest week, 2.8 million Americans claimed jobless benefits, down 14% from the week before, as hundreds of thousands continued to clear out of expiring pandemic relief programs. The National Association of Realtors said its index of pending home sales fell 2.3% in September. The trade group’s index was down 8% from the year before. An economist for the Realtors  cited a seasonal lull for the pullback in demand but said rising mortgage rates and rents should fuel further home-buying in 2022. The group forecast a 6.4% rise in home sales in 2021 and a 1.7% decline in 2022, saying the slowdown should ease overall price increases to 2.

Money Talk Podcast, Friday Oct. 29, 2021

  Landaas & Company newsletter  October edition now available. 2021 Investment Outlook Seminar Advisors on This Week’s Show Bob Landaas Kyle Tetting Dave Sandstrom Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 18-22, 2021) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday The Federal Reserve reported that industrial production declined 1.3% in September following a 0.1% drop in August. A 7.2% fall in output from automakers led the setback, blamed on an ongoing shortage of semiconductors. Even aside from motor vehicles, manufacturing production fell 0.3%. The September output from utilities fell after an unseasonably warm August increased use of air conditioners. Capacity utilization, a measure of potential inflation, fell for the second month in a row to the lowest level since April. At 75.2% of total capacity, U.S. industrial operations stayed below the long-term average of 79.6%. At higher levels, the capacity utilization rate suggests pressure for inflation. Tuesday The U.S. housing market cooled from recent peaks but remained near levels not seen in 14 years, according to September estimates of housing starts and building permits. The Commerce Department said the annual rates of both new construction and future authorizations declined from August. Both measures tend to be volatile month to month, even with seasonal adjustments. Total housing starts as well as single-family starts hit their lowest levels since March but topped their marks just before the Great Recession. Housing permits, an indicator of commitments to future homebuilding, dropped to their lowest level in a year but also remained around where they were in 2007. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims fell for the second week in a row, continuing to reflect the resurgence in labor demand. The average of 319,750 was at its lowest point since just before the pandemic, 14% below the all-time average. But it still was up 53% from where it was in February 2020. According to Labor Department data, total jobless claims fell to about 3.5 million in the latest week, down 10% from the week before as around 350,000 claims dropped from the rolls because of the expiration of pandemic relief programs. The year before, total claims approached 24 million. The pace of existing home sales rebounded 7% in September after declining in August. Houses sold at an annual rate of 6.2 million, the National Association of Realtors said, down 2.3% from the pace in September 2020. The trade group said anticipation of rising mortgage rates fueled demand from buyers. Inventory woes continued with the number of houses for sale in September dropping below 1.3 million, down 0.8% from August and 13% from the year-ago mark. The low supply helped boost the median sales price to $352,800, the Realtors reported. That was up 13% from the year before, the 115th consecutive price increase. The Conference Board said its index of leading economic indicators rose 0.2% in September after gains of 0.8% in August and 0.9% in July. Despite the deceleration, the business research group said indicators suggested continued broad growth in the economy amid challenges from the delta Covid variant, inflation fears and supply-chain disruptions. The group forecast a 5.7% economic expansion for the U.S. for 2021 and a 3.8% increase in 2022. Friday No major announcements MARKET CLOSINGS FOR THE WEEK Nasdaq – 15090, up 193 points or 1.3% Standard & Poor’s 500 – 4546, up 75 points or 1.7% Dow Jones Industrial – 35677, up 383 points or 1.1% 10-year U.S. Treasury Note – 1.66%, up 0.08 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.  

Money Talk Podcast, Friday Oct. 22, 2021

  Landaas & Company newsletter  October edition now available. Advisors on This Week’s Show Brian Kilb Steve Giles Chris Evers (with Max Hoelzl and Joel Dresang) Week in Review (October 11-15, 2021) Significant Economic Indicators & Reports Monday No major announcements Tuesday Employers reined in on job openings and hiring in August, according to the Bureau of Labor Statistics. The number of help-wanted posts declined nearly 6% from a record 11.1 million openings in July. The 10.4 million openings in August still were up 62% from the year before and compared to an average of 4.7 million openings a month in 20 years of data. Job openings declined at hotels and restaurants, where hiring also declined in August amid concerns over the delta variant of the COVID-19 virus. Job separations, including layoffs and dismissals, were on par with July, but the rate of workers quitting their jobs reached a record high, suggesting employees were confident they could find new work. Wednesday The broadest measure of inflation showed prices continued to rise in August. The Bureau of Labor Statistics said its Consumer Price Index rose 0.4% in September, with costs for shelter and food accounting for more than half the increase. Year to year, headline inflation rose 5.4%, tied with June and July for the highest since 2008. Gas prices were up 42% since September 2020; used car prices rose 24%. Excluding prices for volatile food and energy items, the core CPI rose a more moderate 0.2% from August and was up 4% from September 2020, down from a 30-year high of 4.5% in June. Based on CPI data, the Social Security Administration announced a 5.9% adjustment to benefits in 2022. That was the biggest raise for Social Security recipients since a 7.4% boost in 1982. Thursday The four-week moving average for initial unemployment claims fell for the first time in three weeks to its lowest level since the pandemic. Claims averaged 334,250 in the most recent reading from the Labor Department. That was 10% below the 54-year average but still 60% above where it was just before the pandemic. Altogether, 3.6 million Americans claimed jobless benefits in the most recent week, down 13% from the week before as more than 355,000 dropped from the rolls through expiring pandemic relief programs. The year before, claims reached 24.9 million. Inflation on the wholesale level remained elevated in September, according to the Producer Price Index. The Bureau of Labor Statistics said higher costs for goods, including a 3.9% rise in gasoline prices, accounted for 80% of the increase in the PPI. Even so, the 0.5% gain was the lowest since December. The core index number, which excludes volatile prices for foods, energy and trade services, rose 0.2% from August and was up 5.9% from September 2020. In August, the core PPI rose 6.3% from the year before. Friday With consumer spending driving about 70% of the U.S. gross domestic product, a 0.7% gain in retail spending in September offered further evidence of continued economic growth. All but two of 13 retail categories increased sales in September, including gasoline stations, where sales rose 1.8% from August, boosted by higher prices. The Commerce Department said overall retail sales rose 13.9% from September 2020, led by a 38.2% increase at gas stations. Since the 2020 recession, sales recovery has been uneven among categories, with sales at online retailers rising at four times the rate of bars and restaurants. A preliminary October reading of consumer sentiment suggested continued suppressed expectations amid lingering coronavirus concerns and supply-chain disruptions. The survey-based index from the University of Michigan has been near its early-pandemic lows for the last three months, which a Michigan economist said should dampen consumer spending into 2022. MARKET CLOSINGS FOR THE WEEK Nasdaq – 14897, up 317 points or 2.2% Standard & Poor’s 500 – 4471, up 80 points or 1.

Money Talk Podcast, Friday Oct. 15, 2021

  Landaas & Company newsletter  October edition now available. Advisors on This Week’s Show Bob Landaas Kyle Tetting Dave Sandstrom Kendall Bauer (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 4-8, 2021) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday The Commerce Department reported a 1.2% rise in manufacturing orders in August, the 15th increase in 16 months. Gains were led by a high demand in commercial aircraft and parts, but even excluding transportation equipment, orders rose 0.5% from July and were up 14.2% from August 2020. Core capital goods orders, a proxy for business investments, rose 0.6% for the month and were up 164% from the year before. Tuesday The U.S. trade deficit grew 4.4% in August to a record gap of $73.3 billion. The deficit, which detracts from gross domestic product, resulted from the value of imports rising at a faster rate than exports, a sign that the U.S. economy is recovering quicker from the pandemic than those of its trading partners. Through the first eight months of 2021, the trade gap grew 33.7% from the year before as imports rose by 21.2% and exports increased by 17.5%. The U.S. services sector continued expanding in September, up slightly from its August pace, according to the Institute for Supply Management. The trade group’s services index showed the 16th consecutive month of growth, expanding all but two of the latest 140 months. Purchase managers surveyed for the index repeated ongoing concerns for constraints they say are affecting supply continuity, including uneven access to materials, labor and logistics. Wednesday No major reports Thursday The four-week moving average for initial unemployment claims rose for the second week in a row but remained below the 54-year average. Average claims were at 344,000, up 64% from a 52-year low just before the pandemic. The Labor Department said 4.2 million Americans were receiving unemployment benefits in total in the latest week, down 17% from the week before as temporary pandemic-related assistance programs phase out. The Federal Reserve reported that consumer credit card debt rose in August for the fourth month in a row. With consumer spending driving about 70% of U.S. economic activity, credit card debt can signal consumers’ ability and willingness to spend. Since peaking just before the pandemic, such debt is still down $96 billion or 8.7%, unadjusted for inflation. Credit card debt in August was about at the level it stood four years ago. It took almost 10 years for credit card debt to recover from the Great Recession. Friday Employers added 194,000 jobs in September, down from the 561,000 average monthly gain so far in 2021. The Bureau of Labor Statistics reported that payroll jobs remained 5 million or 3.3% behind the level just before the pandemic. Transportation-and-warehousing was the only major employment category that had more jobs than before February 2020. A separate household survey showed the unemployment rate dropped to 4.8% September, down from the record 14.8% in April 2020 but still up from a 52-year low of 3.5% in February 2020. One sign that the delta variant of COVID-19 was causing some hesitancy among potential job seekers was a drop in re-entrants to the labor force, down 198,000 individuals (8%) from August. MARKET CLOSINGS FOR THE WEEK Nasdaq – 14580, up 13 points or 0.1% Standard & Poor’s 500 – 4391, up 34 points or 0.8% Dow Jones Industrial – 34747, up 420 points or 1.2% 10-year U.S. Treasury Note – 1.61%, up 0.13 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.  

Money Talk Podcast, Friday Oct. 8, 2021

  Landaas & Company newsletter  October edition now available. 2021 Investment Outlook Seminar Advisors on This Week’s Show Bob Landaas Kyle Tetting Dave Sandstrom Paige Radke (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Sept. 27-Oct. 1, 2021) Significant Economic Indicators & Reports Monday The Commerce Department said orders for durable goods rose 1.8% in August, the 15th increase in 16 months. The indicator for manufacturing demand surpassed the pre-pandemic level for the 10th month in a row. Commercial aircraft led the increase, but even excluding transportation equipment, orders rose 0.5% and were 17.7% above their level in August 2020. Core capital goods orders, a proxy for business investments, rose 0.1% from July and was up 16.4% from the year before. Tuesday The annual gain in housing prices hit a fourth consecutive record in July. According to the S&P CoreLogic Case-Shiller home price index, prices rose 19.7% nationwide since July 2020. That was the fastest pace in 33 years of data. Historically low housing inventory and historically low mortgage rates have combined for a strong market for sellers. Also, an S&P economist said the pandemic probably hastened a migration to suburban houses from urban apartments. The Conference Board said its consumer confidence index declined again in September, falling to 109.3 after reaching 128.9 in June. The business research group said attitudes toward both current conditions and the near-term outlook slipped because of concerns about the delta variant of COVID-19 and inflation. Index readings remain historically high, the group said, but the downward trend suggests a likely drop-off in consumer spending, which drives about 70% of U.S. economic activity. Wednesday No major releases Thursday The U.S. economy rose at an annual pace of 6.7% in the second quarter of 2021, according to a final estimate of the gross domestic product. The growth rate was up from 6.6% in the previous estimate by the Bureau of Economic Analysis, mostly because the annual rate of consumer spending grew by 12%, instead of the earlier estimate of 11.9%. Measured year to year, the economy rose 12.2% or $2.1 trillion from its slump in mid-2020. The Federal Reserve’s favorite measure of inflation showed a 3.9% increase since the second quarter of 2020, the highest since the third quarter of 2008 and up from 1.8% in the first quarter of 2021. The four-week moving average for initial unemployment claims rose for the first time in seven weeks but was still 9% below the all-time rolling average for new claims. At 340,000, the average was up 62% from where it was just before the pandemic. The Labor Department said 5 million Americans were claiming unemployment compensation in the latest week, down more than 6 million from the week before as special pandemic relief programs expired. Friday By far the biggest driver of the U.S. economy, consumer spending, rose 0.8% in August, four times the growth rate in personal income. The Bureau of Economic Analysis reported that personal consumption reached 7.7% above its pre-pandemic peak. The personal saving rate remained historically high, at 9.4% of disposable income, up from 8.3% in February 2020. The Fed’s favorite inflation gauge showed a 4.3% increase from August 2020 – the biggest increase since 1991. Energy prices rose nearly 25% in the last year. Home improvements kept construction spending at an all-time high in August. The Commerce Department said the pace of construction expenditures overall was unchanged from July at an annual rate of $1.58 trillion. Residential spending rose 0.4% from July, though it declined for new construction. Compared to August 2020, overall housing construction was up 23.9%, led by new single-family houses. The Institute for Supply Management reported that its manufacturing index signaled expansion in September for the 16th month in a row and at the fastest pace since Mar...

Money Talk Podcast, Friday Oct. 1, 2021

  Landaas & Company newsletter  September edition now available. Advisors on This Week’s Show Kyle Tetting Brian Kilb Mike Hoelzl Chris Evers with Max Hoelzl, engineered by Jason Scuglik Week in Review (Sept. 20-24, 2021) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday No major announcements Tuesday The U.S. housing industry picked up pace in August. Both housing starts and building permits accelerated, though both remained below recent 15-year highs. The annual rate of housing starts was up nearly 4%, but initiations of critical single-family houses declined almost 3% from July, the third drop in a row. Permits rose 6% from their pace in July to the highest rate in four months. Single-family permits were little changed after four monthly declines, according to Commerce Department data. However, completions of single-family houses rose for the second month in a row, hovering around levels last seen in 2007. Wednesday The annual rate of existing home sales fell 2% to 5.9 million in August, the second decline in three months and 1.5% below the year-ago pace. The National Association of Realtors said an ongoing lack of inventory continued to raise prices, causing an unbalanced market. The number of houses for sale dropped 1.5% in August to a 2.6-month supply, less than half of what economists have considered as sustainable. The median sales price of $356,700 was up 14.9% from August 2020, marking the 114th consecutive year-to-year increase in prices. Thursday Labor market conditions continued improving as the four-week moving average for initial unemployment claims declined for the sixth week in a row, reaching 10% below the all-time average. Data from the Labor Department showed the moving average of 335,7000 new applications was still 60% above where it was just before the pandemic but down from a record 5.3 million in April 2020. In the latest week, 11.2 million Americans were receiving jobless benefits from one program or another, down 7% from the week before. About 75% of the claims were through expiring pandemic relief programs. The Conference Board’s index of leading economic indicators rose 0.9% in August, advancing from gains of 0.8% in July and 0.6% in June. The business research group said the delta variant of COVID-19 as well as inflation concerns could lower the economy’s “rapidly rising trajectory” in coming months, but it continued to project robust growth rates of 6% in 2021 and 4% in 2022. Friday The Commerce Department said the annual pace of new home sales rose 1.5% in August, the second consecutive gain, though still down 24.3% from the brisk rate of August 2020. Regional differences in sales ranged from up 26% in the Northeast to down 31% in the Midwest. The supply of new houses on the market remained around six months’ worth. The median price rose 17% from the year before to $380,900. Only 30% of the houses sold for less than $300,000, vs. 43% in August 2020. MARKET CLOSINGS FOR THE WEEK Nasdaq – 15048, up 4 points or 0.0% Standard & Poor’s 500 – 4456, up 23 points or 0.5% Dow Jones Industrial – 34798, up 213 points or 0.6% 10-year U.S. Treasury Note – 1.46%, up 0.09 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.  

Money Talk Podcast, Friday Sept. 24, 2021

  Landaas & Company newsletter  September edition now available. Advisors on This Week’s Show Bob Landaas Kyle Tetting Art Rothschild Kendall Bauer (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Sept. 13-17, 2021) Significant Economic Indicators & Reports Monday No major announcements Tuesday Inflation remained relatively high in August, though it receded from recent levels. The Bureau of Labor Statistics said the Consumer Price Index added 0.3% from July, the lowest in seven months. The 12-month inflation rate was 5.3%, down from a 13-year high of 5.4% in July and June. Gasoline prices led the monthly CPI increase with a 2.8% gain. Gas was up nearly 43% from August 2020. Excluding volatile food and energy prices, the core CPI added 0.1% in August, compared to a 0.7% average in the previous four months. Year to year, the core CPI was up 4%, after reaching 4.5% in June, the highest since 1991. Wednesday U.S. industrial output rose 0.4% in August, finally exceeding levels 18 months earlier, before the pandemic, according to the Federal Reserve. Overall production would have risen 0.7% if not for shutdowns caused by Hurricane Ida, the Fed said. Manufacturing output advanced 0.2%, half of what it would have without the hurricane. Mining production, including the oil industry, declined 0.6%. Utilities output jumped 3.3% because of unseasonably warm weather. Capacity utilization rose to 76.4%, also topping its February 2020 level after falling to an all-time low of 63.4% in April 2020. An early indicator of inflationary pressure, capacity usage has reached the long-term average of 79.6% only twice in more than 13 years. Thursday The Commerce Department reported a 0.7% rise in retail sales in August, led by online stores, where sales grew 5.3% from July. Sales declined for the month only at car dealers and stores for appliances and sporting goods. Total retail sales were 17.7% above of the pre-pandemic level, the 14th month in a row above the February 2020 mark. Spending at bars and restaurants was unchanged from July, amid repercussions from Hurricane Ida and the delta variant of COVID-19. Still, bars and restaurant sales were 8.7% higher than before the pandemic. The four-week moving average for initial unemployment claims fell for the fifth week in a row to reach the lowest level since mid-March 2020 and 10% below the 54-year average. According to Labor Department data, the average moved to 335,750 new applications, down from a record 5.3 million in April 2020 but up from the 225,000 just before the pandemic, the lowest level since 1969. Some 12.1 million Americans claimed jobless benefits in the latest week, although 77% of the claims were tied to expiring pandemic relief programs. Friday Consumer sentiment rebounded slightly from its plunge in August, the University of Michigan reported. A preliminary look at survey data for September showed attitudes toward buying houses, cars and durable household goods dropped near the lowest readings in more than 50 years of data. A university economist said the recent downturn in consumer feelings was based more on emotions than economics but has resulted in forecasts for slower growth for consumer spending and home buying through the end of 2021. MARKET CLOSINGS FOR THE WEEK Nasdaq – 15044, down 72 points or 0.5% Standard & Poor’s 500 – 4433, down 26 points or 0.6% Dow Jones Industrial – 34583, down 25 points or 0.1% 10-year U.S. Treasury Note – 1.37%, up 0.03 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.  

Money Talk Podcast, Friday Sept. 17, 2021

  Landaas & Company newsletter  September edition now available. Advisors on This Week’s Show Bob Landaas Kyle Tetting Brian Kilb Mike Hoelzl Chris Evers (with Jason Scuglik) Week in Review (Sept. 6-10, 2021) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday Markets and government agencies closed for Labor Day Tuesday No major releases Wednesday U.S. employers posted a record 10.9 million job openings in July, up nearly 750,000 from June, with nearly a third in health care and social assistance. Data from the Bureau of Labor Statistics showed demand for workers continued to outpace the number of Americans out of work and seeking jobs. Figures on hiring, layoffs and firing changed little from June. About 4 million workers quit jobs, remaining near a record high, indicating the level of confidence workers have in finding new positions. The Federal Reserve reported that credit card debt rose at an annual rate of 6.7% in July, the fifth increase in six months. An indicator of consumer spending, which drives about 70% of the U.S. economy, the level for credit card borrowing was down $99 billion or 9% from its pre-pandemic peak. It took 10 years to recover from the Great Recession, unadjusted for inflation. Total consumer debt, including student loans and vehicle financing, rose at an annual rate of 4.7% in July to reach 2.7% above its pre-pandemic level. Thursday Initial claims for unemployment insurance continued to decline from record levels in the pandemic. The four-week moving average dropped to 339,500, the lowest since the week of March 14, 2020, and 9% below the average level since 1967, according to Labor Department data. Total claims for jobless benefits fell 2% from the week before to nearly 12 million. About 9 million of those claims were tied to pandemic relief benefits expiring this month. Friday The producer price index rose 0.7% in August, outpacing analysts' consensus estimate of 0.6% but below the July increase of 1.0%. From a year-over-year perspective, the PPI rose 8.3% up from 7.8% in July and the highest since data was first calculated in 2010. Primary drivers of the wholesale inflation indicator were higher costs for transportation, beef, industrial chemicals and beauty supplies. MARKET CLOSINGS FOR THE WEEK Nasdaq – 15115, down 248 points or 1.6% Standard & Poor’s 500 – 4459, down 77 points or 1.7% Dow Jones Industrial – 34607, down 762 points or 2.2% 10-year U.S. Treasury Note – 1.34%, up 0.02 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.

Money Talk Podcast, Friday Sept. 10, 2021

  Landaas & Company newsletter  September edition now available. Advisors on This Week’s Show Bob Landaas Kyle Tetting Brian Kilb Mike Hoelzl Chris Evers (with Jason Scuglik) Week in Review (Sept. 6-10, 2021) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday Markets and government agencies closed for Labor Day Tuesday No major releases Wednesday U.S. employers posted a record 10.9 million job openings in July, up nearly 750,000 from June, with nearly a third in health care and social assistance. Data from the Bureau of Labor Statistics showed demand for workers continued to outpace the number of Americans out of work and seeking jobs. Figures on hiring, layoffs and firing changed little from June. About 4 million workers quit jobs, remaining near a record high, indicating the level of confidence workers have in finding new positions. The Federal Reserve reported that credit card debt rose at an annual rate of 6.7% in July, the fifth increase in six months. An indicator of consumer spending, which drives about 70% of the U.S. economy, the level for credit card borrowing was down $99 billion or 9% from its pre-pandemic peak. It took 10 years to recover from the Great Recession, unadjusted for inflation. Total consumer debt, including student loans and vehicle financing, rose at an annual rate of 4.7% in July to reach 2.7% above its pre-pandemic level. Thursday Initial claims for unemployment insurance continued to decline from record levels in the pandemic. The four-week moving average dropped to 339,500, the lowest since the week of March 14, 2020, and 9% below the average level since 1967, according to Labor Department data. Total claims for jobless benefits fell 2% from the week before to nearly 12 million. About 9 million of those claims were tied to pandemic relief benefits expiring this month. Friday The producer price index rose 0.7% in the month of August. This outpaced the consensus estimate of 0.6% but was below the July reading of 1.0%. From a year over year perspective the PPI rose 8.3% which was greater than last month's year over year reading of 7.8% and the highest ever year over year reading since data was first calculated in 2010. Primary drivers of the headline number were transportation costs, beef, industrial chemicals and beauty supplies. MARKET CLOSINGS FOR THE WEEK Nasdaq – 15115, down 248 points or 1.6% Standard & Poor’s 500 – 4459, down 77 points or 1.7% Dow Jones Industrial – 34607, down 762 points or 2.2% 10-year U.S. Treasury Note – 1.34%, up 0.02 point Send us a question for our next podcast. Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail.

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