January Chamber of Commerce Events
Clarksville, TN – The Clarksville Area Chamber of Commerce announces upcoming events during the month of January.
The Chamber’s Business After Hours will be held on Thursday, January 20th from 5:00pm to 7:00pm. The event will be hosted by the Riverview Inn, 50 College Street. This event is offered at no cost. [Read more]
On-site construction workforce reaches 1,150 at Hemlock Semiconductor facility in Clarksville
Training Underway for Production Operators Who will Operate Plant
Clarksville, TN. – 1,150 construction workers are currently employed at the Hemlock Semiconductor, L.L.C. site in Clarksville, with the on-site construction workforce expected to peak at approximately 1,500 workers by mid-2011. Hemlock Semiconductor is building a $1.2 billion facility to manufacture polysilicon, the cornerstone material for solar cells.
“We have carpenters, electricians, pipefitters, welders and many more craft persons working on our site,” said Jim Russo, project director, Hemlock Semiconductor, L.L.C. “We are constantly awarding new contracts and creating jobs.”
An aerial view of the Hemlock Semiconductor construction site. Photo taken in October 2010
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 economic data were mostly in line with expectations, generating relatively little reaction in the financial markets. Personal income and spending figures rose moderately in November. However, spending figures for September and October were revised significantly higher – implying that inflation-adjusted consumer spending (70% of overall Gross Domestic Product) is on track for more than a 4% annual rate in Q410 (vs. +2.4% in Q310 and +2.2% in Q210). In contrast, shipments of nondefense capital goods excluding aircraft trended at a much more moderate pace in the first two months of the fourth quarter (implying that business fixed investment will make a more modest contribution to Q410 GDP growth).
The PCE Price Index ex-food & energy, the Fed’s key inflation gauge, edged up 0.1% in November and was up just 0.8% over the last 12 months (too low for the Fed’s comfort). Real GDP rose at a 2.6% annual rate in the 3rd estimate for Q310 (vs. 2.5% in the 2nd estimate and +2.0% in the advance estimate), with inventory growth revised higher. A slower pace of inventory growth should subtract from GDP growth in Q410 or in Q111. [Read more]
F&M Bank has a strong commitment to customers, community
Clarksville, TN – When you take a look at the Banking industry in Clarksville, F&M Bank will definitely be at the top of the list. The bank is well known for their top notch customer service, and their philanthropy in the community.
They have received national recognition in The Wall Street Journal, Entrepreneur Magazine, BusinessTN Magazine. The bank has been named as one of Tennessee’s top 15 independent banks, and are currently the twelfth largest community bank in Tennessee. F&M Bank is frequently held up as being the role model for other community banks
Grasty joins staff at Cumberland Bank & Trust as loan officer
Brian Grasty
Cumberland Bank & Trust welcomes Brian Grasty to its staff. Brian will be joining the Dover Road branch as a loan officer. He has 8 years of banking experience and graduated with a B.S. degree in agriculture from APSU. Brian is very active in the community, serving on the Board of Directors for the United Way of Greater Clarksville area, a member of Gideons International, and a Mason at Lodge #303 of Indian Mound.
Ron Sleigh, president of Cumberland Bank & Trust, said, “We’re very excited to add Brian to our team. He has many valuable years of banking experience that I feel will be put to good use here at Cumberland Bank & Trust”. [Read more]
Shear Madness Studio Opens
Clarksville, TN – The Clarksville Chamber of Commerce made it official last week when they cut the ribbon to open a new business called Shear Madness Hair Studio, located at 2150 Wilma Rudolph Blvd.
Owner, Claudia George has been a hair artist since 2007 and opened Claudia’s Hair Salon in 2009. This year she changed the name to Shear Madness when she was joined by two other hair Artists; Annette Catalano-Joplin and Angie Henley.
Claudia George, owner of Shear Madness, cuts the ribbon to officially open her new business, located at 2150 Wilma Rudolph Blvd. Suite 8, while members of the Clarksville Chamber of Commerce look on.
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 economic data were mixed, but generally consistent with a continued expansion. Retail sales rose more than expected in November, while figures for September and October were revised higher. Industrial production rose moderately, as a drop in auto production was offset by gains in other manufacturing sectors. Residential construction figures were mixed, but single-family activity improved. Consumer inflation figures remained low.
As expected, the Federal Open Market Committee left the target range for the overnight lending rate unchanged (at 0% to 0.25%), kept it’s conditional commitment to keep short-term rates low for “an extended period,” and did not alter its asset purchase plans ($600 billion by the end of Q211). In its economic assessment, the FOMC noted that the recovery “is continuing,” but “at a rate that has been insufficient to bring down unemployment.” Congress approved the tax cut package. European debt worries continued to simmer. [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 economic data calendar was thin. The Fed’s Flow of Funds data showed that household net worth rose $1.2 trillion in Q310 (to $54 trillion), down $10 trillion from 2007. The trade deficit narrowed unexpectedly in October. On 60 Minutes, Fed Chairman Bernanke said that the Fed could extend its asset purchases if conditions warrant.
With no major economic reports, market participants debated the outlook for 2011. President Obama and Republican congressional leaders agreed to a package that would extend the Bush tax cuts for two years, extend unemployment insurance benefits by 13 months, and cut the employee-paid portion of payroll taxes for a year. While many see this as “stimulus,” it’s more of a non-negative (preventing growth from weakening rather than driving it sharply forward). European debt worries continued to simmer, as Europe debated the possible creation of a euro-bond (not backed by specific countries). The fixed-income rout continued (in the U.S. and around the world), sending the 10-year Treasury back to levels last seen in June. [Read more]
The Planters Bank Cube has finally been caught!
Clarksville, TN – Planters Bank gave away the Nissan Cube yesterday. The Catch the Cube giveaway was sponsored by Garland Nissan and Matthews Nissan. Owner and President O.B. Garland along with other dealership employees were on hand to watch the giveaway.
The contest kicked off at the 2010 Rivers & Spires festival in April. Eight months later after 3,000-4,000 entries the 12 finalists were selected.
They were selected at events such as Rivers & Spires, Clarksville’s Downtown Market, and Hopkinsville’s Salute to Fort Campbell Week. Other finalists were drawn from online entries and new account openings at the bank’s eight branches. Finally, two were randomly drawn from all entries last week by a representative of Matthews Nissan. [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 economic data were mixed, but the week’s highlight, the November Employment Report, was disappointing. Nonfarm payrolls rose by 39,000 (vs. a median forecast of +140,000), while the two previous months were revised a net 38,000 higher. Private-sector payrolls rose by 50,000. State and local government fell by 13,000 (down 250,000, or -0.3% over the last 12 months). Manufacturing fell by 13,000. Construction slipped 5,000. Retail dropped 28,100 (up 300,800 before seasonal adjustment). Temp-help payrolls rose by 39,500 (up 9.2% year-over-year). The unemployment rate rose to 9.8% vs. 9.6% in October and 10.0% a year ago.
Ignoring most of the economic data, the stock market action seemed to be dictated largely by shifting views of the European debt crisis. An 85 financing package by the European Union and the IMF for Ireland (announced on Sunday) initially did little to calm the fears. However, stocks rallied broadly on Thursday. Equities fell on the November employment figures, but the damage was relatively limited considering the degree of disappointment relative to expectations. [Read more]
