Description: The article is about fifth third login. The passage talks about some big economic news in last week. The ten-year US Treasury yield closed higher at two point eight nine percent,it is the first one-week advance in the past three weeks.
I’m director of investments at Fifth Third Bank in Chicago. Last week the ten-year US Treasury yield closed higher at two point eight nine percent,it is the first one-week advance in the past three weeks. Oil prices gained slightly week over week with West Texas Intermediate crude oil closing at over 62 dollars per barrel.
The main focus of the week was equity markets,most major equity markets around the globe moved notably higher,technology and small companies stocks led the way advancing the Nasdaq Composite Index and the Russell 2000 to over a four percent gain on the week. Both the S&P 500 and Dow Jones Industrial Average moved higher by over 3%. With the equity market rally on Friday,the S&P 500 is only three percent below its all-time high level.
The economic news that sent stacks on a climb last week,it showed a expected job report and tempered concerns on inflation. Non-farm payrolls advanced 313 thousand in February far surpassing the estimate of two hundred and five thousand,holding the unemployment rate steady for the fifth month in a row at four point one percent.
Average hourly earnings rose a year over a year by 2.6 percent,it was slightly softer than the forecast and previous the revised reading of it was 2.8 percent. The labor force participation rate gained in February to 63 percent.
In other economic news,the Federal Reserve released their beige book last week with information through February 26th. The report highlighted moderate inflation,employment growth and higher wages,overall the economic picture reflected by the beige book points to continued economic expansion.
The Institute for Supply Management’s non-manufacturing index declined to 59 point five in February,it was better than forecasted although lower than the previous reading of 59.9. Any reading above 50 is positive,it tells us that the services sector is expanding.
At Fifth Third,we’ll watch for a number of economic releases this week,we’ll start the week with a read on the NFIB small business optimism index for the month of February,it is expected to come in slightly higher than the previous month.
We’ll watch for two key inflation releases,the producer price index and consumer price index. These releases have the ability to impact the Federal Reserve’s interest rate decision at the next Federal Open Market Committee meeting on March 20th and 21st.
We’ll get a look at the US consumer through the February retail sales release. Weekly jobless claims for the week ending March 10th as well as the jolts report job openings and labour turnover survey data from January will arrive late week. Finally we’ll get a look at US housing data as well as industrial production and capacity utilization releases for February.