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Weekly Economic Update – October 31, 2016

on Nov 1, 2016 in Announcements: Financial Planning, General Parrott Insurance News

ECONOMY EXPANDS 2.9% IN THIRD QUARTER
After just 1.4% growth in Q2, this was welcome news. Surging exports and greater inventory investment and federal spending made Q3 the best quarter for the economy in two years, according to the Department of Commerce. The federal government’s core PCE price index was up 1.7% for the quarter versus 1.8% in Q2.1

CONSUMER CONFIDENCE INDICES DESCEND
Last week, the Conference Board’s gauge of household confidence came in at 98.6 for October, down from 103.5 in September. The University of Michigan’s final October consumer sentiment index slipped to 87.2 from its prior mark of 87.9.2

PENDING HOME SALES REBOUND
The National Association of Realtors noted a 1.5% gain in housing contract activity in September, following a 2.5% downturn in August. The August S&P/Case-Shiller home price index revealed a 5.3% annual rise in U.S. home values.2

BLUE CHIPS FARE BEST DURING A MIXED WEEK
Across five trading days, the Dow Jones Industrial Average rose 0.09% to settle at 18,161.19 Friday. Weekly losses struck the S&P 500 (0.69% to 2,126.41) and Nasdaq Composite (1.28% to 5,190.10).3

Citations.
1 – investors.com/news/economy/economy-grew-2-9-in-q3-faster-than-expected/ [10/28/16]
2 – marketwatch.com/economy-politics/calendars/economic [10/28/16]
3 – markets.wsj.com/us [10/28/16]

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