Podcast
Money Talk Podcast
Hosted by Money Talk Podcast · EN
Independent investment advisor Bob Landaas makes sense of the latest financial developments and how they matter to individual investors. After nearly 20 years with his own popular radio show and almost a decade on public television across the country, Bob shares his plain-spoken insight via podcasts updated each Friday.
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Money Talk Podcast, Friday Jan. 9, 2026
Jan 900:27:00Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Art Rothschild Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 5-9, 2026) Significant Economic Indicators & Reports Monday The Institute for Supply Management reported that its manufacturing index signaled contraction in December for the 10th month in a row and the 36th time in 38 months. Based on surveys of supply managers, the index showed that the industry slump accelerated for the third month in a row. The trade group said 85% of the sector’s gross domestic product shrank in December, compared to 58% in November, and 43% of manufacturing GDP was in strong contraction, vs. 39% the month before. The ISM said the index suggested the overall U.S. economy was growing at an annual rate of 1.6%. Tuesday No significant reports or announcements Wednesday A report from the Commerce Department showed manufacturing orders shrinking in October for the third time in five months. The value of orders fell 1.3% from September and was 3.3% ahead of October 2024. Excluding volatile orders for transportation equipment – most notably commercial aircraft, orders sank 0.2% for the month and gained 0.8% from the year before. A proxy for business investments was up 0.5% from October and 3.1% from the year before. U.S. employers posted 7.1 million job openings in November, as both hiring and separations remained stagnant. Openings were down from a record high of 12.2 million in March 2022 and remained above the pre-pandemic level of about 7 million. The Bureau of Labor Statistics reported that both the number and proportion of workers quitting their jobs – an indicator of worker confidence – stayed below the pre-pandemic level for the 23rd month in a row. The U.S. services sector grew at a faster pace for the third month in a row in December, according to the Institute for Supply Management. The trade group’s services index showed most components improved from November. Employment expanded for the first time in seven months. The 12-month average for the index has been dropping for nearly four years. Supply managers told the ISM they’re concerned about prices, tariffs and seasonal factors. Thursday The U.S. trade deficit narrowed 39% in October to $29.4 billion, the slimmest margin since mid-2009, amid continued adjustments to shifting tariffs. According to the Bureau of Economic Analysis, exports rose by 2.6% from September, with non-monetary gold and other precious metals offsetting a decline in other goods sold abroad. Imports fell 3.2%, led by pharmaceuticals. Through the first 10 months of 2025, the deficit – which detracts from gross domestic product – widened 7.7%; exports gained 6.3%, while imports rose 6.6%. The Bureau of Labor Statistics said worker productivity rose at an annual rate of 4.9% in the third quarter, the fastest pace in two years. Measured year over year, productivity advanced 1.9% from the third quarter of 2024. That compares to an average 1.5% annual gain since the end of 2019, which is below the 2.1% average since 1947. The productivity report showed unit labor costs falling at a 1.9% annual pace during the latest quarter, as output rose faster than compensation. Adjusted for inflation, compensation rose 0.3% from the third quarter of 2024. The four-week moving average for initial unemployment claims fell for the second time in three weeks to its lowest level since April 2024. The measure of employer willingness to part with workers was 41% below the all-time average and 2% above where it stood just before the COVID-19 pandemic. Data from the Labor Department showed 1.9 million Americans claiming unemployment benefits in the latest week. That was down 5.7% from the week before and up 1% from the same time last year. In a sign of ongoing consumer caution, credit card debt sank in November at a 1.9% annual pace. The Federal Reserve Board reported that revolving consumer debt outstanding declined for the sixth time in 13 months. The decrease amounted to $2.1 billion. Consumer spending accounts for about two-thirds of U.S. economic output, as measured by the gross domestic product. Credit card debt partly reflects the confidence of consumers to keep spending. Friday U.S. employers added 50,000 jobs in December, barely higher than the average for 2025 and well below the monthly addition of 168,000 jobs in 2024. Other data from the Bureau of Labor Statistics report suggests a resilient though cooling job market. Temporary help jobs — considered a bellwether of overall hiring trends — dropped to the lowest number in 14 years. The average hourly wage rose 3.8% from December 2024, exceeding overall inflation for the 31st month in a row. The same report showed the unemployment rate at 4.4%, staying above the pre-pandemic rate since mid-2023. The pace of U.S. housing starts and building permits continued to slow in October. The Commerce Department reported the annual rate of new construction declined nearly 5% from September and almost 8% from the year before. The annual pace of permits inched down 0.2% for the month and was more than 1% lower than in October 2024. The pace of houses under construction was down 23% from the peak three years earlier but still stayed 8% above the pre-pandemic level. The University of Michigan reported a second consecutive month of slightly improving consumer sentiment. A preliminary January reading of the survey-based index showed overall sentiment down nearly 25% from the beginning of 2025, t...
Transcribe →Money Talk Podcast, Friday Jan. 2, 2026
Jan 200:20:35Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Kendall Bauer John Sandstrom (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 29, 2025-Jan. 2, 2026) Significant Economic Indicators & Reports Monday The National Association of Realtors reported increased demand for housing in November, though it remained historically low. The trade group reported its pending home sales index rose 3.3% in from October and was 2.6% ahead of the year before. It was the highest seasonally adjusted reading since February 2023, the group said, but it was still more than 20% below what it considers to be normal activity. The Realtors said lower mortgage rates and wages rising faster than inflation were making housing more affordable while greater inventory was attracting more buyers. Tuesday Housing inflation continued to slow in October, staying below overall inflation. The S&P Cotality Case-Shiller national index rose 1.4% from its year-earlier measure. The pace was essentially unchanged from September and marked the lowest price growth since mid-2023, just as the Federal Reserve Board had started boosting interest rates to tamp down inflation. Unadjusted for seasonal fluctuations, monthly home prices declined in 16 of the 20 metropolitan markets followed closest by the index. Analysts for S&P observed “broad stagnation as high mortgage rates weigh on affordability and suppress price momentum.” Wednesday The four-week moving average for initial unemployment claims rose for the third time in four weeks but stayed 40% below its 58-year average, suggesting ongoing tightness in the job market. The Labor Department reported that total claims – including ongoing cases – surpassed 2 million in the latest week, up more than 6% from the previous week and up more than 2% from the year before. Thursday Markets and government offices closed for New Year’s Friday No significant releases
Transcribe →Money Talk Podcast, Friday Feb. 7, 2025
Feb 7, 202500:23:25Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Art Rothschild Mike Hoelzl (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 3-7, 2025) Significant Economic Indicators & Reports Monday The manufacturing sector expanded in January for the first time in more than two years, according to the Institute for Supply Management. The trade group’s index, based on surveys of manufacturing supply managers, showed growth after 26 months of contraction. New orders rose for the third month in a row, at an accelerating pace, a sign that demand is reviving. Reports of staffing reductions slowed while components tied to production and supplies strengthened. The ISM said the index suggested the U.S. economy is growing at an annual pace of 2.4%. The Commerce Department said construction spending rose in December for the third month in a row. The seasonally adjusted annual rate of such expenditures increased 0.5% from November and more than 4% from the year before, led by housing, which accounted for 43% of all construction spending. Manufacturing, which represented nearly 12% of the $2.2 trillion spent on construction remained steady from November but was up more than 11% from the end of 2023. Tuesday Employers’ demand for workers eased in December, with job openings falling for the first time in three months, narrowing the gap between supply and demand for workers. The Bureau of Labor Statistics said openings dropped to 7.6 million, the second-lowest level in nearly four years. That’s down from a peak of 12 million in 2022 yet still above the 7 million registered just before the COVID-19 pandemic. The number of workers quitting their jobs – a sign of worker confidence – remained below the pre-pandemic level for the 13th month in a row. Still, employers were reluctant to let workers go, as job separations stayed below pre-pandemic levels for the 18th month in a row. A drop in demand for commercial aircraft and parts sank factory orders in December. The Commerce Department reported that total orders declined 0.9%, the fourth setback in five months. Demand for manufactured goods was unchanged from the end of 2023. Excluding volatile orders for transportation equipment, orders rose 0.3% for the month and were up 1.5% from the year before. Core capital goods orders, a proxy for business investments, rose 0.4% from November and were up 0.6% from December 2023. Wednesday The largest segment of the U.S. economy showed continued expansion in January but at a slower pace. The Institute for Supply Management’s service index indicated growth for the seventh months in a row and the 23rd time in 25 months. Slower growth in two key components – business activity and new orders – lowered the index from its December reading. The trade group said supply managers reported challenges from bad weather in December and repeated concerns about tariffs. The U.S. trade deficit expanded in 2024, as the value of imports outpaced exports. The Bureau of Economic Analysis reported that the 2024 trade gap was $918.4 billion, up 17% from the year before. Exports grew 3.9% in the year while imports rose 6.6%. Trade gaps detract from economic output, as measured by the gross domestic product. The deficit was 3.1% the size of GDP, up from 2.8% in 2023. In December, the gap widened nearly 25% from November as exports declined and imports increased. Thursday Worker productivity increased at a 1.2% annual rate in the fourth quarter, slowing from 2.3% in the third quarter, the Bureau of Labor Statistics reported. The latest gain came on 2.3% higher output from workers putting in 1% more hours. Year to year, productivity rose 1.6%. Unit labor costs rose 2.7% over the last four quarters, with compensation increasing 1.5%, adjusted for inflation. In the current business cycle, which began at the end of 2019, productivity has been growing at a 1.8% annual pace, compared to 1.5% during the previous cycle, which started in 2007. The average productivity rate since 1947 is 2.1%. The four-week moving average for initial unemployment claims rose for the second time in three weeks but remained low historically. Data from the Labor Department showed the latest four-week average was 40% below the all-time average, dating back to 1967. As an early measure of layoff trends, new jobless claims have suggested employers’ reluctance to let workers go in a tight labor market. Total claims fell 3.3% from the week before to 2.2 million, which was 0.7% lower than the year before. Friday U.S. employers added 143,000 jobs in January, suggesting a slower growth in the labor market, according to the employment situation report from the Bureau of Labor Statistics. The additions were down from the 166,000 average during 2024 and marked the 49th consecutive month of job gains. The unemployment rate dropped to 4%, the lowest since May, after months of ranging between 4.1% and 4.2%. The U-6 underemployment rate remained above the pre-pandemic level for the 14th month in a row. Employment in temporary help services – often a harbinger of job conditions – stayed below the pre-pandemic mark for the 20th month in a row. The University of Michigan said a preliminary measure of its consumer sentiment index dropped for the second month in a row, driven by concerns about possible effects from U.S. tariff policies. Expectations for inflation showed an unusually high increase, the university said. Declines in sentiment were “pervasive” across consumer demographics. Market Closings for the Week Nasdaq – 19523, down 104 points or 0.5% Standard & Poor’s 500 – 6026, down 15 points or 0.2% Dow Jones Industrial – 44303, down 241 points or 0.5% 10-year U.S. Treasury Note – 4.49%, down 0.08 point
Transcribe →Money Talk Podcast, Friday Jan. 31, 2025
Jan 31, 202500:24:07Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Tom Pappenfus Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 27-31) Significant Economic Indicators & Reports Monday The Commerce Department reported a 4% gain in the annual rate of new home sales in December. Sales were up almost 7% from the year before and just below where they were heading into the COVID-19 pandemic. For perspective, the pace of sales – 698,000 a year – was half the peak rate in mid-2005 and represented about one-seventh of all home sales. The median sales price rose 2% from the year before to $427,000. Tuesday The Commerce Department said durable goods orders declined again in December, the fourth setback in five months, led by commercial aircraft. Compared to the year before, long-lasting factory orders were down 1.5% after shrinking 2.2% for the month. Excluding transportation equipment, orders rose 0.3% and were up 1.4% from the end of 2023. A proxy for business investment gained 0.5% from November and was up 0.6% from December 2023. Housing prices increased again in November, rising 3.8% from the year before, according to the S&P CoreLogic Case-Shiller national index. The gain compared to a 3.6% year-to-year advance in October, marking the first acceleration in nine months. Since 1988, the average 12-month increase had been 2.7%, although it averaged 5.2% since 2000. Housing costs continued to outpace overall inflation, which reached 2.9% in December, based on the Consumer Price Index. The Conference Board said its consumer confidence index declined in December for the second month in a row, keeping toward the lower end of a sideways range that began in 2022. The business research group said its gauge sank broadly from November, led by a drop in attitudes toward labor conditions. Consumer responses avoided a measure historically tied to impending recession. Economists follow consumer confidence because consumer spending drives 70% of U.S. economic activity. Wednesday No major releases Thursday The U.S. economy grew at an annual pace of 2.3% in the fourth quarter, down from 3.1% in the previous three months. The Bureau of Economic Analysis said the deceleration in gross domestic product was led largely by a drop in business investments. Consumer spending rose at a 4.2% annual rate, the fastest since the first quarter of 2023. Government spending and a decrease in imports also boosted fourth-quarter growth. Also slowing: Inventories, federal spending and residential spending. Compared to the fourth quarter of 2023 and adjusting for inflation, GDP rose 2.5% in 2024, down from 3.8% the year before. The four-week moving average for initial unemployment claims fell for the fourth time in five weeks. The average was 41% below the all-time average dating back to 1967. The Labor Department said 2.2 million Americans claimed jobless benefits in the latest week, down more than 1% from the week before but 9% higher than the same time in 2023. An early indicator of home sales declined in December after four months of gains. The National Association of Realtors’ index of pending home sales dropped 5.5% from November and was down 5% from December 2023. The trade group said more home buyers are using cash, partly offsetting the deterrent of relatively high mortgage rates. At 74.2, the index of pending sales was more than 25% below what the association considers normal sales volume at the current population level. Friday The Bureau of Economic Analysis said consumer spending jumped 0.7% in December, the most since March and outpacing a 0.4% increase in personal income. Consumer spending is the driving force in gross domestic product, so the gain was another sign of economic resilience. The personal consumption expenditures index, which the Federal Reserve Board follows for inflation, rose 2.6% from December 2023, accelerating for the third month in a row. The inflation rate remained above the Fed’s 2% long-term target but was below a four-decade high exceeding 7% in June 2022. Market Closings for the Week Nasdaq – 19627, down 327 points or 1.6% Standard & Poor’s 500 – 6041, down 61 points or 1.0% Dow Jones Industrial – 44544, up 120 points or 0.3% 10-year U.S. Treasury Note – 4.57%, down 0.06 point
Transcribe →Money Talk Podcast, Friday Jan. 24, 2025
Jan 24, 202500:21:35Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 20-24, 2025) Significant Economic Indicators & Reports Monday Markets and government offices closed for Martin Luther King Jr. Day Tuesday No major releases Wednesday The Conference Board said its index of leading economic indicators declined slightly in December but continued to improve from previous declines. The business research group said its gauge fell 0.1% from November, following an upwardly revised 0.4% gain from October. Over the last half of 2024, the index fell 1.3%, advancing from a 1.7% decline in the first six months of the year. Of 10 leading indicators, five were positive, the organization said, but they were offset by weaker factory orders, consumer confidence and building permits and an uptick in unemployment insurance claims. The Conference Board said its index suggested fewer head winds to economic growth. The group forecast a 2.3% rise in gross domestic product in 2025, up from its December forecast of 2%. Thursday The four-week moving average for initial unemployment claims rose for the first time in four weeks. The average was 41% below the all-time average dating back to 1967. It was 2% above the level just before the COVID-19 pandemic. The Labor Department said 2.3 million Americans claimed jobless benefits in the latest week, up 4% from the week before and 7% higher than the same time in 2024. Friday The pace of existing home sales gained 2.2% in December, the fastest in 10 months. Still, 2024 sales ended below 4.1 million residences, the least since 1995. At the same time, in part because of low inventories, the median sales price hit a record high of $407,500. The median price in December rose 6% from the year before, the 18th consecutive increase, with million-dollar home sales up 35% while those priced under $250,000 declined. The National Association of Realtors expressed optimism in its outlook, citing steady gains in jobs and wages and signs of reviving inventories. The University of Michigan said its January measure of consumer sentiment declined for the first time in six months, with broadly lower expectations amid widespread belief that inflation will rise. The index fell 3.9% from December and 10% from January 2024. The only component that improved was consumers’ outlook toward personal finances. Expectations for increased unemployment rose to the highest level since the pandemic. The university reported a six-month high in plans for buying durable goods, as consumers wanted to beat anticipated price increases. Market Closings for the Week Nasdaq – 19954, up 324 points or 1.7% Standard & Poor’s 500 – 6101, up 105 points or 1.7% Dow Jones Industrial – 44424, up 936 points or 2.2% 10-year U.S. Treasury Note – 4.63%, up 0.02 point
Transcribe →Money Talk Podcast, Friday Jan. 17, 2025
Jan 17, 202500:19:19Tap to summarizeAdvisors on This Week’s Show Steve Giles Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 13-17, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Bureau of Labor Statistics reported that wholesale inflation rose 0.2% in December, as prices on goods increased while services were unchanged. The Producer Price Index advanced 3.3% from the year before, the highest since early 2023 but down from the record 11.7% reached in March 2022. Increased interest rates by the Federal Reserve have since lowered inflation, but the December reading, led by a 9.7% jump in gas prices, kept the rate above the Fed’s long-range target of 2% overall. Excluding volatile prices for food, energy and trade services, the so-called core PPI rose 0.1% from November and was up 3.3% from December 2023. Wednesday The broadest measure of inflation rose again in December, though it stayed closer to the Federal Reserve Board target than the peak two and a half years ago. The Bureau of Labor Statistics reported the Consumer Price Index, rose 0.4% from November, the most in nine months, fueled by a 4.4% jump in gas prices. The CPI advanced 2.9% from December 2023. That’s up from a recent low of 2.4% in September but less than a third of the 40-year high of 9.1% in June 2022. The Federal Reserve’s long-range inflation target is 2%. Excluding volatile prices for food and energy items, the core CPI rose by 0.2%, down from three months in a row at 0.3%. Year to year, the core measure was up 3.2%, tied with July and August for the lowest rate since early 2021. Thursday The four-week moving average for initial unemployment claims fell to its lowest level since April, dropping 41% below the all-time average. An indicator of employers’ reluctance to let workers go, the moving average was 2% above its level just before the COVID-19 pandemic, according to Labor Department data. Meanwhile, total claims for jobless benefits rose 17% from the week before to 2.2 million, affected in part by year-end layoffs. That was up 4% from the year before. The Commerce Department said retail sales rose 0.4% in December for the fifth increase in six months, though the weakest gain since a setback in August. The advance overall suggested continued resilience in the economy, with 10 of 13 retail categories expanding, led by car dealers and furniture stores. Sales at bars and restaurants fell for the first time since March. Compared to the end of 2023, total retail sales rose nearly 4%, with 11 of 13 categories gaining. Adjusting for inflation, retail sales were up 1% since December 2023. Friday The pace of U.S. housing starts rose while building permits slowed in December. The Commerce Department reported the annual rate of new construction climbed nearly 16% to its highest level in 10 months, still below the pre-pandemic pace but on par with early 2007. Meanwhile, the annual pace of permits fell, but authorizations for single-family construction increased for the fourth time in five months, rising above the pre-pandemic rate for the first time since February. The pace of single-family houses under construction slowed for the 13th month in a row but remained at levels unreached in 50 years. Industrial production rose in December for the second month in a row and eked out a 0.5% gain from the year before. The Federal Reserve Board cited a boost in output from aircraft manufacturers, following the resolution of a strike at Boeing. Production from factories, mines and utilities all rose from November. Only manufacturing failed to advance from December 2023, having ended the year unchanged. Industries’ capacity utilization rate – an indicator of inflation – also gained for the second consecutive month, though it stayed below its 50-year average for the 22nd month in a row, suggesting higher prices weren’t imminent. Market Closings for the Week Nasdaq – 19630, up 469 points or 2.4% Standard & Poor’s 500 – 5997, up 170 points or 2.9% Dow Jones Industrial – 43488, up 1549 points or 3.7% 10-year U.S. Treasury Note – 4.61%, down 0.17 point
Transcribe →Money Talk Podcast, Friday Jan. 10, 2025
Jan 10, 202500:19:44Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Art Rothschild Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 6-10, 2025) Significant Economic Indicators & Reports Monday A report from the Commerce Department showed manufacturing orders sinking in November for the third time in four months. The value of orders retreated 0.4% from October and was 0.1% ahead of November 2023. Excluding volatile orders for transportation equipment – most notably commercial aircraft, orders rose 0.2% for the month and gained 1.3% from November 2023. A proxy for business investments was up 0.4% from October and 0.4% from the year before. Tuesday The U.S. trade deficit widened by 6.2% in November to $78.2 billion, a result of imports outpacing exports. According to the Bureau of Economic Analysis, exports rose by 2.7% from October, led by sales of industrial supplies and automotive products. Imports gained 3.4%, led by increased U.S. purchases from abroad of semiconductors and automotive products. Through the first 11 months of 2024, the deficit – which detracts from gross domestic product – widened 13%; exports gained 4%, and imports rose 3.4%. U.S. employers posted 8.1 million job openings in November, the most since May. Openings reached a record high of 12.2 million in March 2022 and remained above the pre-pandemic level of about 7 million. The Bureau of Labor Statistics said the number of hires continued to barely outpace separations in November. The proportion of workers quitting their jobs – an indicator of worker confidence – stayed below the pre-pandemic level for the 13th month in a row. Job openings remained greater than the number of unemployed job seekers, showing a continued gap between the demand and supply of workers. The U.S. services sector grew again in December, gaining for the sixth month in a row, and at a faster pace, according to the Institute for Supply Management. The trade group’s services index showed new orders and supplier deliveries accelerating while hiring slowed from November. Supply managers told the ISM they’re generally confident about business conditions but have concerns about U.S. plans to increase tariffs. Wednesday The four-week moving average for initial unemployment claims fell for the second week in row to its lowest level since late April, 41% below the all-time average and 2% above where it was just before the COVID-19 pandemic. Data from the Labor Department showed just under 1.9 million Americans were claiming unemployment benefits in the latest week. That was down 4% from the week before and down 3% from the same time last year. In a possible sign of wavering consumer conviction, credit card debt sank in November at the fastest pace since the pandemic. The Federal Reserve Board reported that revolving consumer debt outstanding declined at an annual pace of 12%. The decrease amounted to $13.8 billion. Consumer spending accounts for about two-thirds of U.S. economic output, as measured by the gross domestic product. Credit card debt partly reflects the confidence of consumers to keep spending. Thursday Stock market and government offices closed for President Carter funeral Friday U.S. employers added 256,000 jobs in December, higher than the monthly average for 2024 (186,000) but below 2023 (251,000). Other data from the Bureau of Labor Statistics report suggests a continued strong employment market with signs of cooling. Temporary help jobs – considered a harbinger of overall hiring trends – dropped to the lowest number in more than four years and remained below the pre-pandemic level for the 17th month in a row. The average hourly wage rose 3.9% from December 2023, suggesting low pressure on inflation. The same report showed the unemployment rate at 4.1%, the seventh month in a row it has been either 4.1% or 4.2%. The labor force participation rate, indicating the portion of potential workers either employed or looking for a job, also remained within a narrow range. The University of Michigan said its preliminary January measure of consumer sentiment showed a surge in uncertainty about inflation at the same time survey respondents felt better about current financial conditions. The index overall fell marginally from November and was down more than 7% from January 2024. In its report, the university said, “January’s divergence in views of the present and the future reflects easing concerns over the current cost of living this month, but surging worries over the future path of inflation.” Market Closings for the Week Nasdaq – 19162, down 460 points or 2.3% Standard & Poor’s 500 – 5827, down 115 points or 1.9% Dow Jones Industrial – 41938, down 794 points or 1.9% 10-year U.S. Treasury Note – 4.78%, up 0.18 point
Transcribe →Money Talk Podcast, Friday Jan. 3, 2025
Jan 3, 202500:20:55Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Tom Pappenfus (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 30, 2024-Jan. 3, 2025) Significant Economic Indicators & Reports Monday The National Association of Realtors reported increased demand for housing in November for the fourth month in a row. The trade group reported its pending home sales index rose 2.2% in November and was up nearly 7% from the year before. It was the highest reading since February 2023, though still 21% below the index benchmark set in 2001. The Realtors said homebuyer demand should continue growing as housing shifts from a sellers’ market. The group said homebuyers are lowering expectations for reductions in mortgage rates. Despite recent interest rate cuts by the Federal Reserve, conventional mortgage rates have stayed around 6% for the last two years. Tuesday Housing inflation continued to ease in October, though it still outpaced overall inflation. The S&P CoreLogic Case-Shiller national index rose 3.6% from its year-earlier measure. October marked the seventh consecutive deceleration in price increases and the lowest gain in 13 months. Seasonally adjusted, the index hit its 17th all-time high, though a representative for the measure noted that the pace of increases was “well short of the annualized gains experienced this decade.” Wednesday Markets and government offices closed for New Year’s Thursday The four-week moving average for initial unemployment claims fell for the first time in five weeks, suggesting ongoing strength in the labor market. The indicator of employers’ willingness to let workers go was 39% below its 57-year average, according to Labor Department data. Total claims – including ongoing cases – numbered nearly 2 million in the latest week, up 4.3% from the previous week and up 6% from where it stood at the same time in 2024. U.S. construction spending was unchanged in November. Data from the Commerce Department showed the seasonally adjusted annual rate of construction expenditures leveling off since reaching a record high of nearly $2.2 trillion in May. Construction spending was 3% ahead of its pace in November 2023. Spending on residential construction – accounting for 43% of the total – also increased 3% from the year-ago pace. Friday The Institute for Supply Management reported that its manufacturing index signaled contraction in December for the ninth month in a row and the 25th time in 26 months. Based on surveys of supply managers, the index showed the industry slumping slightly less than in November. With expansion in key components such as new orders and production, the index was the closest to registering overall growth since March. The trade group said its index suggested the overall economy was growing at an annual rate of 1.9%. Market Closings for the Week Nasdaq – 19622, down 100 points or 0.5% Standard & Poor’s 500 – 5942, down 28 points or 0.5% Dow Jones Industrial – 42732, down 260 points or 0.6% 10-year U.S. Treasury Note – 4.59%, down 0.03 point
Transcribe →Money Talk Podcast, Friday Dec. 27, 2024
Dec 27, 202400:24:21Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 23-27, 2024) Significant Economic Indicators & Reports Monday In a sign of weak manufacturing demand, durable goods orders fell in November for the third time in four months. The Department of Commerce said orders declined 1.1% from October and were down 1.3% from the year before. Demand for commercial aircraft led the monthly drop. Excluding transportation equipment, orders dipped only 0.1% from October. New home sales picked up in November. At a seasonally adjusted annual rate of 664,000 residences, sales stayed below the pre-pandemic level of about 700,000 which was near the highest since before the Great Recession. According to new data from the Department of Commerce, inventories remained above average, and the median sales price dropped 6% from November 2023 to $402,600. Consumers soured on the economy and financial prospects in December, according to the Conference Board. The business research group said its consumer confidence index dropped to the middle of a narrow range of readings over the last two years. In particular, consumers said they expected lower stock prices and higher interest rates, and they had weaker outlooks on their family finances. Economists monitor consumer opinions because consumer spending accounts for more than two-thirds of U.S. economic activity. Tuesday No significant reports Wednesday Markets and government offices closed for Christmas Thursday The four-week moving average of initial unemployment claims rose for the fourth week in a row but remained 38% below the all-time level, suggesting employers continued to be cautious about letting workers go. The total number of jobless recipients fell about 3% from the week before to nearly 1.9 million, which was up 1.5% from the same time last year. Friday No significant reports Market Closings for the Week Nasdaq – 19772, up 149 points or 0.8% Standard & Poor’s 500 – 5971, up 40 points or 0.7% Dow Jones Industrial – 42992, up 153 points or 0.4% 10-year U.S. Treasury Note – 4.62%, up 0.10 point
Transcribe →Money Talk Podcast, Friday Dec. 20, 2024
Dec 20, 202400:19:31Tap to summarizeAdvisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 16-20, 2024) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Commerce Department reported a 0.7% increase in retail sales in November, exceeding analyst forecasts and suggesting continued economic momentum. The rise was broadly distributed: Eight of 13 major categories had higher sales in November, led by car dealers, online retailers and home-and-garden centers, which were boosted by rebuilding following hurricanes Helene and Milton. Consumer spending declined at grocery stores as well as at bars and restaurants, where sales dipped for the first time since March. About two-thirds of U.S. economic activity is driven by consumer spending. U.S. industrial output fell 0.1% in November, its third drop in a row and the fourth in five months. Production declines in the mining industry and among utilities dampened the November numbers. The Federal Reserve reported manufacturing output rose for the first time in three months, led by automakers. Overall industrial production was 0.9% behind the same time last year; manufacturers were down 1%. The capacity utilization rate, considered an early indicator of inflationary pressure, ticked down for the third month in a row. It has been below its long-term average since April 2021. Wednesday The pace of housing starts continued slowing in November, the Commerce Department reported. The annual rate of new construction slipped nearly 2% from October and was about 15% below where it was in November 2023. Starts for single-family houses rose 6% but were 10% below their year-earlier pace. Authorized building permits, an indicator of future construction, rose both overall and for single-family houses. Data from the report showed most housing activity down from levels just before the pandemic, when construction had just recovered from the Great Recession. Thursday The U.S. gross domestic product grew at an annual pace of 3.1% in the third quarter of 2024, according to a final estimate by the Bureau of Economic Analysis. The economy’s growth rate was up from an initial estimate of 2.8%, as exports and consumer spending gained momentum. The revision included a lower estimate on inventory buildup as well as higher imports, which detract from GDP. Third-quarter growth improved from the second quarter rate of 3%. The four-week moving average for initial unemployment claims rose for the third week in a row, the Labor Department reported. The gauge of employers’ willingness to release workers was 38% below the long-term average and up 8% from the low just before the COVID-19 pandemic. Total jobless claims rose 16% in the latest week to just below 2 million, up 9% from the year before. The Conference Board’s index of leading economic indicators increased 0.3% in November, the first gain since February 2022. The index dropped 1.6% since May, narrowing a 1.9% decrease in the previous six months. The business research group said it expected the U.S. economy to finish 2024 with a 2.7% advance in GDP. It forecast a 2% growth in the economy in 2025. Existing home sales rose 4.8% in November, edging above an annual sales rate of 4 million for the first time since March. The sales pace was up 6% from November 2023, the National Association of Realtors reported. The trade group said prospective home buyers are settling in on stagnant mortgage rates as homeowners are capitalizing on a collective $15 trillion in increased home equity in the last four years. Historically low inventories continued to push up prices. The median sales price of $406,100 was 4.7% higher than in November 2023, which marked the 17th consecutive year-to-year gain. Friday By far the biggest driver of the U.S. economy, consumer spending rose 0.4% in November, while inflation ticked up for the second month in a row. The Bureau of Economic Analysis reported that personal income rose 0.3% in November, which meant a slight gain in personal saving. The Fed’s favorite inflation gauge, the personal consumption expenditures index, rose to 2.4% from November 2023 after reaching 2.1% in September – its narrowest increase since February 2021. The Fed’s long-term target for the measure is 2%. It hit a four-decade high of 7.2% In mid-2022. The University of Michigan’s consumer sentiment index improved for the fifth month in a row in December as households continued to acknowledge a relatively strong U.S. economy with slower inflation. The index was up 3% from November and up 6% from December 2023, landing midway between a record low in mid-2022 and where the index stood just before the pandemic. The university reported a surge in plans for large purchases based on expectations for higher prices in the near future. Market Closings for the Week Nasdaq – 19573, down 354points or 1.8% Standard & Poor’s 500 – 5931, down 120 or 2.0% Dow Jones Industrial – 42839, down 989 points or 2.3% 10-year U.S. Treasury Note – 4.52%, up 0.13 point
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