Wednesday, December 23, 2009

Announcement & Quick Notes for the Day

Announcement - Holiday Office Schedule - With Christmas fast approaching, we wanted to detail our holiday office schedule. On Thursday, December 24 and Friday, December 25, Rollins Financial and Rollins & Associates will be closed to celebrate Christmas. Our office will reopen on Monday, December 28 at 8:30.

Our office will also be closed on Friday, January 1 to celebrate New Year's Day. Our office will reopen for 2010 on Monday, January 4 at 8:30.

Consumer Sentiment Improves - According to the Reuters/University of Michigan consumer sentiment index, the US consumer was feeling better overall with the index reporting a 72.5 versus November's 67.4.

Wage Growth, Personal Income, Disposable Income Rise - The Commerce Department estimated that compensation to workers rose 0.3% in November which economists say is another signal that the US labor market is starting to improve. The increase in wages and salaries was the best since April, and helped to push up total personal incomes by 0.4% in November which is the biggest gain since May. After inflation, after-tax disposable incomes rose 0.2% for the third straight month. Inflation-adjusted real spending increased 0.2% in November after a 0.4% gain in October. The personal savings rate was steady at 4.7%.

New Home Sales Fall - The Commerce Department estimated that sales of new homes fell 11.3% in November to a seasonally adjusted annual rate of 355,000. The drop was largely due to the home purchase tax credit that had been expected to expire but was extended to June 30, 2010. The sales rate was the lowest since April and the previous months had sales boosted by the tax credit.

Treasury to Seek Easing of Bailout Fund Rules - By Glenn Somerville - Reuters - "The Treasury Department will ask Congress to ease restrictions on the use of bank bailout funds (TARP) so it can use some of the money to encourage more lending to small businesses, a department official said on Wednesday."

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