23 Aug Kevin M. Nast Presents: WEEKLY ECONOMIC UPDATE
WEEKLY QUOTE“Heroes are not known by the loftiness of their carriage; the greatest braggarts are generally the merest cowards.”– Jean-Jacques Rousseau WEEKLY TIP Think of making a three-pronged attack on future college expenses. Assets from a 529 plan or other form of college savings fund can be complemented by cash flow from parents and financial aid, scholarships or loans the student may apply for as the time comes.
WEEKLY RIDDLE It has 18 legs, is uniformed, walks and runs on grass and artificial turf, and catches flies. What is it?
Last week’s riddle:
Last week’s answer: The letter E.
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August 22, 2011 RISING GAS PRICES KEY FACTOR IN INFLATION SPIKE The federal government’s Consumer Price Index recorded a 0.5% inflation increase for July. Gasoline prices rose 4.7% during the month; food prices rose 0.4%. Core CPI advanced 0.2%. Producer prices rose as well – the Labor Department’s July Producer Price Index posted a 0.2% increase, with core PPI up 0.4%. Economists surveyed by Reuters had expected gains of just 0.2% in overall CPI and 0.1% in overall PPI for the month.1,2 EXISTING HOME SALES DECLINE IN JULY The National Association of Realtors noted a 3.5% fall in residential resales for July. While the rate of existing home sales hit an 8-month low last month, sales in July were still up 21% from a year ago (the federal homebuying credit expired in July 2010). The median sale price was $174,400, down 4.4% from a year ago.3 $1,800 Gold is here; OIL MOVES LOWER GAINS IN INDUSTRIAL OUTPUT, LEADING INDICATORS STOCKS UNDER PRESSURE THIS WEEK: Nothing major is scheduled out of Washington or the private sector for Monday. Tuesday, July new home sales figures come out and Heinz has 2Q results. Wednesday, we get news about July’s durable goods orders, plus earnings from Toll Brothers and TiVo. Thursday brings weekly jobless claims and earnings from Hormel. Friday, we have the second estimate of 2Q GDP and the final August consumer sentiment survey from the University of Michigan; Federal Reserve chairman Ben Bernanke will also speak at the Fed’s Jackson Hole, WY symposium.
Sources: cnbc.com, bigcharts.com, treasury.gov, treasurydirect.gov – 8/19/116,9,10,11 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. |
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| Kevin M. Nast is a Financial Adviser and the President of NastGroup Financial in Northville, MI 48167. He may be reached at nastgroupfinancial.com or 248.347.1888. Kevin also services clients in South Lyon, Westland, Northville, Plymouth, Belleville and the surrounding metro Detroit area as well as 13 additional states across the US.
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