US stocks were mostly unchanged this past week but foreign stocks were mostly down on the heels of the World Bank’s forecast of slower growth this year. Commodities rose and treasury yields fell causing treasury prices to rise. The dollar rose slightly.
In economic news this week
- The Federal Reserve reported that consumer credit rose a 4.49% seasonally adjusted annual growth rate in April. This is a decrease from March’s revised rate of 9.57%.
- The Labor Department reported:
- Labor productivity fell at a 0.6% annual rate in the first quarter.
- First time claims for unemployment fell 4.000 to a seasonally adjusted 264,000 last week. The week before was revised up by 1,000 to 268,000. The four week moving average of claims fell 7,500 to 269,500.
- The U.S. Energy Information Administration reported in the prior week
- Crude oil inventories fell by 3.23MM barrels.
- Crude oil production rose 10,000 barrels.
- Gasoline and distillate inventories rose 2.8MM barrels.
- Baker Hughes reported that the US oil drilling rig drilling count rose 3 to 328 in the past week. The number of gas rigs also rose 3 to 85.
- The World Bank reduced its forecast of global growth in 2016 from 2.9% to 2.4%.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF® Erik Smith
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.