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Finance Highlights 2008 1118
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Finance Highlights 2008 1118
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12/12/2008 9:45:12 AM
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12/12/2008 9:45:11 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
11/18/2008
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_CC Agenda 2008 1215
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ECON©MIC R®UNDUP <br />! GHANbLER <br />®~ ASSET <br />,,,~f%'~ c MANAGEMENT <br />CELEBRATIWG GUR 20TH YEAR <br />CONSUMER PRICES <br />In August, the CPI increased by 5.4% on a year-over-year <br />basis, compared to July's 5.6% reading. The year-over- <br />yearCore CPI (CPI less food and energy) rose at a 2.5% y- <br />o-y rate. Although inflation readings remain elevated, <br />lower energy prices and slowing economic growth <br />should help inflation to moderate in the months ahead. <br />RETAIL SALES <br />In August, Retail Sales rose at ayear-over-year rate of 1.6°l0. <br />Recently, consumers have slowed their spending in reaction to <br />higher energy prices, the housing market contraction, and a <br />general tightening of credit standards. The arrival of tax rebate <br />checks helped mitigate this weakness somewhat, but the <br />benefits of this one time stimulus are diminishing. <br />HouSINCa START5 LABOR MARKETS <br />Single-family housing starts declined by 1.9% in August, The September non-farm payroll employment report showed a <br />to a 0.63 million annual pace, the lowest since March decrease of 159,000 jobs and the unemployment rate remained <br />1991. This follows July's reading of 0.64 million. The fall at 6.1 %. The payroll data reflected the ninth consecutive <br />in housing starts is supporting the financial market month of negative job growth. September's employment <br />concern that the decline in the housing market has not report reinforces the recent financial market concern about a <br />yet run its course. slowing economy impacting the labor markets. <br />CREDIT SPREACI5 MUCH WIDER <br />3-month top-rated commercial paper 2.64 1.01 1.63 <br />2-year AA corporate note 1.50 1.14 0.36 <br />5-year AA corporate note 1.67 1.41 0.26 <br />5-year Agency note 1.12 0.92 0.20 <br />Source: Bloomberg Data as of 9/30/08 <br />ECCINI~MIC DATA <br />Trade Balance (62.2) $Bln JUL 08 (58.3) $Bln JUNE 08 (59.1) $Bln JUN 07 <br />GDP 2.8% JUN 08 0.9% MAR 0$ 4.6% JUN 07 <br />Unemployment Rate 6.10% SEPT 08 6.10% AUG OS 4.70% SEPT 07 <br />Prime Rate 5.00% SEPT 08 5.00%AUG 08 7.75% SEPT 07 <br />CRB Index 345.5 SEPT 08 391.7 AUG 08 333.7 SEPT 07 <br />Oil (West Texas Int.) $100.64 SEPT 08 $115.46 AUG 08 $81.66 SEPT 07 <br />Consumer Price Index (y/o/y) 5.4% AUG 08 5.6% JUL 08 2.% AUG 07 <br />Producer Price Index (y/o1y) 9.6% AUG 08 9.8%JUL 08 2.3%AUG 07 <br />Dollar / EURO 1.41 SEPT 08 1.47 AUG 08 1.43 SEPT 07 <br />Source: Bloomberg Data as of 9/30/08 <br />® 2008 Chandler Asset Management Inc, An fidependent Registered Investment Adviser <br />The information contained herein was obtained from sources we believe to be reliable, but we do not guarantee its accuracy Opinions and forecasts regarding industries, <br />companies, and/or the economy are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation. <br />Page 4 <br />CHANDLER ASSET MANAGEMENT ^ 9255 Towne Centre Drive, Ste 350 ^ San Diego, CA 92121 ^ 8~ 317 4747 ^ chandlerasset.com <br />
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