Thankful for Good News underneath the headlines
More than any other time of year, this week is one when people strive to count their blessings. There is no doubt being appreciative for what we have leads to a better, more satisfying life. It is wise to reflect upon the good things we enjoy, for it is one of the actions that can help us deal with the challenges we face.
During the past few years, nearly every corner of the globe has been affected by the financial crisis in some way. Even now, with the recovery well under way, we still feel the effects of high unemployment, a weak housing market, debt issues in the Eurozone, and a volatile stock market. On top of everything else, the media has a tendency to lead with what sells – sensationalism and bad news. So is there any good news out there? Definitely! Here are some developments to be thankful for:
- The employment picture is improving. The economy added 80,000 jobs in the month of October, and the unemployment rate fell to 9%. Economists are encouraged by signs companies are not cutting workers, and they say November's jobs report could be even better. The weekly jobless claims reports for the past three weeks have shown improvement.
- The housing market is showing signs of life. The Commerce Department reported that building permits, an indicator of future activity, surged 10.9% during October. In related news, the share of households delinquent on their mortgage payments has fallen to the lowest level since the end of 2008, offering signs that modest job gains are stemming further damage in the battered U.S. housing sector.
- Retail sales are up. American shoppers gave a better-than-expected boost to retail sales in October and left retailers with an encouraging outlook for the fourth quarter. Bloomberg reports a 0.5% gain followed by a 1.1% increase in September, according to figures released Thursday by the Commerce Department. Consumer spending accounts for roughly 70% of the US economy, and its recovery is essential.
- People are more optimistic about Europe. Treasury Secretary Timothy Geithner said Tuesday that Europe was making gradual progress in coming to grips with its financial crisis. "This is absolutely within Europe's capacity to solve and it's within their ability. It's within their grasp, it's within their reach," he said.
- Leading economic indicators are strengthening. The Conference Board's Leading Economic Indicators Index rose 0.9% in October, outpacing increases in the previous two months and providing some grounds for hope in economic growth to come. The index, comprised of 10 components, is intended to signal economic trends by taking a comprehensive look at the data. This month, nine out of 10 indicators were positive.
While things are still far from perfect, and caution must be exercised when making investment decisions, we are grateful to see a more positive U.S overall picture gradually emerging.
Regardless of what the headlines include in the week ahead, we encourage you to tune out the noise. Put down your Wall Street Journal, turn off CNBC, and enjoy some quiet time with your family and friends. We know you’ll be glad you did!
ECONOMIC CALENDAR:
Monday – Existing Home Sales
Tuesday – GDP, FOMC Minutes
Wednesday – Durable Goods Orders, Personal Income and Outlays, Jobless Claims, Consumer Sentiment, EIA Petroleum Status Report
Thursday – U.S. Holiday, Thanksgiving
QUOTE OF THE WEEK:
“Make it a habit to tell people thank you. To express your appreciation, sincerely and without the expectation of anything in return. Truly appreciate those around you, and you'll soon find many others around you. Truly appreciate life, and you'll find that you have more of it.” – Ralph Marston
RECIPE OF THE WEEK: Pumpkin Pie made simple (Ken Mahoney’s recipe)
Ingredients
• 1 cup white sugar
• 1/2 cup packed brown sugar
• 1/4 teaspoon salt
• 2 teaspoons ground cinnamon
• 2 eggs
• 1 (15 ounce) can pumpkin puree
• 1 1/4 cups milk
• 1 (9 inch) unbaked pie crust
Directions
1. Preheat oven to 350 degrees F (175 degrees C).
2. In a large mixing bowl, stir together white sugar, brown sugar, salt, and cinnamon. When these ingredients are well mixed, stir in the eggs followed by the pumpkin and milk. Transfer mixture to the pie crust.
3. Bake at 350 degrees F (175 degrees C) for 1 1/2 hours, or until a toothpick inserted into the pie comes out clean. Cool before serving.
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