This week, I am at the annual meeting of the Million Dollar Roundtable in Philadelphia. 8,000 financial advisers from over 74 countries are in attendance. Additionally, I have the opportunity to speak to them about how to help their clients Go Tax Free: 17 Ways to Get More Choice and Control Over Your Investments and Your Taxes.
This officially launches the book and concludes the free offer period. Thanks for everyone who is reviewing it. So far, the book has received rave reviews!
The topics of conversation at MDRT are diverse, and the speakers are among the most accomplished in the world. We are blessed to learn from them!
Peter Diamandis spoke about Abundance, a #1 bestseller and his non-profit organization, the X Prize Foundation. He is giving away $10 million to the first person (or company) to invent a tricorder.
This health device, he hopes, will bring first-world healthcare to developing countries, just like cell phones brought communications to the most poor in the world.
Another speaker, Craig Kielberger, leads a nonprofit that currently helps over 1 million children around the world with everything from water to basic education. He started his organization when he was only 12 years old.
The future is much brighter than the news would have us believe. With great reason, I love the MDRT and return with an enhanced zest for life. Look for more good news soon!
Weekly Economic Update
A REASSURING JOBS REPORT
A jittery Wall Street liked the big picture it saw in the Labor Department’s May employment report. The economy added 175,000 jobs last month: decent hiring growth, not dismaying to investors, yet not impressive enough to signal the Federal Reserve to taper off QE3. Economists polled by Bloomberg forecast payrolls rising by 163,000. The jobless rate ticked up to 7.6% in May as more people started looking for work; the private sector hired 178,000 new employees and the number of discouraged job seekers hit a 52-month low. The Dow had its best day since January on Friday, rising 207.50 in response.(1,2)
FACTORY ACTIVITY CONTRACTS IN MAY
That was the message sent by the Institute for Supply Management’s latest manufacturing PMI. The May reading dropped 1.7 points to 49.0%. On the other hand, the ISM service sector PMI rose 0.6 points in May to 53.7.(3)
FED BEIGE BOOK HINTS AT SLOWER GROWTH
The central bank’s latest anecdotal survey of businesses, lenders and other segments of the private sector noted “modest to moderate” economic expansion, as opposed to the “moderate” growth referenced in the previous edition. It did report a “moderate to strong pace” of expansion in the real estate sector.(4)
STOCKS RISE, 10-YEAR TIPS REAL YIELD GOES POSITIVE
Volatility didn’t stop stocks from advancing last week – the Dow rose 0.88% to 15,248.12, the NASDAQ 0.38% to 3,469.22 and the S and amp;P 500 0.78% to 1,643.38. NYMEX crude soared 4.4% for the week to settle at $96.03 Friday. Another factoid of interest: the real yield of the 10-year note went into positive territory this week for the first time since January 23, 2012.( 2,5,6)
|% Change||Y-T-D||1 Yr Chg||5-Year Avg|
|S and amp;P 500||+15.23||+24.97||+4.16|
(Source: cnbc.com, usatoday.com, bigcharts.com, treasury.gov, (06/07/13). Past performance is no guarantee of future results. Indices are unmanaged, and investors cannot invest in them directly.
Create a beautiful week!
Karl Frank, MBA, MSF
Certified Financial Planner (R)
A and amp; I Financial Services LLC
- http://bloomberg.com/news/2013-06-07/payrolls-in-u-s-increased-175-000-in-may-unemployment-at-7-6-.html [6/7/13]
- http:/blogs.barrons.com/stockstowatchtoday/2013/06/07/market-snaps-two-week-losing-streak-on-solid-jobs-report/ [6/7/13]
- http:/ism.ws/ISMReport/NonMfgROB.cfm [6/7/13]
- http:/articles.chicagotribune.com/2013-06-05/business/chi-fed-beigebook-20130605_1_u-s-economy-federal-reserve-most-districts [6/5/13]
- http:/usatoday.com/money/markets/overview/ [6/7/13]
Securities offered through Geneos Wealth Management, Inc., member FINRA/SIPC. Investment advisory services offered through A and amp;I Financial Services LLC, registered investment advisor.