Economy Grew Modestly in Q2
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BI-WEEKLY UPDATE - JULY 29, 2019
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The Week on Wall Street
Last week, investors assessed earnings and the initial estimate of second-quarter economic growth, while awaiting the Federal Reserve's next announcement about interest rates. Stocks rose for the week; particularly, tech shares.
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Economy Grew Moderately in Q2
Analysts surveyed by Dow Jones Newswires had forecast 2.0% Gross Domestic Product (GDP) for the second quarter. The actual estimate, announced Friday by the Bureau of Economic Analysis, was slightly better at 2.1%.
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While this is the poorest quarterly GDP number since the opening quarter of 2017, the decline in GDP largely reflects a decrease in business investment. Consumer spending improved 4.3% in Q2, and government spending rose 5.0%, which was the biggest quarterly gain in a decade.
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China Trade Talks to Restart
U.S. trade delegates are scheduled to resume face-to-face negotiations with their Chinese counterparts, starting Tuesday in Shanghai.
This renewed effort to forge a bilateral trade pact could go on for some time. Secretary of the Treasury Steven Mnuchin, who is part of the U.S. delegation, told reporters last week that it would likely take "a few more meetings" before any kind of accord can be considered.
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What's Next
Wednesday at about 2:00pm EST, the Federal Reserve is scheduled to conclude its July meeting. Wall Street is eager to see what the Fed will do with interest rates. The question is whether traders have priced in expectations of a cut and how they may react if no cut comes.
THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: The federal government's June personal spending report and the Conference Board's monthly index of consumer confidence.
Wednesday: The Federal Reserve presents its latest statement on interest rates and monetary policy, and payroll titan ADP offers its July private-sector employment snapshot.
Thursday: The latest report on American manufacturing from the Institute for Supply Management.
Friday: July jobs data from the Department of Labor, and the University of Michigan's final July Consumer Sentiment Index, measuring household confidence in the economy.
Source: Econoday / MarketWatch Calendar, July 26, 2019
The Econoday and MarketWatch economic calendars list upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
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September 2: Office Closed
Our office, and the stock market, will be closed on Labor Day.
October 19: Client Event
This fall's semi-annual client breakfast seminar will focus on cyber security. As we finalize our guest speaker and presentation, please take a moment to tell us the specific topics you'd most like to learn about by taking our poll.
Thank you in advance for your input!
November 8 from 9-10 am: Workshop
Join us for the Retire on Purpose workshop.
You will receive actionable tips on what you can start doing today to enrich your life in retirement. A great experience for those about to retire or who have recently retired!
Register yourself and your guests today.
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First Clearing Performance Report Changes
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First Clearing has announced that it will be sending quarterly performance reports by email only in the future, and will no longer be mailing them. You will be receiving a mailing with more information on this change next month. If you have a FCC account and would like to still receive paper statements, please contact our office to discuss options.
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New Feature for American Funds 529
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American Funds has announced that investors can now choose to send a check directly from their 529 account to their institution of choice through their investor web site. As always, you can also call our office and we can handle any 529 transactions for you.
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"Wherever you go, no matter what the weather, always bring your own sunshine."
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Anthony J. D'Angelo
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[10 servings]
Ingredients:
For the Seasoning
- ¼ cup brown sugar, packed
- 2 Tbsp. paprika
- 3 Tbsp. chili powder (adjust for how spicy you prefer)
- 3 tsp. cumin
- 3 tsp. garlic powder
- 1 tsp. salt
For the Glaze
- 1 cup soy sauce
- 1 cup brown sugar, packed
- ⅔ cup ketchup
- ⅔ cup lemon juice
- 1½ tsp. ginger
- 6 lbs. pork baby back ribs
Directions:
Turn on the grill for these perfect summer ribs! With the ideal balance of sweet and spicy, you're going to want to make these ribs all summer long.
- Mix seasoning ingredients together and rub on ribs.
- Refrigerate for at least 30 minutes.
- Wrap ribs in aluminum foil and grill over indirect medium heat for 1 to 1½ hours or until tender.
- While the ribs are cooking, combine glaze ingredients and cook over medium heat until all the sugar is dissolved (about 7 minutes).
- Remove ribs from foil, place over direct heat, and brush with half the glaze. Grill for another 25 to 30 minutes, turning occasionally and brushing with the remaining glaze until they're finished cooking.
Recipe adapted from Taste of Home[6]
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Numbers, Numbers Everywhere
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Have you ever wondered what the numbers on the bottom of plastic bottles and containers mean? Here's a cheat sheet to some of the most-common types of plastics and how to recycle them:
#1 - Plastics labeled with a "1," usually plastic soda or water bottles, are made out of polyethylene terephthalate, which is the easiest plastic to recycle! Even more reason to make sure they end up in the recycling bin.
#2 - Plastics labeled with a "2" are made from high-density polyethylene, which is also easy to recycle. This plastic is used for milk containers, detergent bottles, and other containers made out of thicker plastic.
#3 - Plastics with a #3 are polyvinyl chloride (PVC) plastics, which aren't easily recyclable and are harmful to the environment. Many plastic toys, packaging, and furniture are made from #3 plastic.
#4 - Number 4 plastic is the type of plastic used for grocery bags, sandwich bags, and food wrapping. Generally, it can only be recycled into the same type of plastic.
This cheat sheet should help you understand when and how you can recycle your plastic!
Tip adapted from Green Living Tips
[10]
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[3] www.cnbc.com/2019/07/26/us-gdp-second-quarter-2019.html
[4] www.cnbc.com/2019/07/26/us-gdp-second-quarter-2019.html
[5] www.reuters.com/article/us-usa-trade-china/top-us-china-trade-negotiators-to-meet-in-shanghai-next-week-idUSKCN1UJ1JI
[6] www.tasteofhome.com/recipes/big-john-s-chili-rubbed-ribs/
[7] www.irs.gov/newsroom/tax-tips-for-students-with-summer-jobs
[8] www.golfdiscount.com/blog/guides/15-helpful-tips-for-summer-golf/
[9] www.healthline.com/nutrition/iifym-guide
[10] www.greenlivingtips.com/articles/recycling-by-the-numbers.html
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