Fed Cites These 3 Factors Behind Last Week’s Decision Weekly Update – September 21, 2015

Image Courtesy of FreeDigitalPhotos.net/Stuart Miles

Image Courtesy of FreeDigitalPhotos.net/Stuart Miles

Uncertainty about the Federal Reserve’s decision on interest rates weighed on markets last week, pushing the Dow and the S&P lower. For the week, the S&P 500 lost 0.15%, the Dow fell 0.29%, while the NASDAQ gained 0.10%.

On Thursday, the Federal Reserve voted to hold interest rates steady at near zero for at least another month. Did the Fed choke or are officials just being cautious? It’s hard to say, but we now know that recent global economic events are an official problem for the U.S. Though the Fed economists believe the labor market and other sectors of the U.S. economy are doing well, they cited three factors in their decision to keep rates low:

  1. Weakening inflation pressure because of falling oil and gasoline prices, as well as a stronger dollar.
  2. Recent global events like China’s surprise Yuan devaluation and recent economic reports that raise concerns about slowing worldwide.
  3. Financial developments like the recent stock market correction.

Investors read the decision as a vote of no confidence in the economy on the part of the Fed and reacted with another selloff. However, much like the run-up to Y2K or the panic surrounding the tapering of quantitative easing, we think that a lot of the recent headlines are simply hyperbole.

The Fed doesn’t feel a lot of pressure to raise interest rates because inflation is still quite tame, and the risk of an overheated economy is low. Right now, the Fed’s main concern is risk management; central bankers don’t want to risk tightening too soon in an environment of slowing global growth. Instead, they’d rather commit to a slow, gradual approach that gives them plenty of wiggle room to adjust to changing conditions.

Relax. A rate hike is coming. Some think it will happen in December while others think the Fed will hold off until early 2016. What’s important is that our domestic economy is looking solid, and the Fed doesn’t want to act hastily. Realistically, we can expect market volatility to continue for the near future as investors price in the uncertainty.

The week ahead will be highlighted by a speech by Fed chair Janet Yellen as well as another report on second-quarter GDP. Analysts will be looking for more clarity about the Fed’s path to higher interest rates. Chinese President Xi Jinping will also be visiting the U.S. and analysts hope that he’ll provide some insight into how China plans to tackle their growth problem.

ECONOMIC CALENDAR:

Monday: Existing Home Sales

Wednesday: PMI Manufacturing Index Flash, EIA Petroleum Status Report

Thursday: Durable Goods Orders, Jobless Claims, New Home Sales, Janet Yellen Speaks 5:00 PM ET

Friday: GDP, Consumer Sentiment

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Greek exit polls show left-wing win. Projections suggest that the left-wing Syriza party responsible for the debt showdown likely won Sunday’s elections. The win could mean that further austerity fights are in store for Greece’s creditors.

Housing starts fall more than expected.  Groundbreaking on new houses dropped more than projected in August, though permits for new construction rebounded, pointing to underlying strength in the housing market.

Weekly jobless claims fall to multi-month low. The number of Americans filing new claims for unemployment benefits fell to the lowest level since mid-July, suggesting that the labor market continues to improve, though the data may be volatile due to the Labor Day holiday.

Consumer prices fall. Prices on a range of U.S. goods and services fell last month as gasoline prices dropped again and the U.S. dollar gained strength. Falling inflation complicates the Fed’s decision on interest rate raises.

Hixon Zuercher September 2015 Monthly Market Update

Stocks Gain on Greek Deal & Data Weekly Update – August 17, 2015

Image courtesy of FreeDigitalPhotos.net/renjith krishnan

Image courtesy of
FreeDigitalPhotos.net/renjith krishnan

Despite significant volatility, stocks ended last week higher after a finalized Greek bailout deal and some upbeat domestic economic data. For the week, the S&P 500 gained 0.67%, the Dow grew 0.60%, and the NASDAQ added 0.09%.

Greece finally clinched a third bailout from creditors when its parliament approved the deal and Germany backed off its opposition to the terms. The deal isn’t perfect and the International Monetary Fund is refusing to participate until there is an agreement on debt relief from Greece’s Eurozone creditors. However, U.S. investors greeted the news that Greece will remain in the monetary union with a sigh of relief. Is the Greek drama finally over? Probably not for long.

China added significant uncertainty last week when the Chinese government unexpectedly devalued the yuan against the dollar by the largest amount in two decades. While China claims that the move isn’t designed to lower export prices and boost demand, the move came after a series of depressing export reports that suggest China’s economy is in trouble. At any rate, China has been under immense pressure to devalue its currency as part of market reforms. Investors are worried that a currency war could put pressure on the dollar and hurt U.S. manufacturers.

Despite panicky media headlines that claimed that the sky is falling, the devaluation really isn’t a big deal. Here’s why:

The Chinese yuan dropped about 3.5% against the dollar in the past year. However, the Euro is down 16.4%, the Canadian dollar is down 15.8%, and the Japanese yen is down 17.0%. All told, the U.S. dollar has gained significant ground against the currencies of most of our trading partners. A stronger U.S. dollar means that Americans can afford to buy more foreign products. As First Trust’s chief economist says, “The idea that the Chinese devaluation is going to send ripples of catastrophe across the world is nothing more than a Chicken Little story.”

A cheaper yuan is like a sale on Chinese goods. Right now, the Chinese economy is showing weakness, and a cheaper currency will hopefully help stoke growth in the world’s second-largest economy. If the move is successful in boosting growth, it will be a big help to the global economy. A more expensive dollar relative to the yuan means that Chinese consumers might end up importing fewer U.S. goods (potentially causing some U.S. firms to suffer in the short term). However, if it’s a sign that China may be allowing the market (instead of its central bank) to set the value of its currency, it’s a net win for global consumers in the long term.

Looking at the week ahead, all eyes will be on China to see whether last week’s currency devaluation will continue. Analysts will also be digging through the official minutes from the latest Federal Reserve Open Market Committee meeting for more hints about how the Fed plans to handle potential threats to economic growth.

P.S. You may have seen Chinese currency called the yuan or the renminbi in media reports and wondered if there was a difference. They are essentially interchangeable terms. Renminbi (meaning “people’s currency” in Mandarin) is the formal term used by Chinese officials, while the yuan is the actual unit of the currency.

ECONOMIC CALENDAR:

Monday: Empire State Mfg. Survey, Housing Market Index, Treasury International Capital

Tuesday: Housing Starts

Wednesday: Consumer Price Index, EIA Petroleum Status Report, FOMC Minutes

Thursday: Jobless Claims, Philadelphia Fed Business Outlook Survey, Existing Home Sales

Friday: PMI Manufacturing Index Flash

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HEADLINES:

Consumer sentiment flags in August. Though American consumers don’t seem to be concerned about inflation or current economic conditions, the latest survey indicates some concerns about their future finances. Dips in consumer sentiment could translate into lower spending this quarter.

Nationwide home rental prices are sky high. The cost of renting a home has risen to record highs. A study found that renters can now expect to pay about 30% of their income in rent, as compared to the 15% buyers pay toward a mortgage. Hopefully, unaffordable rents will contribute to housing market activity.

Weekly jobless claims rise again. The number of Americans filing new claims for unemployment benefits rose unexpectedly last week. Though claims have risen for three straight weeks, they are still below the 300,000 mark and still support a strengthening job market.

Business inventories rise. U.S. businesses increased their stockpiles of goods by the most in two years, indicating that they expect demand to increase in the coming months. Analysts hope that a stronger job market will boost consumer spending.

Hixon Zuercher August 2015 Monthly Market Update

Stocks Rise on Earnings & Greece Weekly Update – July 20, 2015

Image courtesy of FreeDigitalPhotos.net/jscreationzs

Image courtesy of FreeDigitalPhotos.net/jscreationzs

Stocks surged in an action-packed week, giving the NASDAQ two record closes in a row. For the week, the S&P 500 gained 2.41%, the Dow rose 1.84%, and the NASDAQ soared 4.25%.1

Investors around the world breathed a sigh of relief when EU negotiators finally reached a deal on Greece after weeks of brinksmanship. However, all is not won yet since the deal must pass several Eurozone parliaments next and Greece must apply for a new International Monetary Fund program.2 But, the European Central Bank approved more emergency relief and Greek banks are due to reopen this week.3 Will this new bailout resolve all of Greece’s issues? Certainly not. In fact, we may see new acts in the Greek drama if a snap general election is called this fall or if the IMF refuses to support the deal.4 However, Europe avoided a painful Greek exit and Greece has stepped back from the brink (for now).

On the U.S. side, earnings season really got going last week; despite some outsized performance from a few companies, earnings have gotten off to a lukewarm start, with early results suggesting that revenues may be weaker than what we saw in the first quarter. However, financials are showing strength and some standouts in the tech sector drove the NASDAQ to new record closes.5 Shares from technology giant Google (GOOGL) skyrocketed on strong earnings, giving the stock the biggest one-day rally in history.6

In other news, Federal Reserve Chair Janet Yellen testified before House and Senate committees last week, reiterating the Fed’s commitment to raising rates later this year. Though Yellen is comfortable with the improvement shown by the labor market, she wants to be cautious about the timing of interest rate hikes to avoid stalling the economic recovery.7

Looking ahead, earnings season will continue heating up this week, giving analysts piles of new reports to digest. Investors will also take a look at more housing data to gauge how the sector looks this quarter. Though summer is often a sleepy time for markets, recent events are keeping traders close to home and we may see more volatility in the coming weeks.

 ECONOMIC CALENDAR:

Wednesday: Existing Home Sales, EIA Petroleum Status Report

Thursday: Jobless Claims

Friday: PMI Manufacturing Index Flash, New Home Sales

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HEADLINES:

Jobless claims fall more than expected. After three weeks of increases, the number of Americans filing new claims for unemployment benefits fell. Summer jobs data tends to be volatile, but the drop is a sign of health for the labor market.8

Inflation rises in June. The cost of consumer goods rose for a fifth straight month in June, driven upward by rising gasoline and other costs. This increase supports the Federal Reserve’s plan to raise interest rates this year.9

Housing starts rebound in June. Groundbreaking on new homes increased by 9.8% last month and new permits rose, boosting expectations of a housing market resurgence this year.10

Retail sales decline. U.S. retail sales unexpectedly slipped last month as Americans cut back on major purchases like autos and home goods. Though the decline could be seasonal, it raises worries that the economy might be lagging.11

Why Are Greece and China Worries Fading? Weekly Update – July 13, 2015

Image courtesy of freedigitalphotos.net/Jeroen van Oostrom

Image courtesy of freedigitalphotos.net/Jeroen van Oostrom

Markets finally broke the losing streak, closing up for the week as worries about Greece and China faded. For the week, the S&P 500 gained 0.88%, the Dow rose 1.11%, and the NASDAQ grew 0.69%.1

Though a deal with Greece wasn’t reached on Sunday, both sides of the debt overhaul debate appear committed to finding a solution. Top-level officials from around Europe met to put together a deal that would be acceptable to creditors as well as Greece’s wary parliament. With Greek banks shut since June 28 and unlikely to reopen without additional funds, damage is already being done to the Greek economy.2  As of Monday morning, an “Agreement” was finally reached between the two sides; now, attention turns to Greek’s parliament, which must ratify the deal.3

China’s stock market, which has been experiencing a bear market correction, stabilized last week. Is the free-fall over? Hard to say, but we’re not worried. China’s stock market and investing culture is immature, and the recent 30% drop in the Shanghai Composite Index came after a run-up of 150%.4 Many analysts felt that Chinese markets were frothy and overpriced, so the correction isn’t unexpected. However, the stock meltdown does lower the expectation that China’s economy will reignite global growth.5

On the domestic side, the largest stock exchange in the U.S. experienced an outage last week that caused some to worry about the effects of software on markets. The technical fault that caused the New York Stock Exchange to halt trading for four hours on Wednesday gave investors pause but didn’t result in too much disruption to U.S. equity markets because orders were routed through other exchanges. While rumors of a malicious attack flourished, NYSE officials claimed a software glitch was to blame.6

In today’s software-reliant world, technical faults can and do happen. While other institutional traders who measure positions in microseconds can suffer serious losses when orders don’t go through in time, long-term investors aren’t usually affected by small glitches. Why? When you’re investing for long-term time horizons, the timing of individual trades doesn’t matter as much, and little ripples in the market generally won’t affect your long-term financial picture.

In the week ahead, Federal Reserve Chair Janet Yellen will be speaking about monetary policy to the House and Senate. Remarks that Yellen made on Friday suggest that she will probably reiterate the Fed’s intention to raise rates later this year as long as economic activity continues apace.7 Earnings season will ramp up with many banks reporting this week as well. We’ll have more for you on earnings next week.

ECONOMIC CALENDAR:

 Monday: Treasury Budget

Tuesday: Retail Sales, Business Inventories

Wednesday: PPI-FD, Empire State Mfg. Survey, Industrial Production, Janet Yellen Speaks 10:00 AM ET, EIA Petroleum Status Report, Beige Book

Thursday: Jobless Claims, Philadelphia Fed Business Outlook Survey, Housing Market Index, Janet Yellen Speaks 10:00 AM ET

Friday: Consumer Price Index, Housing Starts, Consumer Sentiment

7-13-15

HEADLINES:

Jobless claims rise to highest level since February. The number of Americans filing new claims for jobless benefits rose last week, though underlying trends remain stable. Seasonal factors may be to blame.8

Job openings soar. The number of available jobs rose again in May, showing that the economy had 5.4 million jobs to offer. Despite the increase, hiring remained flat, indicating that employers may be having trouble finding jobseekers with the right skills.9

Fed meeting minutes shows split. Meeting minutes from the June Federal Open Market Committee meeting show that economists were split, with some ready to vote for a rate increase. However, uncertainty around global risks won out, and officials chose to wait for more information.10

Consumer confidence rises more than expected in June. A gauge of how optimistic Americans feel about their economic prospects soared last month, stoking hopes that spending may boost economic growth.11

International Monetary Fund trims global growth expectations. Citing weaker-than-expected economic activity, weak inflation, and other factors, the IMF lowered its global growth projection to 3.3% from 3.5%.12

Hixon Zuercher July 2015 Monthly Market Update

Quarterly Update: Markets Lose Ground on Greek Default Weekly Update – July 6, 2015

Image provided by FreeDigitalPhotos.net/ddpavumba

Image provided by FreeDigitalPhotos.net/ddpavumba

Markets lost ground again last week after Greece technically defaulted on loan payments and edged closer to an exit from the Euro. For the week, the S&P 500 dropped 1.29%, the Dow lost 1.24%, and the NASDAQ fell 1.92%.

What contributed to market performance last quarter?

Ongoing issues in Greece occupied a lot of headlines last quarter. Greece, which has struggled with debt and recession for years, has been in a standoff with its European creditors for weeks with no resolution in sight. U.S. investors responded to the turmoil with nervousness, worried about the possibility of financial contagion spreading from Europe to the U.S. Though Greece has technically defaulted on its debt obligations, we believe that financial markets are prepared for additional Greek drama and reactions will hopefully be short-lived.

Continued improvement in the labor market was a source of more positive investor sentiment last quarter. The June jobs report showed that the unemployment rate declined again to 5.3% and that the economy added 223,000 new jobs last month, bringing the total number of jobs created in the first half of the year to just over 1 million.

While the labor market is clearly making strides, it’s becoming clear that this is not your father’s recovery. Many available jobs are part-time only, wages are sluggish, and the workforce is smaller than it used to be, partly because of the vast numbers of Boomers heading into retirement.

On the positive side, the tepid report probably doesn’t give Fed chair Janet Yellen the “decisive evidence” of a jobs recovery she says she wants to see before raising interest rates this year. The Fed spent most of the first half of 2015 emphasizing that it’s going to eventually have to raise interest rates to fight off inflation. Fortunately, Fed statements have repeatedly stressed the central bank’s intention to take a slow, cautious approach to rate hikes. Will we see a rate increase this year? Possibly. Most Wall Street experts seem to think that a September hike is in store.

What can we expect in the weeks ahead?

Greece will be on investors’ minds in the coming weeks as European leaders seek a resolution to the debt-ridden country’s financial crisis. However, some analysts don’t believe that a default will necessarily lead to an exit from the Euro. However the situation is resolved, we don’t expect U.S. financial markets to experience more than a short-term pullback; in fact, stocks might head higher due to a ‘flight to quality’ effect as investors seek alternatives outside of Europe.

Investors will also be eagerly waiting for the first estimate of last quarter’s economic growth. After the dismal first quarter, in which economic growth ground to a halt, investors have pinned their hopes on a second quarter resurgence. Estimates of Q2 Gross Domestic Product growth are ranging between 2.0%-3.3%, showing that there are a lot of opinions out there on how the economy is doing.

What will earnings season bring?

By the trickle of earnings that we’ve seen so far, we can see that investors are being very unforgiving of low performers. Their attitude makes sense in light of how high markets have been running. Going forward, we want you to keep a couple of things in mind:

Could we see a pullback in the days and weeks ahead? Possibly. Is it the end of the world? Absolutely not. While it’s impossible to predict how markets are going to react to earnings season, Greece, or any other potential headwind, we want to emphasize that market corrections are a natural and expected phenomenon in today’s world; while it’s stressful to watch portfolio values fluctuate, pullbacks offer a good opportunity to review strategies and think about your personal goals. We also specialize in creating strategies that help mitigate volatility and work to take advantage of market movements.

ECONOMIC CALENDAR:

 Monday: ISM Non-Mfg. Index

Tuesday: International Trade, JOLTS

Wednesday: EIA Petroleum Status Report, FOMC Minutes

Thursday: Jobless Claims

Friday: Janet Yellen Speaks 12:00 PM ET

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HEADLINES:

Greeks vote “No” on bailout. Greek voters rejected the historic bailout referendum, refusing to given in to pressure to accept further austerity cuts. The result paves the way for negotiators to try and get a better deal from European creditors.

[x] China slips into bear market. The Shanghai Composite Index closed over 20% lower than its June 12 high, officially putting Chinese stocks in a bear market. Some analysts believe that China’s correction is unremarkable given the country’s economic struggles.

 Pending home sales reach multi-year high. The number of houses under contract rose to the highest level in over nine years in May, indicating that homebuyers may be taking advantage of a reprieve on higher interest rates.

 Consumer confidence rises more than expected in June. A gauge of how optimistic Americans feel about their economic prospects soared last month, stoking hopes that spending may boost economic growth.

The Stakes Have Gotten Higher for Greece Weekly Update – June 29, 2015

Image courtesy of FreeDigitalPhotos.net/Stuart Miles

Image courtesy of
FreeDigitalPhotos.net/Stuart Miles

Markets lost ground last week, giving in to nerves about Greece and some early second-quarter earnings reports. For the week, the S&P 500 dropped 0.40%, the Dow fell 0.37%, and the NASDAQ lost 0.71%.

Crumbling Greek debt talks were in focus again last week as the deadline toward the June 30 expiration of Athens’ bailout program edges closer. Though Greek leaders asked for a one-month extension of the bailout, creditors rejected the request, pushing the stakes much higher for Greeks.

The threat of a liquidity crisis – inevitable if Greece is ejected from the Eurozone – sent Greeks scrambling to withdraw funds from bank accounts. Sources say that over one-third of ATMs in the country ran out of cash. Though Greek banks are dealing with record withdrawals, the European Central Bank announced Sunday that it will cap emergency support for banks at current levels, leaving their cash reserves seriously depleted. If Greek leaders lock down access to accounts, ordinary Greeks could suddenly find the euros in their accounts converted to another currency if Greece exits, seriously complicating their ability to buy goods and services until the financial system recovers.

While a crisis is already underway in Greece, it’s very unlikely that serious issues will make their way to U.S. shores. Why? As the chief economist of First Trust puts it, “Greece is Detroit, Not Lehman.” In terms of international impact, a Greek default will look more like Detroit’s bankruptcy than the collapse of Lehman Brothers in 2008. Lehman Brothers played a significant role in financial markets and its sudden collapse shocked the world, helping to trigger the financial crisis.

In contrast, Greece’s contribution to the world economy is miniscule, and the country’s financial problems have been going on for years. While there is no way to know for sure how a Greek exit will affect financial markets, we believe that markets and economies worldwide are already prepared for the eventuality. Though we may see short-term volatility and a possible market retreat, we believe that many fears are overblown.

Looking ahead, Thursday’s June jobs report will be the highlight of the Independence Day shortened week. Investors will be weighing the latest job market data to predict how soon the Fed may raise rates. Markets will also be looking toward Greece as the bailout deal nears expiration on Wednesday.

ECONOMIC CALENDAR:

 Monday: Pending Home Sales Index, Dallas Fed Mfg. Survey

Tuesday: S&P Case-Shiller HPI, Chicago PMI, Consumer Confidence

Wednesday: Motor Vehicle Sales, ADP Employment Report, PMI Manufacturing Index,

ISM Mfg. Index, Construction Spending, EIA Petroleum Status Report

Thursday: Employment Situation, Jobless Claims, Factory Orders

Friday: U.S. Markets Closed For Independence Day Holiday

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HEADLINES:

U.S. economy contracted in Q1. The latest government data shows that Real Gross Domestic Product growth, the leading indicator of U.S. economic activity, contracted by 0.2% in the first quarter of 2015.

Consumer spending surges in May. Spending by American consumers recorded its biggest gain in nearly six years. Consumer spending rose 0.9% on strong demand for big-ticket items like automobiles.

China lowers interest rates again. In an effort to boost their sluggish economy, Chinese central bankers lowered interest rates for the fourth time and eased lending rules for small businesses.

Factory growth drops. Growth in manufacturing activity in U.S. factories slipped in June for the third month in a row, dropping to the lowest level since October 2013. The data could suggest that the economy didn’t rebound as much as expected in the second quarter.

What Did the Fed Announce on Wednesday? Weekly Update – June 22, 2015

Image courtesy of freedigitalphots.net/ddpavumba

Image courtesy of freedigitalphots.net/ddpavumba

Last week, markets shrugged off concerns about deadlocked Greek negotiations and rallied on strong economic data, sending the NASDAQ to a new historic high. For the week, the S&P 500 grew 0.76%, the Dow rose 0.64%, and the NASDAQ gained 1.30%.[i]

The Federal Reserve wrapped up its June meeting on Wednesday surprising no one with the announcement that the central bank will keep rates at zero percent for a while longer. Though the Fed appears to be confident that the economy is growing modestly, officials prefer to maintain the status quo until they’re more certain that rate hikes won’t harm the recovery.[ii]

We don’t yet know when the Fed will begin raising interest rates, but a number of respondents to a recent survey are betting on a third-quarter rate hike.[iii] Are rate expectations already baked into stock and bond markets? It’s hard to know for certain, but the Fed has been doing a good job of laying the groundwork for future rate moves, so we can hope that markets won’t overreact when rates start to go up.

Negotiations between Greece and its European lenders broke down again Thursday, weighing on European stocks. Greece is trying to negotiate a new round of credit from European lenders that would allow it to make scheduled debt repayments by the end of June. Negotiators have not been able to reach a deal that would satisfy creditors’ need for budget cuts and pension reform. Though Thursday’s meeting was billed as a last-chance effort to break the deadlock, some time remains before Greece formally falls into default.[iv] How will the game of chicken end? We don’t know.

Looking ahead, European and Greek leaders will hold an emergency summit on Monday to attempt to resolve the bailout gridlock. Panicked about what would happen if Greece defaults on its debt payments and leaves the Eurozone, depositors have been withdrawing cash from Greek banks, leaving some insiders speculating that Greek banks may not be able to reopen next week. If negotiators are unable to reach a compromise before the end of the month, we can expect the breakdown to cause markets to turn volatile. We’ll keep you updated as necessary.

ECONOMIC CALENDAR:

 Monday: Existing Home Sales

Tuesday: Durable Goods Orders, PMI Manufacturing Index Flash, New Home Sales

Wednesday: GDP, EIA Petroleum Status Report

Thursday: Jobless Claims, Personal Income and Outlays

Friday: Consumer Sentiment

06-22-2015

 

HEADLINES:
Housing starts fall in May. Groundbreaking on new houses fell last month, but a surge in permits for new construction suggests that the pause may be temporary and that the housing sector will see strong growth this season.[v]

Jobless claims fall more than expected. The number of Americans filing new claims for unemployment benefits fell more than expected, remaining below the key 300,000 level for the 15th week in a row.[vi]

Inflation sees biggest gain in two years. Consumer prices jumped in May by the largest amount since 2013. The data indicates that price drops relating to gasoline savings may be over and that inflation is returning to trend.[vii]

Apartment rentals reach historic high. Occupancy rates in apartments reached 95.3% in May, the highest level on record, as Americans of all ages move into rental housing in droves.[viii]

 

[i]https://www.google.com/finance?chdnp=1&chfdeh=0&chdet=1434757045361&chddm=1955&cmpto=INDEXDJX:.DJI;INDEXSP:.INX;INDEXNASDAQ:.IXIC&cmptdms=0;0;0&q=INDEXDJX:.DJI,INDEXSP:.INX,INDEXNASDAQ:.IXIC&ntsp=0&ei=j6aEVfmwNs6x2Aa8u4DYDA

[ii] http://www.cnbc.com/id/102766785

[iii] http://www.cnbc.com/id/102759995

[iv] http://www.cnbc.com/id/102770738

[v] http://www.foxbusiness.com/economy-policy/2015/06/16/housing-starts-pause-after-gains-permits-soar/

[vi] http://www.foxbusiness.com/economy-policy/2015/06/18/weekly-jobless-claims-fall-more-than-expected/

[vii] http://www.foxbusiness.com/economy-policy/2015/06/18/consumer-inflation-sees-biggest-gain-in-more-than-two-years/

[viii] http://www.cnbc.com/id/102770312