PHONE: 414-223-1099 TOLL-FREE: 1-800-236-1096
SEND US A QUESTION OR COMMENT FOR OUR NEXT SHOW

Money Talk Podcast, Friday May 31, 2024

Play

 

Landaas & Company newsletter  June edition now available.

Advisors on This Week’s Show

Kyle Tetting

Kendall Bauer

John Sandstrom

(with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik)

Week in Review (May 27-31, 2024)

Significant Economic Indicators & Reports

Monday

Markets and government closed for Memorial Day

Tuesday

Housing prices continued to accelerate in March, hitting more all-time highs, according to the S&P CoreLogic Case Shiller home price index. Prices overall grew by 6.5% from their March 2023 level, the same increase as in February. Adjusted for seasonal fluctuations, the national index reached a record high for the ninth time in the last year. An analyst for the index described “widespread and sustained growth” for the housing sector.

The Conference Board said its consumer confidence index rose in May for the first time in four months, exceeding analyst forecasts yet suggesting fears of recession. The business and research group said strong sentiment toward the labor market overall offset concerns about higher inflation and rising interest rates. Consumers younger than 35 and earning more than $100,000 a year were the most confident. A measure of expectations associated with recessions remained at a warning level for the fourth month in a row.

Wednesday

No major releases

Thursday

The U.S. economy grew at an annual pace of 1.3% in the first quarter. That was down from an initial estimate of 1.6% and the slowest rate for the gross domestic product since back-to-back declines to start 2022. In comparison, GDP grew at a 3.4% pace in the last quarter of 2023. The Bureau of Economic Analysis reported consumer spending rose at a 2% rate in the first three months of 2024, down from an initial estimate of 2.5%. Consumer spending accounts for about two-thirds of GDP. The Federal Reserve Board’s preferred measure of inflation rose 3.3% in the first quarter, down from an initial estimate of 3.4%.

GDP.Q1.2024.b

The four-week moving average for initial unemployment claims rose for the fourth week in a row, reaching its highest level since September. Still, the measure of employer reluctance to lose workers suggested a tight hiring market, staying 39% below the all-time average, which dates back to 1967. New Labor Department data showed 1.7 million Americans claiming unemployment compensation in the latest week, unchanged from the week before and up 4.5% from the year before.

The National Association of Realtors said its index of pending home sales fell 7.7% in April. The trade group’s index was down 7.4% from the year before. An economist for the association said high mortgage rates and record-high home prices chilled demand from home buyers. Inventory continued to rise in April, though, which the Realtors said should decelerate price increases. The group said anticipated interest rate cuts by the Federal Reserve should further help affordability and spur sales.

Friday

The Bureau of Economic Analysis said consumer spending rose 0.2% in April, the slightest increase since January. Increased expenditures on services such as housing and health care were offset by declining outlays for goods. The slower spending came as personal income rose 0.3% from March. The personal savings rate remained at 3.6% of disposable income, less than half the rate entering the COVID-19 pandemic. The personal consumption expenditures index, which the Fed follows for inflation, rose 2.7% from April 2023, the same as March. The Fed’s long-range target for inflation is 2%.

PCE.Apr2024

MARKET CLOSINGS FOR THE WEEK

  • Nasdaq – 16735, down 186 points or 1.1%
  • Standard & Poor’s 500 – 5278, down 27 points or 0.5%
  • Dow Jones Industrial – 38686, down 383 points or 1.0%
  • 10-year U.S. Treasury Note – 4.51%, up 0.04 point

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


Text Size:  A  A  reset

No client or potential client should assume that any information presented or made available on or through this website should be construed as personalized financial planning or investment advice. Personalized financial planning and investment advice can be rendered only after engagement of the firm for services, execution of the required documentation, and receipt of required disclosures.
Landaas & Company performs investment advisory services only in those states where it is licensed, or excluded or exempted from state investment advisor licensing requirements. All responses to inquiries made by prospective customers to this internet site will not be made absent compliance with state investment advisor and investment advisor rep licensing requirements, or applicable exemptions or exclusions from licensing.
Please contact the firm for more information.
MEMBER FINRA MEMBER SIPC MSRB REGISTRANT

Powered By: mindspike design
ADDRESS: 411 E. WISCONSIN AVENUE, 20TH FLOOR MILWAUKEE, WI 53202
© 2024 Landaas & Company