Market Update: May 2017

investment advisory services historical yield curve may 2017 investment advisory services market update indicative rates - May 2017

Personal Spending Slows

For two consecutive months, personal spending has been flat on a month-over-month basis. The story has been similar for retail sales and retail sales excluding auto sales. One positive note is that excluding autos, retail sales picked up in March. This was offset by the weakest annualized auto sales in over a year. Diving deeper in the data, a decrease in inflation boosted real spending to a solid 0.3% in March. This increase in real spending was lead by a rise in spending for services. Strong consumer confidence and income growth suggest the weakness is temporary.

Source: Bloomberg,

investment advisory services us economic indicators May 2017

What Does the Weak GDP Print Mean?

GDP slowed in the fist quarter to only 0.7% due to a slowdown in personal spending as described above. Other more volatile categories within GDP such as inventories and state and local government spending also contributed to the first quarter slowdown. Underneath all of this, business investment grew at a 9.4% rate last quarter, the fastest since late 2013. While investment picked up broadly, the biggest factor was a rise in mining-related structures, reflecting a rebound in the energy industry. The growth in business investment aligns with increasing business confidence and is particularly welcome after falling in 2016.

Source: Wall Street Journal,

investment advisory services will consumer bounce back may 2017


Download Full PDF


DISCLAIMER -This document was prepared by Prudent Man Advisors, Inc. for clients of the firm and its affiliated PMA entities, as defined below. It is being provided for informational and/or educational purposes only without regard to any particular user’s investment objectives, financial situation or means. The content of this document is not to be construed as a recommendation, solicitation or offer to buy or sell any security, financial product or instrument, or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal. Nor does it constitute any legal, tax, accounting or investment advice of services regarding the suitability or profitability of any security or investment. Although the information contained in this document has been obtained from third-party sources believed to be reliable, PMA cannot guarantee the accuracy or completeness of such information. It is understood that PMA is not responsible for any errors or omissions in the content in this document and the information is being provided to you on an “as is” basis without warranties or representations of any kind.

Securities, public finance services and institutional brokerage services are offered through PMA Securities, Inc. PMA Securities, Inc. is a broker-dealer and municipal advisor registered with the SEC and MSRB, and is a member of FINRA and SIPC. Prudent Man Advisors, Inc., an SEC registered investment adviser, provides investment advisory services to local government investment pools and separate accounts. All other products and services are provided by PMA Financial Network, Inc. PMA Financial Network, Inc., PMA Securities, Inc. and Prudent Man Advisors (collectively “PMA”) are under common ownership.

Securities and public finance services offered through PMA Securities, Inc. are available in CA, CO, FL, GA, IL, IN, IA, KS, MI , MN , MO , NE, OH, OK, PA, SD, TX and WI. This document is not an offer of services available in any state other than those listed above, has been prepared for informational and educational purposes and does not constitute a solicitation to purchase or sell securities, which may be done only after client suitability is reviewed and determined. All investments mentioned herein may have varying levels of risk, and may not be suitable for every investor. PMA and its employees do not offer tax or legal advice. Individuals and organizations should consult with their own tax and/or legal advisors before making any tax or legal related investment decisions. Additional information is available upon request.


P  :  800.783.4273       E  :  INFO@PMANETWORK.COM       A  :  2135 CityGate Ln, 7th Floor, Naperville, IL 60563   -    © 2015, PMA Financial Network, Inc. 

chicagoland website design and development, website hosting illinois, cms web design chicago Website by: Andromeda Technology Solutions

Message: You will now be redirected to a third-party, PMA-partnered website. Select CONTINUE to confirm that you want to leave and view our current employment opportunities. Select CANCEL to remain on this page.