Bank loans from Fed set new high. U.S. banks hit a new record this week in the amount of funds borrowed from the Fed. The daily average of $18.98B beats last week's record of $18.47B. The increase in how much banks borrow from the Fed signals that banks are increasingly reluctant to lend to each other, making it more difficult for private and commercial consumers to obtain financing for home purchases and business operations.
More jobless claims. Initial jobless claims reached 444,000 vs. consensus of 420,000, up 15,000 from last week's 429,000 (revised from 425K). The Four-week average dropped 3,250 to 438,000. Economist Michael Gregory said, "we're continuing to get sort of a grinding slackening in the labor markets... Businesses are becoming more cautious about hiring and layoffs continue. At some point this begins to weigh increasingly heavily on the consumer."
Productivity rises. Q2 Productivity rose 4.3% vs. +3.5% consensus, revised up from 2.2%. Unit labor costs were -0.5% vs. 0%, revised down from +1.3%. Hourly compensation increased 3.7%, but declined 1.3% after accounting for consumer price inflation. Says economist Peter Morici: "Rapidly rising productivity growth coupled with easing oil prices will bring down headline inflation, as well as the closely watched core index."
Non-Mfg Survey shows signs of expansion. The ISM Non-Manufacturing Survey showed economic activity in the non-manufacturing sector grew in August, following two months of contraction. Its service sector index reading of 50.6 (50+ = expansion) exceeded estimates of 49.5.
BoE leave rate unchanged... Bank of England kept its benchmark rate at 5%, as expected. Policy makers judged the fastest inflation in more than a decade outweighed the possibilty the U.K. economy is wading into recession.
and ECB follows suit. Following in the footsteps of BoE, the ECB left its benchmark rate at 4.25%. President Jean-Claude Trichet weighed inflation of 3.8% against recent evidence that some eurozone nations are on the brink of recession.
Source: Seekingalpha.com/wallstreetbreakfastmustknownew
Crew Capital Management Thoughts on Investment
Welcome to the Crew Capital Management Thoughts on Investment blog. At Crew Capital, investment education is key to how we work with our clients. We hope our conversation and analysis entice you to think further on your investment strategies and planning. For further discussion, please contact us at rjung@crewcapital.com
Thank you!
Robert F. Jung, CFA CPA*
*CPA inactve
Thank you!
Robert F. Jung, CFA CPA*
*CPA inactve
Friday, September 5, 2008
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As a registered investment adviser, Crew Capital is required by rule to adopt and enforce a code of ethics that establishes the standards of conduct expected of all employees and reflects our fiduciary duties. A copy of Crew Capital’s Ethics Policy will be provided to any client or prospective client upon request.
Nothing on this web site shall be construed as advice to any particular investment need or investor. All references regarding investment or portfolio returns are based on historical data. One should not assume that this performance will continue in the future as past performance or results are not an indication of future performance or results.
Certain portions of Crew Capital’s web site (i.e. books, newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Crew Capital’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or substitute for, personalized advice from Crew Capital or from any other investment professional. Crew Capital is neither an attorney nor accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
At certain places on this site, live "links" to other Internet addresses may be accessed. Such external Internet addresses contain information created, published, maintained, and otherwise posted by institutions or organizations independent of Crew Capital. Crew Capital does not endorse, approve, certify, or control these external Internet addresses and does not guarantee or assume responsibility for the accuracy, completeness, efficacy, timeliness, or correct sequencing of information located at such addresses. Use of any information obtained from such addresses is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference therein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by Crew Capital.
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