Job gains stall in March – The Labor Department reported that 98,000 new jobs were added in March. Experts had expected a gain of 185,000. The unemployment rate dropped to 4.5%, its lowest reading since 2007, and down from 4.7% in February, where 235,000 jobs were added. The labor participation rate, which shows the share of working-age people in the workplace, was unchanged at 63%. Wages in March grew 2.7% from one year ago. That was below last month’s year over year 2.8% increase. This was also a number that had been increasing at a better pace, which was disappointing. Experts were taken by surprise after ADP, the nations largest payroll company, estimated that 263,000 jobs would be added just two days before the official number was released. Experts opinions were mixed. Some blamed the weather for the drop in hiring. Some pointed to the surprisingly strong job growth in January and February and shrugged off the drop looking more at the monthly average over the past 3 months, which is still a strong number. A few experts warned that this may be the first sign that job creation is stalling as employers are becoming less optimistic of the surge they had expected in the economy following the election. One thing most experts agree on is that the Fed will not hike interest rates at their next meeting because of this jobs report.
Stocks lower this week – Stocks were down slightly again this week. They are down about 3% from their all time highs just 3 weeks ago. It should be noted that they are still up over 10% since November. First quarter earnings will begin to come in over the next few weeks. The Dow Jones Industrial Average on March 31, 2017 was 20,656.10, down from last week’s close of 20,663.22. The S&P 500 closed the month at 2,355.54, down from 2,362.72 last Friday. The NASDAQ closed the month at 5,877.81, down from last week’s close of 5,911.74. Treasury Bond slightly lower again this week – The 10-year Treasury bond ended the week at 2.38%, down from 2.40% last week. The 30-year treasury yield ended the month at 3.00%, down slightly from 3.02% last Friday. Mortgage Rates – The April 6, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.10%, down from 4.14% last week. The 15 year fixed was 3.36%, down slightly from 3.39% last week. The 5-year ARM was 3.19%, slightly higher than 3.18% last week. Author, Syd Leibovitch
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Los Angeles provides no limit of things to do, some awesome and some not so awesome.
Since time is precious in this fast paced city, we decided to curate a list of things to do in Los Angeles every week end that’ll help you decide how you want to spend your limited supply of attention (not to mention dollars!). This weekend (Apr. 7 to Apr. 9) includes the Toyota Grand Prix of Long Beach, Broke LA, SoCal Corgi Beach Day, the LA Beer Fest, First Fridays, and LOTS more to choose from. Enjoy! At a time when the world feels topsy turvy to many, a great way to turn a negative into a positive is by volunteering and giving back to the community, with efforts big or small. Tune into your passion to find out how you can help make someone’s life a little better. Whether you want to get down and dirty, have the patience of a saint, or possess deep pockets, you may be wondering, “where do I fit in and how can I do my part?” The truth is volunteers are invaluable, and the foundation of most charity organizations. That said, there are many places in Los Angeles where you can roll up your sleeves, dig your heels in and volunteer this spring. From cleaning up the shoreline and L.A.’s waterways to walking and raising awareness for a cause near and dear to your heart, opportunities abound for all ages and families. Below are a few great chances to get involved this spring in the city of angels. Hope you find it useful! Photo via Friends of the Los Angeles River on Facebook
1. Plant trees with TreePeople (April 1, 9 a.m. to 12 p.m.)TreePeople is L.A.’s org dedicated to promoting tree life, caring for and planting trees in this megacity. Bottom line: its goal is to promote climate-resilient plant life and tree canopies, while reducing water waste, pollution and debris in major parks and urban neighborhoods, covering about 4,000 square miles. The TreePeople gang fully relies on volunteers (nearly 4,500) to help plant trees. These particular new plantings help bring shade, transfer rainwater into the ground, and help lower the temperature. It’s recommended that you register on the website. Wear comfy clothes, sunscreen and a hat. The April 1 Tree planting will take place at TreePeople’s facility in Laurel Canyon. -> More information 2. Big Sunday (April 3, 9 and 10)Sometimes it’s the little things and small outreaches that truly make a difference in someone’s day. This is how Big Sunday and its teams of volunteers make an impact. There are numerous ways to pitch in — everything from delivering meals via Meals on Wheels and assembling hygiene kits for homeless individuals to collecting non-perishable food items for a local food pantry. The next service projects include making Easter goody bags for Boys and Girls Club of Watts/Willowbrook (4/3), spending an evening with America’s veterans at Big Sunday Vets’ Night & Dinner – you can participate by writing letters to active duty military personnel and donating comic books for Operation Gratitude care packages (4/9), and creating animal blankets for Amanda Foundation (4/10). There is always something to do with the Big Sunday crew. -> More information 3. The Great LA River CleanUp (April 15, 22, 29)Join Friends of the Los Angeles River (FoLAR) in The Great LA River CleanUp. Last year 9,000 volunteers picked up and took out 70 tons of trash. This year, the organized river cleanup will take place over three Saturdays in April, offering plenty of locations to work. Protecting and restoring the natural heritage of the Los Angeles River (yes, this city does have one) is what FoLAR is all about. It’s a dirty job, but this is where passion shows up. Cleaning up trash and debris will create a swimmable, fishable and boatable river for people, birds, fish and other native wildlife. -> Registration and more information 4. Walk MS: Greater Los Angeles (April 23)Multiple sclerosis just doesn’t affect the individual afflicted with the disease: it impacts families, friends and caregivers, too. Help put an end to this life-changing affliction by organizing a team of your best friends and family (perfect for catching up on life) and walk (or run) the beautiful grounds of the Pasadena Rose Bowl. You’ll see some of the participants using walkers and wheelchairs, which in itself is inspiring. Last year, $799,212 was raised to benefit research and resources. If walking isn’t your thing, check out the Walk MS website to join the volunteer team to cheer on walkers — all ages are welcome. More information 5. Lollipop Superhero Walk (April 30)Put on your cape and be a superhero at The Grove to benefit Lollipop Theater Network. Officially called the Lollipop Superhero Walk, the event is organized to spread the word and fundraise. Lollipop Theater Network is group of volunteers, movie studios and favorite stars — like Seth Rogen, Anne Hathaway, Leslie Mann and Ed Helms, just to name-drop a bit — that truly rolls out the red carpet to provide in-hospital movie screenings coast to coast for young patients with life-threatening illnesses. Sign-up to walk, or to make a donation. An awesome after-walk-party is open to participants. -> More information 6. Art Shopping at Venice Family Clinic Art Walk (May 21)In an unsteady and tumultuous time for health care, supporting places like Venice Family Clinic is essential. The clinic ensures quality comprehensive healthcare to the low-income or uninsured, and those who may be experiencing homelessness, regardless of their immigration status or ability to pay. Think pediatric and prenatal care, primary care for teens and adults, dental, vision, mental health, women’s health including breast and cervical cancer screenings, domestic violence intervention, HIV/AIDS prevention and health education, and Children First Early Head Start services. With all that being said, how can you help? Walk the Venice Family Clinic’s Art Walk & Auctions along Main St. The day-long art walk is generously supported by over 200 artists who have donated amazing works of art. Live music, food stations, a barking lot for dogs and an imagination station for kids rounds out the day, and no tickets are necessary. And there are other ways to help out, too. Medical professionals, as well as individuals not in the medical field, are encouraged to volunteer throughout the year. More information 7. Tour de Pier (May 21)On the bike or off the bike, the 5th annual Tour de Pier brings together a community dedicated to doing away with cancer. The gist of this fundraiser is 1,500 cyclists riding on 350 stationary cycling bikes for five 50-minute spin sessions. Did we mention yet that bikers spin while overlooking the beautiful view of the Pacific Ocean in Manhattan Beach? This event raises money for The Hirshberg Foundation for Pancreatic Cancer, The Uncle Kory Foundation and Cancer Support Community. Expect the best L.A. spin instructors, fun music, celebrity spin riders, a worthwhile Health & Fitness Expo (with free giveaways), and a Cardio Kids Fun Zone. Last year, the gorgeous Rams Cheerleaders made a special appearance. Last year TDP raised more than $1.1 million. Volunteers of all ages are encouraged to assist (students can earn credit for community service hours), and riders are invited to reserve a bike. -> More information 8. Pedal on the Pier (June 4)Pedal on the Pier gives spin fanatics another chance to put on spin shoes and ride to the rhythm. The hottest spin instructors and DJS will lead cyclists on a stationary ride on the Santa Monica Pier to raise money for The Harold Robinson Foundation (the goal is $1 million). The Foundation helps send kids from 25 Los Angeles inner-city schools on a three-day camp retreat. The retreat promotes self-esteem, independence and leadership skills — essentials for all students. So what do you need to do to make that a reality? Sign up as one of 400 riders (or on a team of five) to one of the five allotted hours. You don’t have to be a spin maven, and all fitness levels are welcome. Just come prepared to ride, and hang out on the Pier. Each bike commitment is $2,500. -> More information 9. Los Angeles Food Bank’s Alternative Spring BreakMore than 300,000 low-income women, infants and families, people with disabilities and seniors on a fixed income rely on Los Angeles Food Bank donations each month. Food sorting is one of the easiest volunteer jobs that is open to teens 14 years and older, as well as adults. Items such as canned fruit and vegetables, rice, and cereal that get donated to the Food Bank need sorting, cleaning and repackaging. The food bank welcomes volunteers Monday through Saturday (check website for times and location). According to the non-profit group, every $1 that is donated provides enough food for 4 meals. -> More information 10. Wags and WalksCalling all dog lovers with some spare time: Wags and Walks is always looking for volunteers to help the rescue dogs onsite at its Wags Club in West L.A.. This non-profit organization rescues dogs, with no size, age or breed prejudices, and helps them find a proper home where they can thrive. Wags Club serves as a temporary home to up to five dogs until foster homes are found. This is a perfect opportunity for volunteers (in shifts) to come and walk the dogs, feed, clean and groom and, of course, play with them. Wags and Walks is surely appreciative of any amount of time you can give. It’s called puppy love. -> More information 11. Nothin’ But Sand Beach Cleanup with Heal the Bay (Third Saturday of every month, except December)Beach cleanups with Heal the Bay are offered monthly. This vital work entails Heal the Bay and its volunteers picking up trash in the sand and at the shoreline. The ongoing program gives helpers the opportunity to volunteer as much or as little time as they prefer. The cleanups take place at various L.A. County beach locations, which change monthly. Volunteers trek the beaches, picking up plastic items, styrofoam trash and smoking-related items, which are then removed by Heal the Bay. The cleanups take place rain or shine, and it’s required that you RSVP online. -> More information 12. Teach an Adult to ReadThere is still a huge adult literacy crisis in this country, and the Los Angeles Public Library offers their Adult Literacy Program (ALP), which provides free one-on-one adult tutoring. The program can be accessed at the central library in the Singleton Literacy Center, as well as at other branches all over L.A., including Cahuenga, Baldwin Hills, Pico Union, Koreatown, Venice, Watts and many others. After training, volunteer tutors help adults improve reading and literacy skills by meeting up twice a week for 1 to 1 ½ hours for a minimum of six months. -> More information 13. Serve Meals to VeteransThe Salvation Army carries out its tireless efforts and sharing of provisions at The Salvation Army’s Haven, an emergency shelter located on the Veteran Affairs Campus in West L.A. and the Bell Shelter in Bell. Every day, volunteers are needed to serve three scheduled hot daily meals to veteran residents. How can you help? Assist with meal prep and serve either breakfast, lunch or dinner. Since 1887, the Salvation Army has had a huge presence in Southern California feeding and housing countless men, women and children. Check out the corner of Temple and Broadway in DTLA – visitors will see a plaque in the sidewalk paying tribute to a time when the organization met on that very street. -> More information 14. Embrace Culture and the Arts at Barnsdall ParkGetting involved with the Barnsdall Art Park is an awesome experience. The site of Frank Lloyd Wright’s first L.A. project, the Hollyhock House welcomes visitors all year long. Built between 1919 and 1921, this Lloyd Wright architecture celebrates the climate of L.A. by combining the indoors and outdoors. The house features rooftop terraces, a garden court and many glass doors to appreciate the outdoors. The Hollyhock House is seeking volunteers to be tour docents, and/or get involved with the Barnsdall Art Park Foundation, which hosts various events including wine tastings and movie nights in the spring and summer, along with gallery openings. -> More information Article courtesy of We Like LA. Stocks markets end March almost unchanged from February – Stocks soared to new heights early in the month. At one point the DOW broke 21,000. Unfortunately for investors, stocks retreated from all time highs early in the month. The Dow Jones Industrial Average on March 31, 2017 was 20,663.22, down from its February 28 close of 20,837.44. The S&P 500 closed the month at 2,362.72 almost unchanged from its February close of 2,369.73. The NASDAQ closed the month at 5,911.74, up from last month’s close of 5,861.90.
Treasury Bond yields end month slightly lower – Despite a rate rise by the Federal Reserve, treasury bonds fell slightly in March. The 10-year Treasury bond closed March 31, 2017 at 2.40%, down from 2.46% at the end of February. The 30-year treasury yield ended the month at 3.02%, down slightly from 3.06% last month. Mortgage Rates almost unchanged in March – The March 30, 2016 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.14%, just slightly higher than 4.10% on March 4, 2017. The 15 year fixed was 3.39% up slightly from last month’s close of 3.32%. The 5-year ARM was 3.18%, slightly higher than 3.14% on March 4. Consumer Confidence at 15 year high – The government reported that consumer confidence in February climbed to the highest level in 15 years. The Monthly Consumer Confidence Survey had the Consumer Confidence Index at the highest level since July 2001. Federal Reserve raises benchmark rates – The Federal Reserve announced Thursday that they had increased their benchmark interest rates. The 1/4% increase was the second increase in less than 90 days, but just the third increase in a decade. The Federal Funds and Discount Rate, the rate which the Fed charges banks for overnight lending now stands at about 1%. It had dropped to 0 – 1/4% during the recession and stayed at that level until December 2015 when the Fed rose the rate by 1/4%. The economy showed signs of slowing in the first two quarters of 2016, so rate hikes were put on hold. The next increase didn’t happen until December 2016, and the third increase was March 16, 2017. The Fed still expects 2 more increases this year, and stated that the policy still is “accommodative”, and “neutral” would have a rate near 3%. Following the increase banks increased their prime rates by 1/4%, which increased all loans tied to prime like home equity lines of credit, and most business loans. Some banks increased rates paid out to on bank accounts, which will increase adjustable rate mortgages, as those are tied to bank’s cost of funds. The 15, and 30 year fixed actually dropped after the announcement. They had increased over the last two weeks. Higher rates generally mean less inflation. Interest rates fixed for long periods need to be at a higher rate than inflation which they call “the spread” to make a profit. To put is simply, the Fed uses interest rate policy to help the economy when slow by lowering rates. Lower rates make borrowing less expensive to encourage people and companies to borrow more to increase investing. When the economy is so strong that inflation is a risk the Fed increases rates to slow the economy so it doesn’t overheat. Technically that’s not exactly what has happened. What they have done is raise rates and will continue to raise rates to a “neutral rate”, as they dropped rates to the lowest level in history, because the recession was so deep. Now that job growth has been so strong, and we are seeing signs of inflation they don’t feel that historically low rates are needed and are gradually trying to get them to a more neutral level. Without getting rates up they don’t have the valuable tool to drop them if the economy slows, as you can’t go down from zero! California jobless rate dips to 5% in February, a 10 year low – The Employment Development Department reported that California’s unemployment rate dropped to 5% in February, a 10 year low. 22,900 net new jobs were added in February. Over the last 12 months 315,800 new jobs were added in California, a 1.9% increase. California’s increase in new jobs created outpaced the national job increase pace of 1.6%. The unemployment rate in L.A. County was 4.8%. California home sales pace, and prices continue to rise – The number of existing homes sold in California increased 4.7% month over month from January. Year over year the number of homes sold were up 4.9% from February 2017. The median price paid for a home in California was 478,790. The median price represents the point at which 1/2 the homes sell for more, and 1/2 sell for less. Month over month the median actually dropped which we have often seen over the last year, as one month is not a large sample. Month over month the median dropped 2.2% from January. Year over year, which is a better indicator of price movement prices were up up 7.6 in February from February 2016. Inventory increased to a 4 month supply as more homeowners began putting homes on the market. That was up from 3.7 months in January, but down from 4.7 months last February. Inventory levels are also better to compare year over year due to seasonal purposes. Low inventory leads to a decline in pending sales of existing homes – The California Association of Realtors reported that new contracts signed for the purchase of existing homes in February declined 2.6% year over year from the number of contracts last February. Month over month pending sales increases 3.2% from January’s pending contract level. It’s best to compare year over year rather than month over month due to seasonal reasons. Pending home sales is an indicator of future closed sales. U.S. Existing home sales dip from January’s 10 year high pace – prices increase – According to the National Association of Realtors, U.S. Existing home sales dipped 3.7% in February from January’s pace. January marked the highest number of sales in January in almost a decade. Year over year existing home sales were up 5.4% from last February. The median price paid for a home nationally was 7.7% higher in February than it was one year ago. This marked the 60th consecutive month of year over year price gains. U.S. Pending home sales surged in February – Pending re-sale home sales increased 5.5% in February from January’s pace, according to data released by The National Association of Realtors. Year over year pending sales were 2.6% above last February’s pace. February’s sales pace was the highest in 11 months. U.S. new home sales surge in February – The Commerce Department reported that new home sales rose 6.1% in February from January’s sales pace levels. Year over year new home sales increased a staggering 13% from last February, 2016. The National Association of home Builders / Wells Fargo builder sentiment index rose to its highest reading since June 2005. Author Syd Leibovitch |
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