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Economy Heating Up {Market Update} October 2nd

Economy Heating Up {Market Update} October 2nd
October 2, 2017 abryant

Why don’t you ever see Cupid with a girlfriend?

There’s no half- singing in the shower, you’re either a rock star or an opera diva.

My parents told me “You watch too much TV and should try reading more!” So I turned on the subtitles.

If my room is clean, it means that my internet is not working.

Why is it that when something is delivered by truck we call it a shipment, but when it’s delivered by ship we call it cargo?

 

Now The Market Update . . .

 

President Trump released his plan for tax reform this week, which is expected to stimulate economic growth. A hotter economy could contribute to higher rates.

Consumer confidence fell slightly in September, despite a strong labor market. The decline is likely temporary and due mainly to Hurricanes Harvey and Irma.

The economy grew a bit faster than previously estimated in the 2nd quarter, with a GDP of 3.1%. Consumer spending was also strong for the 2nd quarter.

 

Home prices are still on the rise, with Case-Shiller reporting increases of 5.9% in July. Strong demand and tight inventory continue to drive up prices.

New home sales were at an 8-month low in August. Part of the blame can be placed on weather, which held back completion of homes under construction.

Pending home sales were down slightly in August, 2.6% less than July, largely due to low inventory. Demand continues to overwhelm supply in most markets.

 

Have you heard the rumor going around about butter? Never mind, I shouldn’t spread it.

 

This week’s potential market moving reports are:

Monday, October 1st:            ISM Manufacturing Index, Construction Spending

Wednesday, October 3rd:    MBA Mortgage Applications, ADP Employment Report

Thursday, October 4th:        First Time Jobless Claims, Factory Orders

Friday, October 5th:              National Employment Situation