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2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 14 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 14 of the 2020 U.S. Economic Calendar highlights home sales and home pricing, manufacturing surveys, and key employment data.

Last week, the United States saw record-breaking unemployment claims in light of the Coronavirus pandemic. More than 3.28 million Americans filed for unemployment compared to the 265,000 claims from the week prior.

The U.S. Stock Market, which can be an indication of events and their impacts on future business, finished the week in the “green” despite the bad employment data.

While the rest of the world continues to grapple with Coronavirus, the United States became the most-infected country with more than 141,000 confirmed cases. The worldwide total breached 729,000 over the weekend. The death toll in the United States reached 2,486 after only three weeks. Globally, more than 34,000 people are believed to have died as a direct result of COVID-19.

New York City is the most afflicted location. It’s hospitals are reporting drastic lack of PPE, or Personal Protective Equipment, for doctors and nurses on the frontlines. New York Governor Andrew Cuomo has ordered stay-in-place measures for the entire city to help “flatten the curve” – a reference to the statistical pattern of rising infections versus existing healthcare infrastructure and capacity.

Meanwhile, the Federal Reserve continues to remove red tape in its effort to keep monetary policy favorable to both small and big businesses. President Trump signed a bipartisan relief bill, estimated at adding more than $2 trillion to existing debt, in support of businesses as well as registered taxpayers/employees.

Single adults making less than $75,000/year and married couples with less than $150,000 in reported income will receive $1,200 per adult in the coming weeks. Families with kids will receive an additional $500 per child. Single adults or couples making more than the threshold will see a reduction in their contributions. Households earning more than $250,000/year will not see any government relief.

The bill also suspends federal student loan payments through September 30 as well as a number of other protections for Americans who may be facing temporary unemployment or financial hardship.

Here are your key economic updates for the week ahead, March 30 – April 3:

Monday, March 30

  • Pending Home Sales Index for February
  • Dallas Fed Manufacturing Survey

Tuesday, March 31

  • S&P/Case-Shiller House Price Index for January
  • Chicago Purchasing Managers Index for March

Wednesday, April 1

  • MBA will release mortgage purchase applications index
  • ADP Employment Report for March (private, non-government). Consensus is 154,000 jobs lost.
  • ISM Manufacturing for March
  • Construction Spending for February
  • Light Vehicle Sales for March

Thursday, April 2

  • Weekly unemployment claims – Consensus is 3.00 million down from last week’s 3.28 million claims.
  • Trade Balance Report

Friday, April 3

  • Employment Report for March – Consensus is 100,000 jobs lost and unemployment rises to 3.9% from 3.5% in February
  • ISM Non-Manufacturing Index for March – Consensus is a reading of 48.1, down from 57.3

Savory French Onion Dip

By Favorite Recipes

Grab your favorite potato or tortilla chips, we are going to make a savory french onion dip in honor of National Chips and Dip Day. Let’s be real though, do you really need an excuse?

 

Quantity: 3 cups | Prep time: 5 m | Cook time: 45 m | Ready to serve: 1 h

 

Ingredients:

  • tbsp butter or oil
  • 2 yellow onionsdiced
  • 3 garlic clovesminced
  • 2 cups sour cream
  • 1/4 cup mayonnaise
  • 2 tbsp fresh chivesfinely chopped
  • 1 tbsp fresh parsleyfinely chopped
  • salt and pepper to taste

 

Directions:

  1. Put the butter or oil in a large pan on medium heat with a 1/4 cup of water.
  2. Add onions and stir for 2 minutes, reduce to low heat.
  3. Cook onions for roughly 40 minutes, stirring onions about every 5 minutes.
  4. While that is cooking, mix the sour cream, mayo, chives, parsley, salt, and pepper in a dip bowl.
  5. Mix the bowl, and stick that in the fridge.
  6. Add garlic to onions, stir, and cook for 5 more minutes.
  7. Once the onions are done, put them in a separate bowl to cool in the fridge for 15 minutes.
  8. Making sure the onions are cool, then mix them in with the rest of the ingredients and serve.
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 13 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 13 of the 2020 U.S. Economic Calendar highlights February New Home Sales, Personal Income, Manufacturing and GDP estimates from Q4.

Coronavirus continues to take a toll on global economy policy. Confirmed cases world-wide have ballooned to 350,000 since the outbreak was first announced in December. More than 15,000 cases have resulted in fatalities, according to the World Health Organization.

The U.S. Federal Reserve and Congress are pulling out monetary policy “stops” to try and curb the COVID-19-induced economic fallout. Many states and major cities across the United States announced “Stay-In-Place” orders. The intent is to keep all non-essential workers from leaving the confines of their homes. Experts are hoping to curb a sudden drain on already-limited hospital resources, particularly in rural communities who may have the most vulnerable populace.

Congress is preparing a bailout of small/big businesses who are taking major impacts from the shutdowns – namely restaurant, air travel, and hospitality industries. The package is also said to have in the range of $1,500 per American adult to $3,000 per U.S. household. Final details will be voted on later Monday or Tuesday, after the Senate could not obtain a full majority procedural vote on Sunday for the first draft of this record-setting bailout.

Here are your key economic updates for the week ahead – March 23-27

Monday, March 23

  • No major announcements expected

Tuesday, March 24

  • New home sales for February via the Census Bureau – consensus 750,000 down from 764,000 in January
  • Richmond Fed Manufacturing Survey

Wednesday, March 25

  • MBA will release mortgage purchase applications index
  • Durable Goods Orders report
  • FHFA House Price Index

Thursday, March 26

  • Weekly unemployment claims
  • GDP from Q4 2019 third estimate – consensus is same as second estimate of 2.1% increase
  • Kansas City Fed Manufacturing survey

Friday, March 27

  • Personal Income and Outlays
  • University of Michigan Consumer sentiment index
  • State Employment and Unemployment for February 2020

5 Credit Card Reduction Hacks

By Financial Tips

If you have a heaping amount of credit card debt, you know you need to get rid of it eventually. It weighs you down and you feel guilty spending money on things that you need. If you dug yourself in this hole, by God, you can dig yourself out! Here are some obvious and not so obvious tips on how to do just that.

 

1. Have the right mentality.

Knocking down the fortress of debt you have is a tough endeavor for sure, but having a good mentality about the situation is the first step. Don’t panic, just relax. Don’t compare yourself to social media stars or celebrities with expensive taste. Be confident and hopeful about your situation. Giving up is defeat. Believe in yourself and your plan to get out of this mess!

 

2. Look at your budget.

Sit down for an hour and determine what you spend each month, and create a 50/30/20 plan. Once you do that, use as much as you can of the 20% for savings and debt repayment for your credit card bills. Chip away at that fortress of debt.

 

3. Use your “surprise money” for good.

Made money on something you didn’t expect from gambling, got a refund for something, etc.? Use that money for good – put it towards your credit cards.

Can’t forget about your tax return either! Don’t buy dumb stuff you don’t need like most people do. Put that tax money towards your cards too.

 

4. Sell stuff you don’t use.

You know that tennis racket sitting in your closet that you bought for that one time a year ago? Sell that thing. Hop onto eBay, create an account, and sell off anything of value that you haven’t used in a year, unless it can increase in value. Spring cleaning!

Make sure you price yourself to sell, though. Do your research on similar items’ prices on eBay before creating your listings.

 

5. Spend less on non-essentials!

  • Remember that 50/30/20 budget you created? Cut down on that 30% wants portion as much as possible.
  • Be mindful of what you need and don’t need – create a wants vs needs shopping list. If it isn’t essential to your daily life or is considered a luxury, put it in the wants category and don’t buy it until you get this fortress of debt knocked down.
  • Alternative costs – Try to find a less expensive version of what you want. If you absolutely want to buy something in that wants category, make sure to do your research to find the best deal.

 

2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 12 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 12 of the 2020 U.S. Economic Calendar highlights several key home construction reports as well as the first look at manufacturing data since the Coronavirus outbreak in the United States.

The U.S. Stock Market continues to struggle against an ongoing Coronavirus situation domestically as well as abroad. Over the weekend, France and Spain announced total closures of non-essential government and business operations as Europe works to contain the worst spread of COVID-19 outside of China.

Cities across the United States announced their own measures in combating the virus, including total cancellation of gatherings of 50 people or more over the next eight weeks. All professional sports leagues in the United States have paused or delayed the seasons in an effort to protect fans and players, as well as all associated staffs.

Politically, former Vice President Joe Biden and Vermont Senator Bernie Sanders are the final two candidates vying to be the Democratic Nominee this fall. Both met in their first head-to-head debate Sunday evening.

Here are your key economic updates for the week ahead – March 16-20:

Monday, March 16

  • New York Fed Empire State manufacturing survey – consensus down 4.4 from 12.9
  • State Employment and Unemployment

Tuesday, March 17

  • Retail Sales scheduled to be released
  • NAHB Home Builder Survey
  • Job Openings and Labor Survey

Wednesday, March 18

  • MBA will release mortgage purchase applications index
  • Housing Starts for February – consensus is 1.500 million down from 1.567 million

Thursday, March 19

  • Weekly unemployment claims
  • Philly Fed Manufacturing Survey

Friday, March 20

  • Existing Home Sales

Paramount Bank COVID-19 Update

By News and Updates, Paramount in the Community

At Paramount Bank, the safety of our employees, customers, and visitors is a top priority.  In light of recent developments with the COVID-19 outbreak, we are implementing preventative and containment measures to protect our employees, customers, visitors and community.

Although our operations currently have not been interrupted by the COVID-19 outbreak, to assist with maintaining business continuity, we are taking the following measures:

  • Encouraging employees to self-monitor for symptoms and, if symptoms arise, remain at home and contact a health professional or local health organization to get tested
  • Requesting that employees, customers, and visitors practice respiratory etiquette and take other hygiene-related preventative measures during the outbreak
  • Concentrating on maintaining an exceptionally clean work environment
  • Requesting that customers and visitors refrain from visiting our establishment in-person if they (1) are currently experiencing COVID-19-like symptoms, (2) have been in contact with a person with a confirmed case of COVID-19 in the past 14 days, or (3) have traveled to any country identified by the CDC as a high risk travel area in the past 14 days, including China, Iran, South Korea, Italy, Japan, and Hong Kong.

To the extent you are able to utilize mobile banking, online banking, or other remote tools to conduct your business or personal transactions, we recommend doing so at this time. As always, our team is available to assist you via phone at and email customercare@paramountbank.com.

We are taking the COVID-19 outbreak seriously and appreciate your understanding as we undertake these preventative and containment measures.

2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 11 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 11 of the 2020 U.S. Economic Calendar highlights manufacturing, various Federal Reserve reports, housing, and consumer trends.

Coronavirus cases continue to spread outside of China and markets are incredibly fearful of economic recession. Adding oil to the fire, OPEC agreements fell through over the weekend causing further sell-offs and compounding economic stress.

As of Monday morning, the U.S. Stock Market plummeted below 7% at open, triggering the first-of-three Circuit Breakers. The first breaker freezes trading for 15 minutes. The second, triggering at another 7% drop on the same trading day, would freeze markets another 15 minutes. The final circuit breaker, triggered at a total 20% drop from open, would cease all market trading for the remainder of the day.

Meanwhile, investors are waiting to see how an $8 billion U.S. government stimulus pledge last week will help the economy stabilize during the worst of the coronavirus outbreak. During the week prior, the Federal Reserve made a 50 bps rate cut to it’s  interest rates.

Here are your key economic updates for the week ahead – March 9-13:

Monday, March 9

  • No major announcements scheduled

Tuesday, March 10

  • Small business optimism index for February

Wednesday, March 11

  • MBA will release mortgage purchase applications index
  • Consumer Price Index from the Bureau of Labor Statistics – consensus is no change

Thursday, March 12

  • Weekly unemployment claims
  • Producer price index for February from the Bureau of Labor Statistics – consensus is 0.1% decrease
  • Federal Reserve Q4 Flow of Funds Accounts of the United States

Friday, March 13

  • University of Michigan’s Consumer Sentiment Index
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 10 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 10 of the 2020 U.S. Economic Calendar highlights manufacturing, various Federal Reserve reports, housing, and consumer trends.

Last week, three cases of the coronavirus were reported to infect U.S. residents without any recent travel history. These marked the first known cases of community transmission of the virus, raising the possibility of widespread illness in the coming weeks. As a result, the stock market suffered it’s worst week since 2018 as it tumbled 12% and entered correction territory.

Over the weekend, two coronavirus deaths were confirmed in King County, Washington.

As markets opened Monday morning, investors were met with a high mix of optimism and bearishness yielding strong volatility. The Federal Reserve commented on the possibility of further rate cuts to offset domestic economic sluggishness as a result of a coronavirus outbreak, despite holding a “no-change” position since the end of 2019.

On the campaign trail, former Vice President Joe Biden claimed his first-ever Presidential Primary victory in South Carolina. South Bend Indiana Mayor Pete Buttigieg dropped out of the campaign on Sunday and billionaire investor Tom Steyer announced the end of his campaign one day prior. The remaining candidates continue to hit the campaign trail as Super Tuesday approaches this week – 14 states will hold their democratic primaries with several more voting next Tuesday.

Here are your key economic updates for the week ahead – March 2-6:

Monday, March 2

  • ISM Manufacturing Data (ACTUAL: 50.1 versus 50.8 expected)
  • Construction Spending

Tuesday, March 3

  • Light Vehicle Sales
  • Corelogic House Price index

Wednesday, March 4

  • MBA will release mortgage purchase applications index
  • ADP Employment Report
  • ISM Non-manufacturing data for February
  • Federal Reserve Beige Book report

Thursday, March 5

  • Weekly unemployment claims

Friday, March 6

  • Employment report for February (consensus is 175,000 jobs added and unemployment not changed at 3.5%)
  • Trade Balance Report
  • Consumer Credit report from the Federal Reserve
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 9 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 9 of the 2020 U.S. Economic Calendar highlights house pricing, manufacturing, and consumer indexes.

On Monday, February 24, the U.S. Stock Market tumbled 900 points as Coronavirus cases surged in South Korea and Italy. Further cases are being reported in China, Iran and the United States. Nearly 75,000 cases have been reported with more than 2,500 deaths in one month since the initial outbreak.

While equity markets struggle to price in the value of goods and services, the major U.S. airlines are also taking a financial blow. Restrictions to flights in and out of China, as well as limited routes to other infected segments are hurting projected revenues across the globe.

Over the weekend in Nevada, Vermont Senator Bernie Sanders took a decisive victory in the state’s Democratic Party Primary. This marks the second-consecutive total victory for Sanders on the path to becoming the Democratic Party nominee for President. Finishing behind Sanders were former Vice President Joe Biden, South Bend Mayor Pete Buttigieg, and Massachusetts Senator Elizabeth Warren. The six remaining candidates will continue their journeys to the primary nominee this week in South Carolina.

Here are your key economic updates for the week ahead – February 24-28:

Monday, February 24

  • Chicago Fed National Activity Index
  • Dallas Fed Manufacturing Survey

Tuesday, February 25

  • FHFA House Price Index
  • S&P/Case-Shiller House Price Index
  • Richmond Fed Manufacturing Survey

Wednesday, February 26

  • MBA will release mortgage purchase applications index
  • New Home Sales from Census Bureau — consensus is 715,000 up from 694,000.

Thursday, February 27

  • Weekly unemployment claims
  • Real GDP — consensus is 2.1% (unchanged)
  • Kansas City Fed Manufacturing Survey
  • Durable Goods Orders — consensus is 1.5% decrease

Friday, February 28

  • Personal Income and Outlays report — consensus is 0.3% increase in both consumer income and spending
  • University of Michigan Consumer Confidence Index — consensus is just over 100
  • Chicago Purchasing Managers Index
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 8 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 8 of the 2020 U.S. Economic Calendar highlights manufacturing reports and home data.

The United States continues to see lingering global economic concern from the Coronavirus outbreak in China. On Monday, Apple lowered it’s quarterly guidance and sales expectations on the back of decreased output from Chinese manufacturing plants. The DOW opened Tuesday morning more than 100 points off Friday’s close in response to Apple’s news.

In the politics-effecting-markets landscape, Democratic presidential candidates will be competing in Nevada for the state’s primary vote on Tuesday.

Here are your key economic updates for the week ahead – February 17-21:

Monday, February 17

  • U.S. Markets closed in observance of Washington’s Birthday

Tuesday, February 18

  • Empire State Manufacturing Survey
  • NAHB Homebuilder survey – Consensus is unchanged at 75. Number greater than 50 indicates growth confidence in construction environment.

Wednesday, February 19

  • MBA will release mortgage purchase applications index
  • Housing Starts for January
  • Producer Price Index for December
  • FOMC Minutes

Thursday, February 20

  • Weekly unemployment claims
  • Philadelphia Federal Reserve Manufacturing survey

Friday, February 21

  • Existing Home Sales report from National Association of Realtors. Consensus is down to 5.45 million units from 5.54M.

Tips for the Young Investor

By Financial Tips, From the President

For our younger Millennials and Gen Z’s out there, this could give you some insight on what to do with your extra cash to plan for your future. Unfortunately, life doesn’t give you a participation trophy to cash in for retirement funds…you’ve got to earn it and make sure you put money in the right places to do it.

 

1. 50/30/20 Rule

For those that aren’t familiar, the 50/30/20 rule is a good way to budget your personal finances – 50% needs, 30% wants, 20% savings/debt repayment. Take a look NerdWallet’s 50/30/20 worksheet to assist you with this. For investment purposes, we want to look at that 20%. Ideally, you want your savings/investing to equal 20% of your income after you pay down any credit card or loan debt.

Does your company offer a 401(k)? Before you invest money, it is a good idea to make sure you are getting the full benefit of your company’s 401(k) match if they have one. Say that your employer offers a 5% match; you want to put 5% of your income (if you can) into your 401(k) every payroll to get the full 5% match. Your company is essentially giving you an extra 5% pay if you do – that’s free money you don’t want to miss out on.

After you can afford that, start saving and investing elsewhere in addition to that. The 5% match example given will put you at 10% of your total income, so you would be half way there!

 

2. How much should I put into savings vs investments?

This is truly up to you. After that 401(k) match, it is usually best to save until you have enough in your emergency fund, then start investing your money. Your emergency fund needs to be at least 6 months’ expenses.

I.e. Say you make $32,000 after taxes, but your average monthly expenses are $2,000. You should save $12,000 for your emergency fund. The remaining money you don’t spend monthly can then be put towards investments.

 

3. Where should I invest? 

There are quite a few options for investments: real estate, stocks & bonds, and even insurance policies, to name the basics.

 

Real Estate

Depending on the housing market, this could be a very good investment. The caveat is that it is more work than say, stocks & bonds. You can buy a property and sell it for a profit, lease it out to someone else, or inhabit it and cash it out for some money with a refinance later down the road – your choice. If you don’t have time to spend to cultivate this investment, this may not be for you. If it does sound like something you would like to get into, rates are extremely low right now and now is the time to pounce. (There’s our shameless plug. You had to know that was coming, right?)

 

Stocks & Bonds

This is the classic investment strategy. Go to an online stock broker like Charles Schwab and do your research! Here’s some general rules and terms to be aware of:

  • Stocks are usually higher risk and reward.
  • Bonds are lower risk and reward.
  • Diversification – This is key. Make sure you put money into companies in different market sectors in case one of those sectors or companies you invest in goes down or crashes. Don’t put all of your eggs in one basket!
  • 20 Year rule – Generally speaking, as long as you diversify enough, you are almost guaranteed to make money on your investments over 20 years. The future is always uncertain, but this is what economists have observed since the stock market’s inception.
  • Realized Gains – Profit from selling a stock.
  • Unrealized Gains – Profit if you sold your stock at that particular moment in time.
  • Buy low and sell high – unless that low priced stock looks like a bad idea…
  • Taxes – You are only taxed on realized gains from the last year.
  • Long-Term – means you have this stock for more than a year. These are taxed lower that short-term stocks.
  • Short-Term – means you have this stock for less than a year. These are taxed higher than long-term stocks.
  • Limited Order – You can make a limited order to have your broker buy or sell a stock when it reaches a certain price so you don’t have to sit there and check for when it hits a certain value.
  • Remember: This can seem like a video game, but this is your hard-earned money and a form of gambling. Be smart and educate yourself before you invest in the stock market!

 

Insurance Policies

Sometimes insurance policies can have a higher rate of return than the average stock market venture. It’s usually not best to get insurance for something you don’t need, of course.

  • It’s a good idea to get a disability insurance policy if your company doesn’t provide one. These are policies to pay out money to you if you get injured to the point that you can’t work for the rest of your life.
  • Life insurance is a good thing to have to keep your family protected if you pass away. These sometimes have the higher rate of return, depending on provider. If you are single and have enough money and assets to cover a funeral, then you probably don’t need this.

 

Contact a financial advisor! 

It is helpful to have a financial advisor on your side to create a plan for your future. You can learn a lot of stuff on your own with the internet, but a professional usually gives better results.

 

 

Money Market vs. CD: Which is Best for You?

By Financial Tips

So, you have some money and you don’t know where to put it. You don’t want to take on any risk, but still want to earn some interest on your money. If this sounds like you, keep reading!

In a nutshell, money market accounts and certificates of deposit (CDs) differ in one key area: money market accounts allow you to withdraw and deposit money without a penalty. (Already know the differences between the two types of accounts? Skip to our scenarios at the bottom for advice!)

 

When would you want a money market account? 

You would want a money market account if you don’t want on any risk from the stock market and you want to earn more interest than a typical savings account.

 

When would you want a certificate of deposit? 

You would want to apply for a certificate of deposit when you don’t want any risk, want to earn more interest than a typical savings account, and don’t think you will need to access that money for an allotted amount of time. CDs allow a much higher interest rate than any other product banks typical offer, but the caveat is you have to choose from [usually] a 6-60 month period to get that money back with the interest promised to you. If you need to access that money for an emergency, you will have to pay a penalty fee.

 

What’s our pick? That really depends on your situation. 

 

Scenario 1: You want to earn interest without the risk of stocks and bonds, but still want the ability to take money out of the account.

Money market, OR better yet, a Paramount Bank High Interest Checking Account, currently at 1.75% APY as of 2.6.2020…

 

Scenario 2: You want to earn more interest, and have an emergency fund and/or plenty of fluid money elsewhere.

CD with the biggest rate – doesn’t necessarily mean the longest time!

 

Scenario 3: You would like to invest in the stock market, but you are retired or near retirement and the stock market is a little too volatile for such a short-term investment. 

CD – pick your length wisely.

 

Scenario 4: You have money laying around that you don’t know what to do with and aren’t anywhere near retiring yet.

Play the stock market for the highest return. You are almost guaranteed to make money after 20 years, as long as you diversify.

If that scares you, CD.

2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 7 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 7 of the 2020 U.S. Economic Calendar highlights employment, consumer credit and Jerome Powell’s semi-annual address to Congress.

Last week, corporate earnings showed economic strength from Q4 2019. The employment rate grew at a rate higher than forecast.

Coronavirus fears continued to hinder wider growth. Over the weekend, China confirmed more than 900 people have died from the virus with more than 40,000 infected. This outbreak is now deadlier than the SARS scare of 2003.

Many manufacturing jobs in China remain closed. Foxconn, a major iPhone parts supplier, confirmed most of its workers will not return this week. A small number of workers will return, however, to manufacture sick masks for immediate distribution within China. This supply chain disruption will play out in the coming weeks for all corporations relying on Chinese domestic labor.

Meanwhile, Democratic presidential candidates leave behind a hotly-contested Iowa caucus. Officials confirmed initial caucus data was disrupted within a new reporting application. After scrubbing the data, South Bend Mayor Pete Buttigieg and Vermont Senator Bernie Sanders were in a virtual first-place tie. Massachusetts Senator Elizabeth Warren polled third and former Vice President Joe Biden followed in fourth.

All remaining candidates are now canvassing voters in New Hampshire for the state’s primary on Tuesday, February 11.

Here are your key economic updates for the week ahead – February 10-14:

Monday, February 10

  • No major reports forthcoming

Tuesday, February 11

  • Small business optimism report
  • Jobs and turnover report from BLS
  • Federal Reserve Chairman Jerome Powell delivers semiannual monetary report policy to Congress
  • U.S. Consumer credit and debt report

Wednesday, February 12

  • MBA will release mortgage purchase applications index
  • Jerome Powell continues his report to Congress

Thursday, February 13

  • Weekly unemployment claims
  • Consumer Price Index for January via BLS

Friday, February 14 (Happy Valentine’s Day!)

  • Retail sales – consensus is 0.3% increase
  • Industrial Production and Capacity Utilization
  • University of Michigan’s Consumer sentiment index for February – consensus is a reading of 99.3
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 6 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 6 of the 2020 U.S. Economic Calendar highlights corporate earnings, manufacturing and employment data.

Friday, January 31 saw a 2% sell off in the major United States stock indices. Coronavirus uncertainty continues to push investors away from equities and into more secure havens.

Meanwhile, China opened it’s markets following the annual Lunar New Year break plus an additional 3-day extension to curtail coronavirus sell-off. Markets were mixed as Hong Kong finished the first day back in the positive, but the Shanghai and Shenzen indexes dipped below 7% for the day.

Iowa will lead U.S. election news as registered Democrats will pick their Presidential Primary candidate on Monday night. Consensus is Senator Bernie Sanders will win Iowa’s Caucus with former Vice President Joe Biden and Senator Elizabeth Warren not far behind.

Here are your key updates for the week ahead – February 3-7:

Monday, February 3

  • ISM Manufacturing Index – consensus is 48.5, up from 47.8 in December (UPDATE 11:30 CST: ISM report at 50.9)

Tuesday, February 4

  • CoreLogic House Price Index report

Wednesday, February 5

  • MBA will release mortgage purchase applications index
  • ADP Employment Report
  • Trade Balance Report
  • ISM Non-Manufacturing

Thursday, February 6

  • Weekly unemployment claims

Friday, February 7

  • Employment Report – consensus 161,000 new jobs in January with unchanged unemployment (3.5%)
  • Consumer Credit update from the Federal Reserve

Avocado, Spinach & Artichoke Egg Rolls for the Commercial Championship

By Favorite Recipes

Everyone’s party has wings, nachos, little smokies, etc., but you could really hit the uprights this year with something different. Check out this delicious recipe! Get the two point conversion for using an air fryer instead of a traditional oil fryer.

Quantity: 4 egg rolls | Prep time: 25 minutes | Cook time: Air Fryer – 15 minutes/batch, Traditional Fryer – 1-2 minutes/batch

 

Ingredients:

  • 2 cups cooked shredded chicken
  • 2 avocados, peeled and pitted
  • 1 (8-oz) block cream cheese, softened
  • 1 (10-oz) packaged frozen spinach, defrosted and drained
  • 1 cups chopped artichoke hearts
  • 1 clove garlic
  • 1 tbsp. freshly chopped parsley
  • Kosher salt
  • Freshly ground black pepper
  • Pinch crushed red pepper flakes
  • 16 egg roll wrappers
  • 2 tbsp. vegetable oil

 

Directions:

  1. In a large bowl, combine and mix chicken, avocados, cream cheese, spinach, artichokes, garlic, and parsley.
  2. Season with salt, pepper, and a pinch red pepper flakes to taste.
  3. Set an egg roll wrapper in a diamond shape in front of you and spoon about 2 tablespoons of the mixture in the center. Fold up bottom half and sides, then gently roll, sealing seam with a couple drops of water. Repeat with remaining filling and wrappers.
  4. Brush egg rolls with oil. (If using traditional fryer, skip this step.)
  5. Working in batches, place egg rolls in basket of air fryer, seam side down, and cook at 400° for 15 minutes. (If you don’t have an air fryer, set your fryer or pot of oil on high and cook for 1-2 minutes or until golden brown.)
  6. If using a traditional fryer, soak up the oil with a paper towel after you take the egg rolls out of the fryer.
  7. Serve!

 

 

Recipe appropriated from Chelsea Lupkin via delish.com.
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 5 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 5 of the 2020 U.S. Economic Calendar continues earnings reports from major U.S. companies, FOMC meeting and other data.

Meanwhile, the economic impact of China’s coronavirus outbreak is still being measured. With 5 cases confirmed in the United States, and thousands more globally, the market will continue to closely monitor production and sales in the weeks to come.

Here are your key updates for the week ahead – January 27-31:

Monday, January 27

  • Census Bureau to report new home sales. Estimates expect 730,000 in December, up from 719,000 in November
  • Dallas Federal Reserve will report on regional manufacturing data for the month of January

Tuesday, January 28

  • Durable goods orders will be reported. Consensus is a 0.5% increase
  • The S&P/Case-Shiller House Price Index report. Consensus is a 2.4% year-over-year increase

Wednesday, January 29

  • MBA will release mortgage purchase applications index
  • Pending home sales index will be reported. Consensus 0.5% increase
  • FOMC meeting and press conference with Fed Reserve Chair Jerome Powell. No rate increase is expected

Thursday, January 30

  • Weekly unemployment claims
  • GDP survey. Consensus is a 2.1% increase in Q4 2019 which would be unchanged from Q3
  • Q4 2019 housing vacancies and homeownership report from the Census Bureau

Friday, January 31

  • Personal income and overlays. Expected 0.3% increase in personal income and personal spending
  • Chicago Purchasing Managers index
  • University of Michigan’s consumer sentiment index
2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 4 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 4 of the 2020 U.S. Economic Calendar is shortened as markets observe Martin Luther King Jr.’s Birthday on Monday, January 20.

Ahead of the shortened week are updates from the Mortgage Bankers Association, jobless application updates, and manufacturing data from regional Federal Reserve chiefs.

Here are your key updates for the week ahead – January 21-24:

Monday, January 20

  • U.S. Markets closed in observance of MLK Jr. Day

Tuesday, January 21

  • No major economic announcements.

Wednesday, January 22

  • Mortgage Bankers Association to release Mortgage Purchase Applications Index
  • Chicago Fed National Activity Index
  • FHFA House Price Index
  • National Association of Realtors (NAR) Existing Home Sales report

Thursday, January 23

  • Weekly unemployment update — higher expected claims at 216,000 up from 214,000 to reflect seasonality
  • Kansas City Fed Reserve update on manufacturing data

Friday, January 24

  • State employment/unemployment data for the month of December

Grandma’s Banana Muffins

By Favorite Recipes

Today is National Banana Bread Day, and we’d like to share with you a recipe for banana muffins that are great for breakfast or desert!

Quantity: 18 muffins | Prep time: 12 minutes | Cook time: 60-70 minutes

Ingredients:

  • 2 cups sifted enriched flour
  • 1 teaspoon baking soda
  • 1 teaspoon salt
  • 1/2 cup shortening
  • 1 cup sugar
  • 2 eggs
  • 1 cup mashed ripe banana (2-3 bananas)
  • 1 tablespoon vinegar plus milk to make 1/2 cup liquid

 

Directions:

  1. Set oven to 350 degrees.
  2. Sift together flour, soda, and salt.
  3. Cream shortening, blend in sugar, add eggs one at a time.
  4. Beat until fluffy.
  5. Add flour mixture alternately with bananas and liquid, beating well after each addition.
  6. Add muffin liners to pan.
  7. Pour mix into muffin pan.
  8. Bake for 60 to 70 minutes or until done.
  9. Remove from pan and cool several hours or overnight before eating.

 

 

Move with your money Paramount Bank Grow your money High Interest Checking

Moving With Your Money

By Financial Tips, Good Reads, Mortgage Tips

Moving to a new state can bring challenges with your money.

Costs associated with moving for job purposes are often covered by the new company. Yet major questions — are you looking to rent or buy a home — linger over a big move.

Let’s talk about moving trends, and how Paramount Bank can help you move with your money no matter where you go.

Moving Your Money West or South

Americans are continuing to move West and Southeast, according to United Van Rentals annual moving survey.

The most common reasons for moving are job-related or retirement. Idaho, Oregon, and Arizona were the Top 3 states to see the biggest influx of new residents. Florida and both Carolina’s joined the Top 10 list.

Meanwhile, New Jersey, New York and Connecticut were in the Top 10 states to have the most residents leave.

In the report, United quoted Michael Stoll an economist and professor at the University of California, Los Angeles.

“United Van Lines’ study encompasses data consistent with the broader migration trends to western and southern regions that we’ve been seeing for several years now,” Stoll said.

Take Your Money With You

Paramount Bank is uniquely positioned to help you move with your money.

The platform we provide our customers allows you to take advantage of mobile banking and digital commerce solutions with FDIC protection.

As a digital-forward bank, Paramount can enable you to earn more money while you move with products like our High-Interest Checking product (1.75% APY as of this publication).

You can also move more money with our home loan products. Our competitive rates and expert loan team focus on your financial needs.

If you are facing a big move, and want to know how you can protect your money (or even watch it grow), give Paramount Bank a call or click one of the product links above.

2020 Times Square New Year Economic Calendar New York City United States China Trade War

2020 Week 3 U.S. Economic Calendar

By Econ News, Economic Calendar

Week 3 of the 2020 U.S. Economic Calendar marks the first week of corporate earnings announcements and some Federal Reserve news.

Middle East tensions continue to stay high while China and the United States are expected to sign a “Phase One” trade agreement on Wednesday.

As we look ahead, here are the key U.S. economic reports for the week of January 13 to January 17.

Monday, January 13

  • No major announcements

Tuesday, January 14

  • Small Business Optimism Index reporting for December
  • Consumer Price Index for December — expected 0.2% increase

Wednesday, January 15

  • Mortgage Bankers Association to release Mortgage Purchase Applications Index
  • Producer Price Index for December
  • New York Fed Empire State manufacturing report
  • Fed Beige Book — various Fed Reserve regional leaders report on local outlooks

Thursday, January 16

  • Weekly unemployment update — higher expected claims at 216,000 up from 214,000 to reflect seasonality
  • U.S. Retail sales report – consensus expects 0.3% increase in large part to holiday shopping
  • Philadelphia Federal Reserve manufacturing survey
  • National Association of Home Builders survey — score of 74 expected which is lower than last score of 76. Score greater than 50 is viewed as strong sales environment among builders

Friday, January 17

  • Federal Reserve report on Industrial Production and Capacity Utilization for December 2019 — both capacity and production are expected to decrease
  • University of Michigan will release a Consumer sentiment index
  • Labor Turnover and Job Openings report from the Bureau of Labor Statistics

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