The Weekly Market Snapshot from Frazier Allen for the week of February 5th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
The economic data were mixed, but remained consistent with moderate growth in the near term. Consumer confidence fell in January. Motor vehicle sales picked up. Home prices were still falling in November. Construction spending improved in December (likely reflecting mild weather). The January Employment Report was stronger than expected, helped by mild weather. Nonfarm payrolls rose by 243,000 and the two previous months were revised a net 60,000 higher (note that payrolls fell by 2.689 million in January before seasonal adjustment).
The unemployment rate fell to 8.3%, from 8.5% in December and 9.1% a year ago, due largely to a drop in labor force participation. The employment/population ratio held steady at 58.5%, little changed over the last two years. The Household Survey results noted that 206,000 people were not able to work during the January survey period due to adverse weather, vs. a 425,000 average over the last five Januarys (this figure is not directly comparable to the payroll numbers, but it gives you an idea of the magnitude of the weather impact). [Read more]
Publix opens first store in Clarksville Tennessee
Clarksville, TN – Yesterday morning Publix held the grand opening and ribbon cutting for their newest location, the store is the first of three Publix locations planned for our area. Shoppers started lining up outside the store with the first arriving around 3:00am, and the bulk starting to arrive around 5:00am for the 6:45am ribbon cutting.
The Clarksville-Area Chamber of Commerce conducted the ribbon cutting with Store Manager Norman Rubio Jr. doing the honors, with Montgomery County Mayor Carolyn Bowers and Clarksville Mayor Kim McMillan holding the ribbon.
The Ribbon Cutting opens the new Publix Grocery Store on Madison Street
Clarksville Area Chamber of Commerce February Events
Clarksville, TN – The Clarksville Area Chamber of Commerce announces upcoming events during the month of February.
On Tuesday, February 7th, at 11:30am at the Hilton Garden Inn, 290 Alfred Thun Road, the Chamber will be presenting a Women In Business. Please join us for this very special Women In Business event, where the First Lady of Tennessee, Crissy Haslam, will serve as the keynote speaker.
First Lady of Tennessee, Crissy Haslam, will speak at the next Clarksville Area Chamber of Commerce Women in Business.
Planters Bank Presents Checks to Rossview Schools
Clarksville, TN – On Monday, January 30th, Planters Bank presented checks to Rossview High School and Rossview Middle School. A check was also sent to Rossview Elementary School.
The bank donated $10.00 for each account opened between August 1st-December 31st at its new Planters Bank Rossview branch.
Planters Bank Branch Manager and Assistant Vice President Stacey Wenzler presents a check to Rossview High School Assistant Principal Schanda Dowdy and Librarian Valerie Meadows.
Downtown Business Feature: Planters Bank
Written by Kendall Welsh
Clarksville, TN – Welcome to the third installment of our series about downtown businesses!
We have already heard about Ingredients and The Roxy Regional Theatre. Now we are happy to share a great member of our downtown team – Planters Bank.
I am excited to share all these with you, and hope you enjoy getting to know your downtown merchants, restaurant owners better. [Read more]
The Weekly Market Snapshot from Frazier Allen for the week of January 29th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
The Federal Open Market Committee left short-term interest rates unchanged and did not embark on another round of asset purchases. No surprise there. However, the FOMC lengthened the period it expects to keep rates exceptionally low: the FOMC “currently anticipates that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014” (vs. the previous “through mid-2013”).
Keeping to its dual mandate (price stability and maximum sustainable employment) the Fed adopted an explicit inflation target (inflation in the PCE Price Index at 2% per year) and a soft target for employment (currently, an unemployment rate between 5.2% and 6.0%). In the post-meeting press briefing, Chairman Bernanke said that officials were still debating whether to increase the Fed’s asset purchases. [Read more]
Cumberland Bank & Trust announces Melinda Schwallie new Vice President of Commercial Lending
Clarksville, TN – Cumberland Bank & Trust has welcomed Melinda Schwallie to its banking team as a Vice-President/Commercial Lender. Ron Sleigh, president of Cumberland Bank & Trust noted, “We are very pleased to have Melinda Schwallie join our banking team. Melinda’s years of experience in the local banking community make her a valuable asset to Cumberland Bank & Trust.”
Melinda Schwallie
The Weekly Market Snapshot from Frazier Allen for the week of January 22nd, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
The data remained consistent with moderate economic growth in the near term. Industrial production rose 0.4% in December, but was held back by a 2.7% decline in the output of utilities (a function of moderate temperatures) – manufacturing output rose 0.9%, partly reflecting a rebound from a soft November. Residential construction figures were mixed, with an improving trend in single-family housing starts and building permits, but softness in the multi-family sector (which is volatile).
Note that seasonal adjustment may have exaggerated the impact of mild weather. The Consumer Price Index was unchanged for a second consecutive month in December, up 3.0% year-over-year (vs. +1.5% in 2010). Ex-food & energy, the CPI rose 0.1%, up 2.2% in 2011 (vs. a historic low of +0.8% in 2010). [Read more]
Publix to Open February 1st
Written by Bill Summers
Clarksville, TN – The new Publix on Madison Street will open on February 1st. The official ribbon cutting will happen at 6:45am on February 1st. The new shopping center is the first large scale development in the Madison Street Overlay Zone that incorporates all the efforts to blend good looks, lighting, signage, landscape, walkways and other features into one business package. [Read more]
The Weekly Market Snapshot from Frazier Allen for the week of January 15th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
The economic calendar was thin. Retail sales disappointed in December, rising just 0.1%. However, sales rose 0.3% if one excludes the 1.6% decline in gasoline sales (which reflected lower gasoline prices). In addition, November sales were revised slightly higher. Auto dealership sales advanced 1.5% last month. Sales of building materials rose 1.6%. Core retail sales, which exclude autos, building materials, and gasoline, slipped 0.2%, but still advanced at a somewhat fast pace in 4Q11. Jobless claims rose sharply, but it’s not unusually to see large week-to-week swings this time of year (due to the difficulties in seasonal adjustment).
Expectations for Europe varied, with some concern about the pace of reforms in Greece and rumors of possible downgrades of European sovereign debt. A three-day weekend may have limited the amount of risk-taking in the U.S., weakening share prices. [Read more]
