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Randy
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Market Commentary Nonfarm payrolls fell by 240,000 in October, a higher
figure than expected, but not as bad as some had feared. However, figures for
August and September were revised a net 179,000 lower. The unemployment rate
jumped to 6.5% (it stood at 6.1% in September and at 4.8% a year ago).
Payroll employment has fallen by 1.2 million since December last year.
Approximately 10.1 million people are now unemployed, an increase of 2.8
million over the last 12 months. There was more disheartening news. Unit
motor vehicle sales sank further in October. The Federal Reserve’s survey of
senior loan officers showed that banks were still tightening terms and
standards for consumer and business loans over the three months ending in
October. And the Institute for Supply Management’s Manufacturing and
Non-Manufacturing indices fell sharply in October. The International Monetary
Fund lowered its outlook for global growth. The Bank of England, the European
Central Bank and the Swiss National Bank all lowered short-term interest
rates. Barack Obama, elected the 44th president of the Next week, the economic calendar thins.
The bond market will close early on Monday and remain closed through Tuesday,
Veterans Day. Retail sales, to be reported Friday, are expected to be poor.
Treasury has reintroduced the 3-year note (to be auctioned monthly).
Indices
Consumer Money Rates
Currencies
Commodities
Bond Rates
Treasury Yield Curve – 11/7/2008
S&P Sector Performance Charts – 11/7/2008
Economic Calendar
Past performance is
not a guarantee of future results. There are special risks involved with
global investing related to market and currency fluctuations, economic and
political instability, and different financial accounting standards. The
above material has been obtained from sources considered reliable, but we do
not guarantee that it is accurate or complete. There is no assurance that any
trends mentioned will continue in the future. Municipal bond interest is not
subject to federal income tax but may be subject to AMT, state or local
taxes. Investing involves risk and investors may incur a profit or a loss. Commodities
trading is generally considered speculative because of the significant
potential for investment loss. Markets for commodities are likely to be
volatile and there may be sharp price fluctuations even during periods when
prices overall are rising. Specific sector investing can be subject to
different and greater risks than more diversified investments. Tax Equiv Muni
yields (TEY) assume a 35% tax rate on triple-A
rated, tax-exempt insured revenue bonds. The information
contained herein has been obtained from sources considered reliable, but we
do not guarantee that the foregoing material is accurate or complete. Data
source: Bloomberg, as of close of business November 6th 2008. If you would prefer
not to receive this newsletter, please e-mail
our office. © 2008 Raymond
James Financial Services, Inc. member FINRA / SIPC. |
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