The stock market was the big headline this past week with the S&P 500 taking it's biggest dip since May 1012. Our encouragement for the week was jobless claims, which we thought would rise but instead dropped slightly.
Economic recap from the Week of October 6, 2014:
- The S&P 500 started the week at 1,928 and dropped to 1,906, a 3.1% drop for the week.
- The JOLTS report showed us that job openings have climbed to the highest level since 2001, which is up 25% from the start of the year
- Jobless claims dropped slightly (1,000 claims) to 287,000. Most economists expected a rise in claims so this was a positive sign for the economy.
What's coming up on the economic calendar for the week of October 13, 2014:
- Retail Sales will be released on Wednesday
- PPI will be released on Wednesday
- Housing starts will be released on Friday
Today is Columbus day so the mortgage markets will be closed. The stock markets remain open.
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Our trusted source for all economic news is First Turst Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.