{"id":6,"date":"2011-11-08T00:57:08","date_gmt":"2011-11-08T00:57:08","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=6"},"modified":"2012-07-31T04:46:55","modified_gmt":"2012-07-31T04:46:55","slug":"weekly-economic-update","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/weekly-economic-update\/","title":{"rendered":"WEEKLY ECONOMIC UPDATE"},"content":{"rendered":"

JOBLESS RATE DECREASES TO 9.0%<\/strong>
\nEconomists surveyed by Bloomberg News had expected unemployment to stay at 9.1% in October, so this was a nice development. Still, this latest jobs report had something in common with its predecessors: underwhelming job growth. Non-farm payrolls expanded by 80,000 positions last month, but that fell short of the 95,000 new jobs envisioned in the consensus Bloomberg forecast. On the bright side, the percentage of underemployed Americans fell from 16.5% to 16.2% and the long-term unemployed (those out of work for at least 27 weeks) shrank to 42.4% of the jobless population, the lowest percentage since November 2010.1<\/p>\n

BOTH ISM INDICES MOVE LOWER<\/strong>
\nThe Institute for Supply Management’s purchasing manager indexes were both above 50 in October, but not quite where they were at a month before. The ISM manufacturing index slipped from 51.6 to 50.8; its service sector index ticked down to 52.9 from the preceding 53.0. The service sector employment gauge improved by 4.6% and moved from 48.7 in September (contraction) to 53.3 (expansion).2<\/p>\n

 <\/p>\n

GOLD & OIL POST WEEKLY GAINS<\/strong>
\nOil futures advanced 1.01% last week to settle at $94.26 per barrel on the NYMEX Friday. Prices have jumped 19.02% over the past five weeks of trading. Gold logged a 0.52% gain last week, closing at $1,755.30 an ounce on the COMEX Friday.3<\/p>\n

GREEK THEATRE PREOCCUPIES WALL STREET<\/strong>
\nThe whims of Greek Prime Minister George Papandreou affected stocks more than anything last week: first he announced a public vote on the latest austerity cuts for the nation, reconsidered it, and then prepared to step down Friday amid concerns that he might change his mind. As these weekly performance numbers show, bears were roaming last week: DJIA, -2.03% to 11,983.24; S&P 500, -2.48% to 1,253.23; NASDAQ, -1.86% to 2,686.15.4,5,6<\/p>\n

 <\/p>\n

THIS WEEK: No major economic releases are slated for Monday; we do have results from Priceline and SYSCO. Eurozone finance ministers conclude their meeting in Brussels on Tuesday, and Toyota presents earnings. Wednesday, Ben Bernanke speaks at a Federal Reserve conference on small business; earnings come in from GM, Anheuser Busch, HSBC, Cisco, Green Mountain, Ralph Lauren, Macy’s and Wendy’s. Thursday we have earnings from Viacom, Kohl’s, Disney and Nordstrom; Ben Bernanke speaks at an El Paso town hall. Friday is Veterans Day: banks are closed, markets are open, and the initial October University of Michigan consumer sentiment survey arrives plus earnings from D.R. Horton.<\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n
% CHANGE<\/td>\nY-T-D<\/td>\n1-YR CHG<\/td>\n5-YR AVG<\/td>\n10-YR AVG<\/td>\n<\/tr>\n
DJIA<\/td>\n+3.50<\/td>\n+4.80<\/td>\n-0.000047<\/td>\n+2.69<\/td>\n<\/tr>\n
NASDAQ<\/td>\n+1.25<\/td>\n+4.22<\/td>\n+3.05<\/td>\n+4.98<\/td>\n<\/tr>\n
S&P 500<\/td>\n-0.35<\/td>\n+2.63<\/td>\n-1.63<\/td>\n+1.36<\/td>\n<\/tr>\n
REAL YIELD<\/td>\n11\/4 RATE<\/td>\n1 YR AGO<\/td>\n5 YRS AGO<\/td>\n10 YRS AGO<\/td>\n<\/tr>\n
10 YR TIPS<\/td>\n-0.08%<\/td>\n0.44%<\/td>\n2.40%<\/td>\n3.50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 
\nSources: cnbc.com, bigcharts.com, treasury.gov, treasurydirect.gov<\/a> – 11\/4\/116,7,8,9<\/p>\n

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.<\/p>\n

These returns do not include dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"

JOBLESS RATE DECREASES TO 9.0% Economists surveyed by Bloomberg News had expected unemployment to stay at 9.1% in October, so this was a nice development. Still, this latest jobs report […]<\/p>\n","protected":false},"author":88890,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nWEEKLY ECONOMIC UPDATE - Ayoub Sidhum & Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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