August new jobs disappoint – The Labor Department reported that The U.S. Economy added 157,000 non-farm jobs in August. Economists had expected a gain of 180,000 new jobs. The unemployment rate grew to 4.4% from 4.3% in July. Wage growth also stalled growing just .1% over July and up just 2.5% from last August.
Stocks drop this week – Stock markets dropped this week following a disappointing August 2017 jobs report, and concerns about the cost of Hurricane Harvey and Hurricane Irma frightened investors. Investors were calmed by a deal to extend the debt ceiling and avoid a government shutdown for three months. The Dow Jones Industrial Average ended the week at 21,797.79, down from 21,978.56 last week. The S&P 500 closed the week at 2,461.43, down from its close last week of 2,476.55. The NASDAQ closed the week at 6,360.19, down from last week’s close of 6,435.33. Bond yields lower this week – Bond yields hit the lowest levels in over a year – The 10-year Treasury bond closed the week at 2.06%, down from 2.16% last week. The 30-year treasury yield ended the week at 2.67%, down from 2.76% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully. Mortgage Rates near 18 month low – The September 7, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.78%, down from 3.82% last week. The 15-year fixed was 3.08%, down from 3.12% last week. The 5-year ARM was 3.15%, almost unchanged from 3.14% last week. Rates at the end of the week were slightly lower. Author, Syd Leibovitch
0 Comments
Amazon has been based in Seattle since its founding in 1994, but the e-commerce giant is planning a second headquarters elsewhere in the U.S., and Los Angeles is officially in the running.
Mayor Eric Garcetti’s office confirmed that Los Angeles was planning to bid on the new Amazon headquarters, with Garcetti calling L.A. “the perfect place for a company like Amazon to find talented workers, and an environment that nurtures growth and innovation,” in a statement emailed to LAist on Thursday. Amazon announced plans to put $5 billion toward the construction of its second headquarters in a request for proposals from potential bidders. “We expect HQ2 to be a full equal to our Seattle headquarters,” Amazon CEO Jeff Bezos said in a statement on Thursday. Amazon will give priority to cities to cities with more than one million residents that are within 45 minutes of an international airport, according to the L.A. Times. Other cities planning to bid on the new headquarters include New York, Chicago and Atlanta, CNBC reports. If selected to host Amazon’s new offices, Los Angeles could gain up to 50,000 new full-time jobs. The city is already home to Amazon’s thriving film and TV division, Amazon Studios, whose offices are located in Santa Monica (and could soon be moving to Culver Studios’ famed Gone With The Wind mansion.) Not everyone is likely to be enthused about the possibility of Amazon expanding to Los Angeles, though. The tech-industry gentrification driving up prices in Venice’s “Silicon Beach” would likely increase with Amazon’s arrival, and Curbed raises the question of where L.A. would even fit an 8-million-square-foot Amazon complex. Nonetheless, it appears L.A. will fight to win the Amazon bid by the October 19th deadline. Story courtesy of LAist. This weekend a familiar local art institution is opening in a fresh space, under a new name.
On Saturday, Sept. 9 The Institute of Contemporary Art, Los Angeles (ICA LA), formerly known as the Santa Monica Museum of Art (SMMoA), will open the doors on a new 12,700-foot facility located on the south side of the Arts District in Downtown Los Angeles. ICA LA’s new digs include 7,500-square-feet of exhibition space, a designated area for public programs, plus offices. Still yet to open is a cafe, which is scheduled to arrive sometime in 2018. And here’s the part you’ll want to note: Admission, both for the opening celebration and ongoing visitation, is free! After opening in 1984 SMMoA had spent it’s final 17 years as a tenant of Bergamot Station before shutting down in May 2015. For the past two-plus years former employees of the museum have been focused on looking for a new home, along with a strategy to rebrand and generate the operating funds necessary for a new endeavor. Now, all the hard work has come to fruition. ICL LA has defined it’s mission as to “support art that sparks the pleasure of discovery and challenges the way we see and experience the world, ourselves, and each other,” according to the museum’s new website. To launch that vision the museum will open with three exhibitions, all running through December 31, 2017: – Martín Ramírez: His Life in Pictures, Another Interpretation features approximately 50 drawings and collages as part of the artist’s first presentation in Southern California. – Sarah Cain: now I’m going to tell you everything is the inaugural project for ICA LA’s courtyard wall on 7th Street (see photo above). – Abigail DeVille: No Space Hidden (Shelter) will be the artist’s first solo exhibition in Los Angeles. Additionally, the opening weekend of Sept. 9-10 includes several special activities, tours and talks to welcome the public to the new space. Saturday features:
Opening weekend (Sept. 9-10) hours are from 11 a.m. to 6 p.m. Ongoing hours thereafter will be 11 a.m. to 7 p.m. on Wed. – Fri., and 11 a.m. to 6 p.m. on Sat.-Sun. Admission is free. For more information on visiting ICA LA, or to help plan your visit, be sure to visit theicala.org. Article courtesy of We Like LA. Los Angeles is filled with events, especially over the weekend!
This weekend, enjoy a lobster festival, an LA River boat race, a new museum in the Arts District and much more! The schedule begins after this! Friday September 8th, 20171. Long Beach Original Lobster Festival (Sept. 8-10) will feature fresh Maine lobster, live music, face painting, karaoke, arts & crafts booths, a petting zoo, plus various wine/beer gardens. Check for discount tickets before making your purchase. DISCOUNTED (via Goldstar) 2. Ohana Festival heads to Doheny State Beach for a three-day music festival with a diverse musical lineup playing right off the shore of the Pacific Ocean in Dana Point. Band include Social Distortion, Eddie Vedder, Jack Johnson, Pixies, TV on the Radio, Fiona Apple and Ray Lamontagne. 3. A special screening of Easy Rider comes to The Wiltern for a one-of-a-kind experience of the iconic 1969 film about two bikers on an epic road trip. The screening will be paired with a hot seven-piece band performing music from the original score. 4. Get spooked during Paramount Pictures After Dark Tour: Tales From The Other Side where you’ll hear scandals of yesteryear and the lost souls who haunt the studio lot by moonlight. The tour starts at dusk with champagne as you head into the studio lot where you’ll weave in and out of sound stages and the darkest corners of the infamous backlot. You’ll end the night next door at Hollywood Forever Cemetery the final resting place of some of the most infamous stars. DISCOUNTED (via Goldstar) 5. The Muppets take over the Hollywood Bowl for an evening of music, special surprises and a spectacular fireworks show. Join Kermit, Miss Piggy, Fozzie, Gonzo, Animal and the rest of the Muppet gang for an unbelievably fun and zany night. 6. Shop Everly Clothing’s last Summer sample sale for the season this Friday. All proceeds go directly to the Hurricane Harvey Relief Fund! 7. Garbage Pail Groundlings is the latest main stage show at the renowned LA theater. The show is filled with sketch comedy, improv and a cast of growing comedians who’ve made appearances in movies like Ted and television shoes like Workaholics. DISCOUNTED (via Goldstar) 8. Spend the night screening cool indie films from the Morelia International Film Festival during Cine Sin Fronteras presented by The Latin American Cinemateca of Los Angeles. Taking place at the Mexican Consulate of Los Angeles, the event is free and open to the public with a pre-screening reception serving complimentary sangria and beer. FREE 9. Get a peek into the Fall TV season during the 11th annual PaleyFest Fall TV Previews Sept. 6-16. Located in Beverly Hills The Paley Center for Media will play host to the ten-day festival featuring some of the most anticipated shows both new and old, as well as star-studded panel discussions with series cast and creatives. 10. The folks at Rooftop Cinema Club are back with two screenings at their rooftop locations. Memento at LEVEL in Downtown Los Angeles and Casablanca at Montalban in Hollywood. 11. The LA County Fair takes over the Fairplex in Pomona from Sep. 1-24 with fair-style foods, live musical performances, carnival-style games, rides, and unique attractions such as an expanded farm section (over five acres) featuring tons of interactive agricultural experiences for guests to enjoy. Check for discount tickets before making your purchase. DISCOUNTED (via Goldstar) 12. The Burbank International Film Festival heads to AMC Burbank 16 in Downtown Burbank Sept. 6-10 with 180+ feature and short films representing 60 countries. Expect artist tributes, panels, afterparties, red carpet, receptions, and networking opportunities. 13. Head to LA Plaza de Cultura y Artes for a free summer of salsa concert with The Arsenio Rodíguez Project. FREE 14. Ballona Discovery Park is hosting a free family movie night screening nature friendley films. FREE 15. LACMA’s award winning Department of Music Program provides hundreds of free concerts and musical events every year for Angelenos to enjoy. This Friday their jazz series continues at the BP Grand Entrance. 16. Free museum days: Long Beach Museum of Art Saturday September 9th, 201717. The Sunstock Solar Festival comes to the Magic Box in Downtown L.A. for an all-solar music festival featuring an eclectic array of alternative and indie musical acts, solar-powered art, organic food, and more. Bands playing include Ra Ra Riot, Wild Cub and Robert DeLong. The festival will also have discussions based around clean energy, sustainability, and social justice. Check for discounted ticketsbefore making your purchase. DISCOUNTED (via Goldstar) 18. The Institute of Contemporary Art, Los Angeles (ICA LA), formerly known as the Santa Monica Museum of Art (SMMoA), will open the doors to a new 12,700-foot facility located on the south side of the Arts District in Downtown Los Angeles. ICA LA’s new digs include 7,500-square-feet of exhibition space currently housing three exhibitions on opening day. FREE 19. The High & Low Festival heads to Nos Event Center in San Bernardino with bands like Brand New, Death Cab for Cutie, Tegan and Sara, Andrew McMahon in the Wilderness, Best Coast and more. There will also be live comedy by The Hard Times. Kurt Braunholer, Mike Lawrence, Guy Branum, and Cameron Esposito. 20. The DAC Gallery will host an opening reception for The, Their, Likeness a group art exhibition featuring works from a variety of mediums that touch on the idea of portraits. All artists in the show are from the ECF Art Centers Program a space that provides mentorship, and support for adult artists living with developmental disabilities. The reception is open to the public and Fort Point Beer Co. will be pouring during the event. FREE 21. The scenic Glendale Narrows section of the Los Angeles River will be home to the fourth LA River Boat Race happening this Saturday. The race through the river is open to paddlers of all ages and abilities! Though the suggested donation is $25, all are welcome to “pay what they can afford.” 22. Esotouric Bus Adventures presents The Birth of Noir a James M. Cain’s SoCal Nightmare Bus Tour. This tour explores the life, work, myths and passions of American novelist James M. Cain (The Postman Always Rings Twice, Double Indemnity) and his time in California. Check for discount tickets before making your purchase. DISCOUNTED (via Goldstar) 23. There’s a cannabis themed Beatles tribute party this weekend in DTLA. Hosted by GRASSFED and The Art Of Edibles the evening will honor the 50 year anniversary of the album Sgt. Pepper’s Lonely Hearts Club Band. The event will include a “multi-sensory” listening session of the original album in the dark, a Q&A with renowned Beatles album cover designer John Kosh, live covers of Beatle songs and a sponsor table where guests can learn about cannabis products and more. 24. KP Projects La Brea Gallery will host an opening reception for Scott Hove’s new exhibition titledLast Ticket for the Beauty Train. The evening will feature nearly 30 new pieces of sculptures and installations that examines what Hove terms “the failures of the Illuminati.” To gain access to the free reception, the public must RSVP to rsvp@kpprojects.net. FREE 25. Spend a day tasting amazing dishes from top chefs during the annual LA Loves Alex Lemonade. Participating chefs include Jeremy Fox, Wes Avila, Scott Conant, Ray Garcia, Valerie Gordon, Bruce Kalman, Walter and Margarita Manzke and much more. Happening at UCLA, the event is dedicated to raising funds for research into new treatments and cures for all children battling cancer. 26. Street Food Cinema this Saturday features two screenings on Saturday: Mighty Ducks – 25th Anniversary at Griffith Park Los Angeles and Mean Girls at Marriott Golf Course Manhattan Beach. 27. Woofstock 2017 is a celebration of peace, love, and paws at the Third Street Promenade in Santa Monica. This pet-friendly day will feature lots of fun in the sun, with activities like complimentary pawdicures, live music, LA Love & Leashes adoptions, costume contest, vendor demos and giveaways. FREE 28. Visit the Redondo Pier for the 15th Annual Chalk Art Festival, an all-ages event that transforms the South Bay pier into a work of art. Guests are free to pick up some chalk and get creative! FREE 29. Eat|See|Hear is back with a screening of Harry Potter at Centennial Square at Pasadena City Hall. Check for discounted tickets before making your purchase. DISCOUNTED (via Goldstar) 30. Burbanks Game Realms is hosting a Sega Dreamcast 18th USA Anniversary Celebration where they’ll roll out a bunch of Dreamcast games for the public to play. Admission costs $7. 31. L.A.’s only live animated comedy show Picture This! is back with a free show on Saturday at The Virgil where the bar will be fully stalked and a taco truck will be parked outside for your dining pleasure. FREE 32. The folks at Rooftop Cinema Club are back with two screenings at their rooftop locations. Inception at LEVEL in Downtown Los Angeles and Raiders of the Lost Ark at Montalban in Hollywood. Sunday September 10th, 201733. Grand Park presents a Beat Swap Meet this Sunday where guests will be able to check out record & vinyl goods alongside live art-making, entertainment and a classic car show. FREE 34. The 71st Annual East Los Angeles Mexican Independence Day Parade & Festival comes to the Mexican Consulate in Downtown Los Angeles for one of the longest-running parades in the country. FREE 35. There’s a public opening reception for City of Los Angeles Department of Cultural Affairs (DCA) Los Angeles Municipal Art Gallery (LAMAG) titled Condemned To Be Modern. Part of Pacific Standard Time, the exhibit examines modern architecture through the eyes of 21 Latin American contemporary artists. On opening day, there will be a special performance art piece featuring Mayan interdisciplinary artist Crystal Sepulveda set against the backdrop of Frank Lloyd Wright’s Hollyhock House. FREE 36. Cheer on the Dodgers as they go up against the Colorado Rockies. Spend an evening at the iconic Dodger Stadium and dine on the newly revamped menu as you watch the boys in blue. DISCOUNTED (via Goldstar) 37. The Los Angeles Latino Book and Family Festival comes to the La Plaza de Cultres y Artes for a full day of exhibits, storytelling, author meet-and-greets, workshops, activities, food and much more. FREE 38. Head to Manhattan Beach for Pub at the Club a food and libation festival featuring 20+ awesome craft brewers, 10 wineries and 10 delicous restaurants ready to pour and serve you unlimited tastings. Taking place at the Manhattan Beach Badminton Club, 100% of the proceeds will go to benefit the MB Badminton Club’s Junior Foundation. 39. Friendship Buddies is a weekly stand-up comedy show at the Verdugo Bar in Glassell Park. Come hangout in the back patio, enjoy a cocktail, and LOL to outstanding stand-up comedians in Los Angeles. FREE 40. Free admission days: Museum of Latin American Art and Craft and Folk Art Museum (pay what you can) Article courtesy of We Like LA. Stocks up again this week – Stock markets finish higher in August – Stocks finished higher for the second straight week. A revised second quarter GDP report revealed that growth reached 3% for the first time since 2015. Renewed reports of tax reform and better manufacturing data moved markets up this week – The Dow Jones Industrial Average ended the week at 21,978.56, up from 21,814.67 last week. The S&P 500 closed the week at 2,476.55, up from its close last week of 2,443.05. The NASDAQ closed the week at 6,435.33, up from last week’s close of 6,265.64.
Bond yields unchanged this week – Remaining near the lowest levels of the year – The 10-year Treasury bond closed the week at 2.16%, almost unchanged from 2.17% last week. The 30-year treasury yield ended the week at 2.76%, slightly up from 2.75% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully. Mortgage Rates lower this week – The August 31, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.82%, down slightly from 3.86% last week. The 15-year fixed was 3.12%, down slightly from 3.16% last week. The 5-year ARM was 3.14%, down from 3.17% last week. Economic update for the month ending August 31, 2017 The Dow Jones Industrial Average ended the month at 21,948.10, up from its July 31, 2017 close of 21,891.12. The Dow is up over 11.3% year to date. The S&P 500 closed the month at 2,471.65, unchanged from its July close of 2,470.31. The S&P is up 10.5% year to date. The NASDAQ closed the month at 6,428.66, up from last month’s close of 6,348.12. It’s up 19.5% year to date. Treasury Bond yields drop in August – The 10-year Treasury bond closed on August 31, 2017 at 2.17%, down from 2.30% at the end of July. The 30-year treasury yield ended the month at 2.73%, down from 2.89% last month. Mortgage Rates remain near historic lows – The 30-year fixed mortgage rate remained under 4% in August. The August 31, 2017 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 3.82%, down from 3.93% on August 3, 2017. The 15-year fixed was 3.12%, down from last month’s close of 3.18%. The 5-year ARM was 3.14%, down slightly from 3.18% on August 3, 2017. Existing home sales and prices higher in July than last July –Sales of existing homes in California totaled a seasonally annualized rate of 421,460 units in July, according to the California Association of Realtors. The number of sales of existing homes was down 4.9% from June’s sales pace. July’s sales pace was still 0.9% higher than last July. The statewide median price was $549,460, up 7.4% from July 2016. There was a 3.2 month supply of homes for sale, up from 2.7 months in June, but down from 3.6 months in July 2016. Fewer homes sold nationwide in July than June, yet still more than one year ago – The National Association of Realtors reported that total home sales slipped 1.3% in July from June’s sales pace level. Year-over-year the pace of home sales were still 2.1% higher than last July. Prices have continued to rise. The median price was 6.2% higher this July than July 2016. That marked the 65th straight month of year-over-year price increases. Inventory levels continued to shrink. The number of homes for sale nationwide was down 9% from one year ago. The unsold inventory nationwide represents a 4.2 month supply. That is down from a 4.8 month supply last July. Tight supply is causing prices to rise. Total existing home sales include all re-sale single family one to four unit homes, condominiums, co-ops, and town homes. Home affordability slips in California as prices rise – The California Association of Realtors reported that 29% of California households could afford to buy a $559,260 median-priced home in the second quarter. That is down from 32% in the first quarter of 2017 and 31% one year ago in Q2 2016. The annual income required to purchase the median-priced home was $110,780. They found that 38% of California households were able to purchase a median-priced condominium or town-house, which was $443,400. The annual income required was $88,870. We are waiting for job gain numbers which will be out next Friday. That’s a good indicator of where the economy is heading. Author, Syd Leibovitch |
AuthorGenna Walsh Archives
February 2020
Categories
All
|