All 3 Majors Lost Ground On The Week On Hurricane Worries

All 3 major indexes lost points on the week as hurricane Gustav approached the Gulf Coast.

For the week, the DJIA lost 84.51 points (-0.727%), the NASDAQ Composite Index lost 47.19 points (-1.954%), and the S&P 500 Index shed 9.37 points (-0.725%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,543.55 (-171.63)

NASDAQ: Closed @ 2,367.52 (-44.12)

S&P 500: Closed @ 1,282.83 (-17.85)

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NYMEX Crude Oil Future closed @ $115.46/barrel

NY Spot Gold closed @ $829.90/ounce

In New York, The U.S. Dollar buys 0.6815 Euros

In New York, The Euro buys 1.4674 U.S. Dollars

The Federal Funds Target Rate is 2.00%

Ten-Year Treasury Note Yield is currently @ 3.813%

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New Unemployment Insurance Claims for The Week of August 23, 2008

Earlier today, the Labor Department released the New Unemployment Insurance Claims report for the week that ended on August 23, 2008:

Predicted: 427,000
Actual: 425,000

The above figures represent the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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Gross Domestic Product (GDP) "Preliminary" Released Today for Q2 2008

The preliminary, real U.S. Gross Domestic Product (GDP) report for the second quarter of 2008 was released this morning:

Predicted: +2.7%
Actual: +3.3%

The above percentages represent the quarter-to-quarter change in the Gross Domestic Product for the United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the actual or real figure. The GDP report is produced by the U.S. Commerce Department's Bureau of Economic Analysis.

The final GDP report for Q2, 2008, which will contain the most authoritative data for the second quarter, will be released on September 26, 2008.

The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

Click here to view the full Commerce Department report (PDF).

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Durable Goods Orders Report for July 2008 Released Today

The Durable Goods Orders report for July 2008 was released this morning:

Predicted: +0.1%
Actual: +1.3%

The above percentages represent the month-to-month change in orders for durable or hard goods for immediate or future delivery from U.S. manufacturers. Examples of durable goods: cars, airplanes, computers -- items that are built to last 3+ years.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure. The Durable Goods Orders report is produced by the Commerce Department.

Click here to view the full Commerce Department report (PDF).

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New Home Sales for July 2008

The July 2008 New Home Sales report was released this morning:

Predicted: 525,000

Actual New Home Sales: 515,000

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Change from One Month Previous: +2.4%

Change from One Year Previous: -35.3%

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Median Price for a New Home during July: $230,700

Average Price for a New Home during July: $294,600

Click here for historical prices and a chart.

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the monthly New Home Sales report measures the number of newly-built homes with committed buyers for a given month.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners and microwave ovens.

Click here to view the full Commerce Department report (PDF).

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Consumer Confidence Index (CCI) for August 2008

The Consumer Confidence Index (CCI) for this month (August 2008) was released by The Conference Board this morning:

Predicted: 53.0
Actual: 56.9

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

The baseline "100" score for the CCI is linked to 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is almost always released on the last Tuesday of the month.

Last month, the CCI was 51.9.

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Existing Home Sales for July 2008

The Existing Home Sales report for July 2008 was released by The National Association of Realtors® this morning:

Predicted: 4,940,000
Actual: 5,000,000
Change from One Month Previous: +3.1%
Change from One Year Previous: -13.2%

The "actual" figure above represents the preliminary, seasonally adjusted annual sales count of existing homes, co-ops and condominiums for last month. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Median Price for A Preowned, Single-Family
Home In July 2008: $212,400
Change from One Year Previous: -7.1%

Average Price for A Preowned, Single-Family
Home In July 2008: $254,000
Change from One Year Previous: -8.0%

Click here for historical prices and a chart.

The monthly Existing Home Sales report is released on or around the 25^TH day of each month.

Click here to view the full NAR report.

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All 3 Majors Lost Ground On The Week

All 3 major indexes advanced on the day but declined on the week.

For the week, the DJIA lost 31.84 points (-0.273%), the NASDAQ Composite Index lost 37.81 points (-1.542%), and the S and P 500 Index shed 6.00 points (-0.462%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,628.06 (+197.85)

NASDAQ: Closed @ 2,414.71 (+34.33)

S and P 500: Closed @ 1,292.20 (+14.48)

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NYMEX Crude Oil Future closed @ $114.59/barrel

NY Spot Gold closed @ $822.20/ounce

In New York, The U.S. Dollar buys 0.676 Euros

In New York, The Euro buys 1.4792 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.867%

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Housing Starts During July 2008

The U.S. Commerce Department this morning released the Housing Starts report for July 2008:

Housing Starts:
Predicted: 950,000
Actual: 965,000
From Last Month: -11.0%
From One Year Ago: -29.6%

Building Permits:
Actual: 937,000
From Last Month: -17.7%
From One Year Ago: -32.4%


The above is a measure of initial construction of single and multi-family residential units in The United States for last month. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American construction industry in general, then you should pay attention to the monthly Housing Starts report. The monthly Housing Starts report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise--and vice versa.

Click here to view the full Commerce Department report (PDF).

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Producer Price Index (PPI) for July 2008

The Producer Price Index (PPI) for July 2008 was released this morning:

Predicted: +0.5%
Actual: +1.2%

Below is the PPI when food and energy are subtracted from the equation, also known as the "core PPI":

Predicted: +0.2%
Actual: +0.7%

The above numbers represent the month-to-month change in prices for a specific group of goods and capital equipment that producers buy in order to produce finished goods for consumers. The PPI is an important part of the overall inflation picture for the country because when costs go up for producers, producers will often pass those increased costs on to consumers.

The PPI is released by the Department of Labor's Bureau of Labor Statistics.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

The PPI is a family or amalgamation of indexes, including The:

• All Commodities Index
• Crude Energy Materials Index
• Crude Foodstuffs & Feedstuffs Index
• Crude Materials for Further Processing Index
• Finished Goods Index
  
• Finished Consumer Foods Index
• Finished Consumer Goods Index
• Finished Consumer Goods Excluding Foods Index
• Finished Energy Goods Index
• Finished Goods: Capital Equipment Index
• Finished Goods Excluding Foods Index
• Finished Goods Less Energy Index
• Finished Goods Less Food & Energy Index
• Fuels & Related Products & Power Index
• Industrial Commodities Index
• Intermediate Energy Goods Index
• Intermediate Foods & Feeds Index
  
• Intermediate Materials: Supplies & Components Index
  

Click here to view the full Labor Department report.

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The DJIA Was The Only Major To Decline On The Week

The Dow Jones Industrial Average (DJIA) was the only one of the 3 major indices to lose ground on a week in which the dollar continued to strengthen. The dollar's advance contributed to crude oil for future delivery dropping below the $114 per barrel mark, while New York Spot Gold ended the week at $786 per ounce.

For the week, the DJIA lost 74.42 points (-0.634%), the NASDAQ Composite Index gained 38.42 points (+1.591%), and the S and P 500 Index gained 1.88 added (+0.149%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,659.90 (+43.97)

NASDAQ: Closed @ 2,452.52 (-1.15)

S and P 500: Closed @ 1,298.20 (+5.27)

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NYMEX Crude Oil Future closed @ $113.77/barrel

NY Spot Gold closed @ $786.00/ounce

In New York, The U.S. Dollar buys 0.6808 Euros

In New York, The Euro buys 1.4688 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.852%

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New Unemployment Insurance Claims for The Week of August 9, 2008

Earlier today, the Labor Department released the New Unemployment Insurance Claims report for the week that ended on August 9, 2008:

Predicted: 440,000
Actual: 450,000

The above figures represent the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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Consumer Price Index (CPI) for July 2008

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for July 2008:

Predicted: +0.4%
Actual: +0.8%

Below is the CPI when food and energy are subtracted from the equation, also known as the "core CPI":

Predicted: +0.2%
Actual: +0.3%

The above numbers represent the seasonally adjusted, month-to-month change in prices for a specific group of goods and services that consumers buy, and is, therefore, a very important part of the overall inflation picture for the country.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

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The CPI figure for July 2008: 219.964 (not seasonally adjusted)

Change from 07/2007 through 07/2008: +5.6%

The baseline 100 score is pegged to 1982-1984 data. In other words, in general, consumer prices have more than doubled since the early 80's.

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General categories that constitute the CPI are:

• Healthcare
• Housing
• Clothing
• Communications
• Education
• Transportation
• Food & Beverages
• Recreation
• Miscellaneous Goods & Services (grooming expenses, etc.)

Click here to view the full Labor Department report.

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U.S. Retail & Food Services Sales Report for July 2008

The Commerce Department this morning released advanced estimates of U.S. Retail and Food Services Sales for July 2008:

Predicted: 0.0%
Actual: -0.1%

Minus Auto Sales
Predicted: +0.5%
Actual : +0.4%


The above percentages represent the month-to-month change in total sales receipts for retailers that sell durable & non-durable goods, and retailers that provide food & beverage services.

• Change from 12 months previous: +2.6%.
  
  

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full report.

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Import and Export Price Indexes for July 2008

The Labor Department's Bureau of Labor Statistics this morning released its report on US Import and Export Price Indexes for July 2008:

Import Prices
Predicted: +1.0%
Actual: +1.7%
 
===============

Export Prices
Actual: +1.4%


The above percentages represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the U.S.
  
• Exports: the cost of goods produced in the U.S. and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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All 3 Majors Advanced On The Week On Cheaper Crude Oil

All 3 major indexes advanced on the week as crude oil for future delivery dropped $9.90 (7.914%) since last Friday, and the dollar gained considerable strength against the euro. New York Spot Gold got cheaper, closing at $855.50 per ounce. The Fed opted to leave short-term interest rates alone on Tuesday.

For the week, the DJIA added 408.00 points (+3.602%), the NASDAQ Composite Index gained 103.14 points (+4.463%), and the S+P 500 Index gained 36.01 added (+2.857%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,734.32 (+302.89)

NASDAQ: Closed @ 2,414.10 (+58.37)

S&P 500: Closed @ 1,296.32 (+30.25)

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NYMEX Crude Oil Future closed @ $115.20/barrel

NY Spot Gold closed @ $855.50/ounce

In New York, The U.S. Dollar buys 0.6664 Euros

In New York, The Euro buys 1.5005 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.95%

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New Unemployment Insurance Claims for The Week of August 2, 2008

Earlier today, the Labor Department released the New Unemployment Insurance Claims report for the week that ended on August 2, 2008:

Predicted: 430,000
Actual: 455,000

The above figures represent the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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U.S. Factory Orders Report for June 2008

The U.S. Census Bureau this morning released their report on manufacturers' Shipments, Inventories & Orders -- also known as Factory Orders -- for June 2008:

Predicted: +0.7%
Actual: +1.7%

The above percentages represent the month-to-month change in orders for both durable and nondurable goods made by from U.S. manufacturers. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Census Bureau report.

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Challenger Report on Corporate Layoffs for July 2008

Earlier today, the outplacement company Challenger released their report on corporate layoffs for July 2008:

U.S. Job Cuts Announced during July 2008: 103,312

If corporate layoffs are high, consumer spending may decline, since there would be fewer people with steady jobs.

When corporate layoffs are low, this can mean that the job market is relatively tight, which can be a harbinger of wage inflation.

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The DJIA Was The Only Major To Decline On The Week

The Dow Jones Industrial Average (DJIA) was the only one of the 3 major indexes to decline on a week capped by news that last month the U.S. economy shed 51,000 jobs and manufacturing moved sideways. Crude oil for future delivery closed above the $125 per barrel mark today.

For the week, the DJIA dropped 44.37 points (-0.39%), the NASDAQ Composite Index gained 0.43 points (+0.019%), and the S&P 500 Index added 2.62 added (+0.208%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,326.32 (-51.70)

NASDAQ: Closed @ 2,310.96 (-14.59)

S&P 500: Closed @ 1,260.31 (-7.07)

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NYMEX Crude Oil Future closed @ $125.10/barrel

NY Spot Gold closed @ $909.70/ounce

In New York, The U.S. Dollar buys 0.6425 Euros

In New York, The Euro buys 1.5564 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.948%

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Construction Spending during June 2008

Earlier today, the U.S. Census Bureau -- which is part of the U.S. Commerce Department -- released the Construction Spending report for June 2008:

Predicted: -0.4%
Actual: -0.4%

The above percentages represent the month-to-month change in new public and private construction activity for the United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Change from one year previous: -5.9%

Click here to view the full Census Bureau report.

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ISM Manufacturing Index for July 2008

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for July 2008:

Predicted: 49.2%
Actual: 50.0%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country that are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: when the PMI is above 50%, U.S. manufacturing is expanding; when it's below 50%, the manufacturing sector is contracting.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Last month, the PMI was 50.2% (revised.)

Click here to view the complete ISM report.

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Employment Situation Report for July 2008

The Employment Situation report for July 2008 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.3%


Non-farm Payrolls (month-to-month change)
Predicted: -72K
Actual: -51K


Average Workweek
Predicted: 33.7 hrs
Actual: 33.6 hrs


Unemployment Rate
Predicted: 5.6%
Actual: 5.7%

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money, b) unemployment is low and c) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Department of Labor report.

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