The Weekly Market Snapshot from Frazier Allen for the week of July 17th
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
Tensions increase around the federal debt ceiling. Moody’s and Standard & Poor’s indicated that the U.S.’ credit rating could be reduced if the debt ceiling isn’t raised. A downgrade would send ripples throughout the financial markets. The markets did not seem too concerned, apparently on the strong belief that the debt ceiling would be raised in time to avoid a self-inflicted financial market calamity.
The key paragraph from the June 22nd-23rd FOMC Minutes: “On the one hand, a few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run. On the other hand, a few members viewed the increase in inflation risks as suggesting that economic conditions might well evolve in a way that would warrant the Committee taking steps to begin removing policy accommodation sooner than currently anticipated.” In his monetary policy testimony, Chairman Bernanke presented a balanced outlook on monetary policy, but the markets only focused on the possibility of further asset purchases. [Read more]
Jersey Mike’s opens 25th Nashville Area Store
Owner Celebrates with Free Subs for Susan G. Komen For the Cure® Donation
Clarksville, TN – Jersey Mike’s Subs will open its 25th store in the Nashville market next week. Jersey Mike’s owner Jeff Horn knows the importance of community relations and will celebrate his new ties with the area during his grand opening on July 20th.
To commemorate the event, the new restaurant, located at 2808 Wilma Rudolph Blvd., is hosting a 5-day fundraiser from Wednesday, July 20th through Sunday, July 24th, with proceeds supporting Susan G. Komen for the Cure®. Anyone who has a fundraising coupon can get a free regular size sub with a minimum $1.00 contribution. More than 5,000 coupons are being distributed throughout the community. [Read more]
Planters Announces Rossview Branch Opening
Clarksville, TN – Planters Bank announces the opening of a new full-service branch at 495 Dunlop Lane, adjacent to Gateway Medical Center, on Tuesday, July 12th.
“The Rossview/Dunlop Lane area has been a target of ours for quite some time and we are thrilled to finally be open here,” said CEO Elizabeth McCoy. “We’ve had tremendous success in the Clarksville market these past eight years and expect our growth to continue. Our branch staff will be active in the community, just as we are at all of our locations, and we look forward to serving customers and businesses here.” [Read more]
The Weekly Market Snapshot from Frazier Allen for the week of July 10th
Market Commentary by Scott J. Brown, Ph.D., Chief Economist
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
The June Employment Report was weaker than expected, with no bright spots. Nonfarm payrolls rose just 18,000, while the two previous months were revised a net 44,000 lower. Private-sector payrolls rose by 57,000 – a 65,000 average for May and June, following a +240,000 average for February, March, and April. Manufacturing rose by 6,000. Construction fell by 9,000. Retail added 5,200. State and local government payrolls dropped another 25,000 (following -46,000 in May) and the federal government shed 14,000 (ex-census, down 18,000, or 0.6%, from a year ago). The unemployment rate edged up to 9.2% (from 9.1% in May) and the employment/population ratio slipped to 58.2% (vs. 58.4% in May and 58.5% a year ago). Average weekly hours edged down to 34.3 (from 34.4). Average hourly earnings were essentially unchanged (up 1.9% y/y). Average weekly earnings fell 0.3% (+2.1% y/y). [Read more]
Chamber of Commerce Teams Up With Office Depot to Offer Discounts
Clarksville, TN – Start saving at Office Depot with the Clarksville Area Chamber of Commerce’s new Collective Buying Power program.
As a member of the Clarksville Area Chamber of Commerce, you and your business are eligible to receive discounts and benefits from Office Depot on items ranging from general office supplies to paper, inks and toner. [Read more]
Weekly Market Snapshot from Frazier Allen for the week of July 3rd
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. Personal income and spending figures shower a sharp small decline in inflation-adjusted consumer spending in both April and May. The trend suggests an annual rate of growth of less than 1% in Q2 2011 in consumer spending, which accounts for 70% of Gross Domestic Product. Consumer confidence fell in June. Weekly jobless claims remained moderately high. The ISM Manufacturing Index rebounded partly in June, but the details were mixed.
The stock market picked among the economic news, ignoring the poor economic data and embracing the favorable reports. Progress on an austerity package in Greece reduced near-term worries about the European sovereign debt situation, helping to fuel stock market gains. Bond prices fell, pushing the 10-year Treasury note yield back above 3.20% (after dipping below 2.90% on Monday). [Read more]
Ellis Heating & Cooling is Bringing the NuTone Heating & Air Conditioning Line to Your Neighborhood
Clarksville, TN – Local Ellis Heating and Cooling has been selected to carry NuTone’s heating and air conditioning products for Clarksville TN. NuTone heating and cooling products are available only through HVAC licensed professionals.
Ellis Heating and Cooling has been serving Clarksville TN since 1999 and is an active member of the community, involved in many local activities and organizations. Licensed and certified in heating and cooling systems, Ellis Heating and Cooling is also a member in good standing with the Better Business Network. [Read more]
The Weekly Market Snapshot from Frazier Allen
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 retained its conditional commitment to keep rates low for “an extended period.” The FOMC also repeated that its $600 billion asset purchase program will be completed by the end of this month. The FOMC noted that the economic recovery is continuing, but “somewhat more slowly” than had been expected. The slower pace of the recovery “reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.”
In his post-FOMC press briefing, Fed Chairman Bernanke said that while Fed policymakers expects growth to pick up into 2012, “we don’t have a precise read on why this slower pace of growth is persisting.” The FOMC lower its expectations of GDP growth for this year (2.7%-2.9%) and next (3.3%-3.7%). The FOMC expects that the unemployment rate will to continue to decline, “but the pace of progress remains frustratingly slow.” [Read more]
Stocks Fluctuate Sharply on Oil News
Fed’s Lower Economic Projections
Clarksville, TN – Stocks fell broadly before recovering in late trading Thursday as investors reacted to negative news on a number of fronts. On Wednesday came a downbeat assessment of the U.S. economy by Fed Chairman Ben Bernanke, and on Thursday a surprise announcement that the U.S. would tap into its Strategic Petroleum Reserve as part of an international effort to counteract oil shortages stemming from the ongoing conflict in Libya and unrest elsewhere in the Middle East.
The Dow Jones Industrials, which had been down almost 235 points during midday trading, finished 59.67 points lower at 12,050. Other major averages traced similar moves. [Read more]
Clarksville-Area Chamber of Commerce holds Business After Hours at Bill Roberts Thunder Road Automotive & Marine
Clarksville, TN – On Thursday, the Clarksville Area Chamber of Commerce held their June Business After Hours at Bill Roberts Thunder Road Automotive & Marine located at 997 South Riverside Drive. A large tent was setup on the centrally located grassy knoll, and McAllister’s Crossroads provided entertainment.
Networking was the name of the game as business people gathered in small groups and engaged in conversations. Free food and drinks were provided. At the same time over at Thunder Road Marine, Mrs Roberts was hosting a lovely wine and cheese reception.
A business after hours guest samples some of Mrs. Roberts fruit and cheeses at Thunder Road Marine
