Money Talk Podcast, Friday Oct. 11, 2013
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Advisors on This Week’s Show
Bob Landaas
Brian Kilb
Paul Coldagelli
(with Max Hoelzl and Joel Dresang)Week in Review (Oct. 7-11, 2013)
Significant economic indicators & reports
Please note: Because of the federal government shutdown, most economic data reporting is suspended.
Monday
Consumer borrowing increased again in August, fueled by gains in student loans and automotive financing. The Federal Reserve reported a $13.6 billion gain in consumer credit, up from $10.4 billion in July. But for the third month in a row, credit card borrowing declined, signaling lack of confidence among consumers, whose spending drives 70% of the U.S. gross domestic product.
Tuesday
No significant reports released
Wednesday
No significant reports released
Thursday
Technical quirks in California’s claims processing may be behind a sizable increase in the latest data on jobless benefits. The moving four-week average for initial unemployment claims rose for the first time in six weeks, according to the Department of Labor. The level of claims has been below the 46-year average each week of 2013, signaling continued reluctance by employers to let workers go. Furloughs of federal government workers are not included in the claims.
Friday
Despite the federal shutdown, consumer attitudes toward current economic conditions rose slightly, according to a preliminary October reading of the University of Michigan/Thomson Reuters sentiment survey. Consumers’ outlooks for coming months – which bears more influence on their spending decisions – fell, and the sentiment reading dropped to its lowest point since January.
Where the Markets Closed for the Week
- Nasdaq – 3,792, down 16 points or 0.4%
- Standard & Poor’s 500 – 1,703, up 12 points or 0.7%
- 10-year U.S. Treasury Note – 2.69%, up 0.04 point
- Dow Jones Industrial – 15,237, up 164 points or 1.1%
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