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 Beige Book, the summary of anecdotal conditions from the 12 Federal Reserve districts, noted “widespread signs of a deceleration” in national economic activity (that means slower growth, not a double dip). After rising in August, claims for unemployment insurance benefits fell back to 451,000. However, it’s unclear whether August figures were distorted (possibly by classification errors related to the extension of unemployment insurance benefits) or whether the latest week was distorted (as the Labor Day holiday led to delays in state reports to the Labor Department). The trade deficit narrowed in July, after widening sharply in June.
Stock market participants were apparently encouraged by the view that the economy will likely avoid a double dip, but were not exactly ecstatic (in that growth is still expected to be subpar in the near term). Bond yields rose. Market activity was light due to the holidays (Labor Day, Rosh Hashanah). [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
After what has seemed like a long string of disappointing economic data releases, reports turned more mixed this week – consistent with a near-term slow patch in economic growth, but not a double dip. The stock market embraced the positive reports and ignored the bad (for the most part).
The August Employment Report was not a great report, but it was good relative to expectations. Nonfarm payrolls fell by 54,000, reflecting a decline of 114,000 in temporary census workers. Figures for June and July were revised a net 133,000 higher. Private-sector payrolls rose by 67,000 (vs. expectations of about 40,000), while figures for June and July were revised a net 66,000 higher: July’s revised figure showed a gain of 107,000 (compared to a rise of 71,000 reported a month ago) and June’s figure was revised to show a gain of 61,000 (compared to an earlier-reported gain of 31,000). August temp-help payrolls rose by 17,000 following virtually no gain in July. The unemployment rate edged up to 9.6% – from 9.5% in July – reflecting a pickup in labor force participation (a result of the extension of unemployment insurance benefits). [Read more]
Hookah 21, a hit among the younger crowd
The Hookah 21 hookah bar has been open for the last two months and they have been eagerly awaiting the fall semester to bring the return of students to Austin Peay State University. The bar has been wildly popular with younger Clarksvillians. But people from all ages have stopped by to enjoy one of the oldest methods of smoking available in the world.
Hookah 21 offers 24 flavors of flavored tobacco for their patrons to enjoy, along Mediterranean style foods including gyros, Shawarma, spicy Chicken Wings, Falafel, Humus with chips, Samosas, and much more.
Morgan (second from left) along with her friends Nadia, Shay, & Demetria
September Chamber of Commerce Events
The Clarksville Area Chamber of Commerce announces upcoming events during the month of September.
From 5:00pm to 6:30pm, Thursday, September 2nd, Clarksville Young Professionals will be holding a Meet and Greet at the newly reopened Hooters at 750 N. Riverside Drive. It will be a great opportunity to meet the new Chairman and learn about other networking events planned for the next year. For more information about Clarksville Young Professionals, you can visit them online at www.clarksvilleyps.com.
The Chamber’s Business After Hours will be held on Thursday, September 16th from 5:00pm to 7:00pm. The event will be hosted by Legends Bank, 2120 Wilma Rudolph Blvd. This event is offered at no cost. [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 July figures on new and existing home sales each fell well short of expectations, and durable goods orders came in much weaker than anticipated. Real gross domestic product (GDP) rose at a 1.6% annual rate in the second estimate for second quarter of 2010 (compared to +2.4% in the advance estimate and a median forecast of +1.4%).
Growth in the second quarter was stronger than it appears, however. Imports, which have a negative sign in the GDP calculation, surged at a 32.4% annual rate, subtracting 4.5 percentage points from overall growth. Domestic Final Sales (GDP less inventories and net exports) – a better measure of underlying domestic demand – rose at a 4.3% annual rate (vs. +4.1% in the advance estimate). That indicates relative strength. But so what? The GDP revisions tell us nothing about the current pace of growth or where we’ll be in the next few quarters – and that is what matters for the overall financial market outlook. [Read more]
Chamber Ribbon Cutting opens the newest Campus of the University of Phoenix
Campus Director Mark Mendoza
The University of Phoenix has targeted non-traditional students in Clarksville for quite some time with their well-known online curriculum, now they are seeking to provide a more personal touch by opening their newest campus in Clarksville, TN with an Official Ribbon Cutting by the Clarksville Area Chamber of Commerce.
“Our students are different from those in traditional colleges.” said Campus Director Mark Mendoza, “Many of our them can’t go to school from 8:00am-5:00pm Monday through Friday, they are working adults with responsibilities outside the classroom.” That is something that the University of Phoenix recognizes and strives to accommodate.
The ribbon cutting officially opens the newest campus of the University of Phoenix
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
There were several surprises in the economic data reports, mostly to the downside. The market took some comfort earlier in the week as the Producer Price Index (PPI) seemed to suggest that deflation was less likely to be a problem and that manufacturing output was strong in July. However, the core PPI (reported up 0.3%) was boosted by what is likely to have been a seasonal adjustment quirk in light motor trucks. Industrial production was boosted partly by a 9.9% jump in motor vehicle production, which reflected fewer-than-usual summer plant closings (prior to seasonal adjustment, auto output fell 20.3% in July).
On Thursday, the stock market was rattled by a further increase in initial claims for unemployment insurance benefits (which may or may not be distorted) and by a surprisingly weak Philadelphia Federal Reserve Index (-7.7, compared to expectations of +7.0). [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 (FOMC) left short-term interest rates unchanged and repeated that “economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” In its assessment of the economic outlook, the FOMC noted that “the pace of economic recovery is likely to be more modest in the near term than had been anticipated.”
More importantly, the FOMC voted to keep the level of its securities holdings constant by reinvesting principal payments from agency debt and agency mortgage-backed securities in long-term Treasury securities. By itself, this isn’t a huge move, but it is an important signal that the Fed could do more later on. [Read more]
Prudential Agents “Break Through” at Recent Seminar
Five representatives from local real estate company Prudential Professionals Realty recently graduated the Gateway Seminar hosted by Hobbs/Herder marketing Solutions in Nashville, Tennessee.
Among the useful things the Realtors® learned was how to “break through” the things holding them back to accomplish their goals and enjoy happier, more fulfilling lives. They did this with literal board breaking.
(pictured left to right) Lyndsay Aguire, Lisa Wade, Kurt Finley, Mary McCooley
Clarksville Networking Group changes location
The Clarksville Networking group will be holding their meetings at a new location; The Riverview Inn in downtown Clarksville Tennessee. This change of venue makes it more accessible to the increasing number of members as a more centralized location.
Clarksville Networking Group was formed in 2003 by a group of local business people to give members an organized avenue to increase business through professional referrals.
Clarksville Networking Group Members
