In The News:
Jobs, Jobs, Jobs….
On Wednesday ADP released their monthly private sector jobs report. The reports showed private employers added 218,000 jobs, down from 281,000 in June. It was the fourth straight month of job gains above 200,000, a healthy pace that usually is enough to lower the unemployment rate. July job gains were mostly broad-based with construction added 12,000 positions, retail/shipping and utilities sectors gained 52,000 and professional/business services gained 61,000. Next up… the other jobs report, the NFP, out Friday.
Wednesday the Commerce Department announced U.S. gross domestic product, a broad measure of the nation’s output of goods and services, advanced at a seasonally adjusted annual rate of 4.0% in the second quarter. The 4.0% rate is a significant rebound from a wintry 2.1% contraction during the first three months of the year. Compared with a year ago, economic output was up 2.4% in Q2, in line with the modest pace of growth that has characterized much of this recovery.
The End… Nearly…
The Federal Reserve, on Wednesday, released their policy statement after ending their two day meeting. As expected the Fed will continue scaling back its purchases of Treasury and mortgage bonds to $25 billion monthly and delivered a modestly better assessment of inflation, jobs and the economy. The Fed’s move will keep the central bank on course to end the bond program by October, a wind-down strategy officials have signaled in recent public statements. The Fed also in their policy statement noted the labor markets is improvement, the jobless rate declining and inflation moving closer to its 2% objective.
In The Markets:
Asian markets closed mixed on Thursday as investors profit-taking overshadow robust economic data from the US.
European stock markets fell after patchy earnings reports and non movement by Wall Street after better economic news.
U.S. markets closed mixed on Wednesday as investors digested July job numbers, 2Q GDP, and the Fed policy statement all in one day. DJIA: -31.75 16880.36 NASDAQ: +20.20 4462.90 S&P
In Dinner or Drink:
2 oz. Absolut® Mandarin vodka
4 oz. club soda
2 splashes cranberry juice
Add 2 shots vodka to approx. 4 oz. of club soda. Mix in a splash of cranberry juice. Squeeze 1 lime wedge and enjoy! Happy Ending for everybody!
In Word Of The Day:
Gross Domestic Product (GDP):
The monetary value of all the finished goods and services produced by a country within its borders in a specific time period, usually annually. Or put another way it’s like a countries price tag. The number includes both private and public consumptions, government productions, investments and exports minus imports. It is commonly used as an indicator of countries economic health aka is the economy growing (good) or is it declining (bad).