The Weekly Market Snapshot from Frazier Allen for the week of September 9th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
The economic data were mixed. The ISM Manufacturing Index disappointed in August, but the Non-Manufacturing Index was a bit stronger than expected. Unit auto sales picked up. The ADP estimate of private-sector payrolls rose by 201,000. However, the BLS nonfarm payroll figure rose 96,000 (median forecast: +135,000), with a net revision of -42,000 to the two previous months. The unemployment rate fell to 8.1% (from 8.3%), but that was due to a drop in labor force participation (I wouldn’t read much into that, it’s well within the normal range of uncertainty).
The European Central Bank unveiled its bond-buying program (dubbed Outright Monetary Transactions). The OMT is designed to address dislocations in the government bond market (that is, higher borrowing costs in Italy and Spain). It’s not monetary stimulus, but it should improve the transmission of existing monetary policy. Bond purchases will be unlimited, concentrated in maturities of three to five years, and conditional on fiscal progress. The OMT averts a near-term crisis, but doesn’t solve the region’s underlying problems. [Read more]
Premier Medical Group Welcomes Dr. Ashley Blankenship New Pediatric Physician
Clarksville, TN – Premier Medical Group is pleased to announce the addition of Dr. Ashley Blankenship to their Pediatric specialty practice.
Dr. Blankenship, a native of West Memphis, Arkansas, studied at Hendrix College in Conway, Arkansas and received her doctorate degree from the University of Arkansas for Medical Sciences in Little Rock. She completed her residency at the University of Mississippi Medical Center.
Dr. Ashley Blankenship
Planters Bank adds Hayse McGahey to Commercial Division
Clarksville, TN – Planters Bank announces the addition of Hayse McGahey as vice president of commercial banking. He will be working from the bank’s downtown Clarksville office at 325 Commerce Street.
McGahey has worked in both consumer and business banking in the Nashville area since 1989. He spent eight years at what is now Bank of America, followed by 13 years at what is now Regions Bank. Most recently he was a business banker with First Tennessee where he worked in lending, deposit management, and treasury/cash management for a diverse array of small business customers. [Read more]
The Weekly Market Snapshot from Frazier Allen for the week of August 28th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
The FOMC Minutes from the July 31st/August 1st policy meeting showed that Fed officials were worried about the deceleration in economic growth. “Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery.” However, “several members noted the benefits of accumulating further information that could help clarify the contours of the outlook for economic activity and inflation as well as the need for further policy action.”
Meeting participants discussed three policy options: extending the forward guidance (the length of time which the Fed expects to keep short-term rate exceptionally low), undertaking another round of asset purchases, and lowering the interest rate the Fed pays on excess bank reserves. Extending the forward guidance appeared to have the least amount of internal resistance, but additional asset purchases had some support. [Read more]
The Weekly Market Snapshot from Frazier Allen for the week of August 19th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
The economic data were mixed, but generally stronger than expected. Retail sales popped 0.8% (overall and ex-autos) in July, following weak reports in April, May, and June. The CPI was flat overall in July and up only mildly ex-food & energy. However, higher prices of food and energy are expected to show through more in the report for August. Industrial production advanced, fueled by strength in autos (seasonal adjustment issues?) and hot weather (higher output of utilities).
Residential construction figures were mixed. Housing starts slipped, but single-family building permits (which are reported more accurately) rose further. [Read more]
Shannon’s Doggy Daycare offers boarding and grooming at new Madison location
Clarksville, TN – The dogs at Shannon’s Doggy Daycare have wagged their way to a new location. The business, owned by Shannon Dowdy-Wall, has been in operation for three years.
“We’re a family-owned operated business,” said Wall. “We care for dogs at all times of the evening. We like to go the extra mile to make our customers happy.”
Planters Bank plans the purchase of Five Old National Bank Branches
Hopkinsville, KY – Planters Bank announces its intention to acquire five Old National Bank branches in Princeton, Providence, Dawson Springs, Sebree, and Sturgis, Kentucky.
In connection with the acquisition, Planters is assuming all of the deposit liabilities of the branches, but is not acquiring any loans. The total deposits being assumed were approximately $92 million as of August 1st, 2012.
Plans call for the transaction to be complete within 90-120 days, subject to regulatory approval and the satisfaction of other customary closing conditions. [Read more]
WJZM Radio transfers Ownership
Clarksville, TN – Clarksville’s original radio station, WJZM1400am, has transferred ownership. In a joint announcement this week, previous owner, Hank Bonecutter, said he had agreed to sell the corporation to local businessmen David Loos Jr, Greg Walker, and Mike Parchman. The sale became official on Tuesday.
“My wife and I are extremely excited about the sale,” said Bonecutter. “We have put a lot of hard work into WJZM, and this opportunity only comes along once in a lifetime to go out on your terms. I have dedicated my broadcasting career to the Clarksville-Fort Campbell community, bringing news, sports and current events to the public as reliable and credible as I can be. I think my legacy will be left on WJZM forever. I’m very excited, and proud of what I’ve accomplished.” [Read more]
NOVUS Auto Glass opens new facility in Clarksville, TN
2520 Wilma Rudolph Blvd.
Clarksville, TN 37040
(931) 552-2299
Clarksville, TN – The Convenient Car Care team of Doug Wall, Candace Ursery, and Eddie Marshbanks proudly announce the opening of their new NOVUS Auto Glass store at 2520 Wilma Rudolph Boulevard (next to Valvoline Instant Oil Change).
The new multi-bay building allows the NOVUS factory trained team to service multiple vehicles in a controlled climate facility. Customers will enjoy a comfortable waiting experience and friendly staff. “We are extremely excited to share our new NOVUS facility with the Clarksville community,” said Doug “we have appreciated their support over the years and look forward to now servicing all their auto Glass needs as well.” Convenient Car Care and its family of brands has always been a big supporter of the Clarksville community and will continue to do so.
Novus Auto Glass
The Weekly Market Snapshot from Frazier Allen for the week of August 12th, 2012
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Nonfarm payrolls rose more than expected in July, reducing fears that the economy may be headed back into recession. One shouldn’t put too much weight on any one particular month, especially July. However, the figures are consistent with the broad range of data suggesting moderate growth over the near term – not especially strong, but not terribly weak either.
At face value, the July payroll increase (+163,000) was consistent with the view that mild winter weather pulled forward seasonal gains that would have occurred in spring and early summer. Nonfarm payrolls averaged a 151,000 gain over the first seven months of 2012, vs. a 153,000 pace in 2011. [Read more]
