U.S. stocks finished lower yesterday, brought down after the FOMC minutes revealed that the Fed lowered their economic growth forecast while increasing expected unemployment. Current indications from the future market point to a lower open today.
Investors will look for more clues on the state of the economy in number of economic reports being released today. Leading indicators data and the Philadelphia Fed survey of regional manufacturing activity will be released at 10:00 ET. Initial claims for the week ending May 16th totaled 631,000, slightly higher then the 625,000 expected, but down from an upwardly revised reading of 643,000 in the prior week. The latest claims figure dropped the 4-week moving average to 628,500 from 632,000 and supports the argument that the pace of layoffs has slowed. The bigger issue, however, is that the pace of hiring is not picking up. Continuing claims jumped by 75,000 to a record 6.662 million, which brought the 4-week moving average for this series to 6.48 million from 6.35 million.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
