Clarksville, TN – The week began with an 8.5% drop in the Shanghai Composite Index, which sent markets down worldwide (but the Chinese market appeared to stabilize later). The Fed made only slight alterations to the wording of the monetary policy statement, and did not provide a strong signal that a September move is coming.
Real GDP rose at a 2.3% annual rate in the advance estimate for 2Q15, a bit shy of expectations, but the first quarter was revised to +0.6% (from -0.2%). Annual benchmark revisions showed a somewhat slower rate of growth in the past few years (mostly in 2013), which implies that the output gap (the difference between GDP and potential GDP) is higher than it was thought to be earlier (an important consideration for the Fed).
Hendersonville, TN – F&M Bank has announced plans to construct a new 10,000 sq. ft. facility at 221 Indian Lake Boulevard in Hendersonville Tennessee.
In September 2008, F&M Mortgage Services opened at 100 Bluegrass Commons Boulevard, which was quickly followed in the spring of 2009 with the addition of banking services at the same location.
Clarksville, TN – This week the economic calendar is busy. The focus is likely to be on the GDP report (note that financial market participants typically over-emphasize the headline figure – the devil is in the details).
Durable goods orders are expected to have been boosted by a pickup in aircraft orders in June, but the trend in non-transportation orders has been weak in recent months. The Conference Board’s Consumer Confidence Index rose sharply in June – so it wouldn’t be unusual to see a modest pullback in July.
Clarksville, TN – Planters Bank welcomes Wes Sumner to its commercial banking division as assistant vice president.
A native Clarksvillian, Sumner received a B.B.A. in finance from the University of Memphis and an M.B.A. from Mississippi State University. For the past nine years, he worked for Regions Bank in Knoxville, Nashville and Clarksville, where he was a branch manager.
Clarksville, TN – The week began with a renewed sense of optimism that a Greek debt deal would be worked out. Sentiment then faded after negotiations with Greece’s creditors broke down, but then hopes continued that a deal would be reached over the weekend.
The economic data were mixed. Home sales figures improved in May. Durable goods orders were disappointing. The estimate of 1Q15 GDP was revised to show a -0.2% annual rate (vs. -0.7% in the second estimate), up 3.0% from a year ago. Note that the estimate of Gross Domestic Income rose at a 1.9% annual rate (+3.7% y/y).
Hopkinsville, KY – Higgins Insurance is proud to announce the addition of Krin Mims to their insurance sales and service team. Mims is a graduate of Georgia College and State University with a bachelor’s degree in Sociology.
Mims also sits on the Board of the Hopkinsville Junior Auxiliary as the Public Relations Chair.
Montgomery County, TN – Representatives from organizations that were certified in 2013 opted to attend a CMC Green Certification Refresher Class where they were brought up-to-date on the latest environmental concerns in our community, discussed their own impacts on the environment and shared their continued improvements.
Clarksville, TN – Planters Bank welcomes Will Sanders as an assistant vice president to its commercial banking division.
A native Clarksvillian, Sanders spent the last few years as executive director and country manager for Hancock Prospecting Mongolia, LLC. Prior to that, he worked as financial advisor at Bank of America Merrill Lynch and financial services officer at Farm Credit Services of Mid America.
Clarksville, TN – The Clarksville Montgomery County Career Center located near Downtown Clarksville caters to the needs of the unemployed and employers to increase workforce opportunities in Clarksville, Montgomery County, and the surrounding areas.
From employee preparation, such as, résumé writing and assistance, training, pre-employment testing, to job searching by networking with employers, the Career Center provides all of these services and more.
Clarksville, TN – In its monetary policy statement, the Federal Open Market Committee recognized that “economic activity has been expanding moderately after having changed little during the first quarter.” Labor market slack has “diminished somewhat.” Growth in consumer spending has been “moderate,” while the housing sector “has shown some improvement.”
In the revised Summary of Economic Projections, Fed officials lowered their forecasts of 2015 GDP growth, but raised slightly their expectations for growth in 2016 and 2017.
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