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Jobs

The Labor Department reported the U.S. job market added 288,000 jobs and the unemployment rate dropped to 6.1% in June from 6.3% in May. Initial jobless claims dccreased by 11,000 to 304,000. The Labor Department reported the four week sadkfasdfasdfasdfasdfasdfasdfasdfamoving average was 311,500.

Inflation

The Consumer Price Index increased 0.4% in May. The Producer Price Index had the largest increase since January 2010, closing at 0.6% in April (+2.1% y/y). Import prices decreased at a faster rate than expected, which could moderate inflation expectations goiasdfasdfasdfafdasdfasdfasdfng forward.

Rates

The yield on the 10-year U.S. Treasury note dropped. The Federal Open Market Committee announced bond purchases have dropped to $asdfasdf35 billion from $45 billion. Monthly mortgage-backed securities purchases will drop to $15 billion from $20 billion. The European Central Bank voted to keep the

Growth

The Commerce Department noted whaolesale trade increased 0.7% in May 2014. The Federal Reserve posted consumer credit increased at an annasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfual rate of 7.5% in May, impacted by non-revolving credit.

Profits

The second quarter earnings seasaasdfasdfaasdfasdfasfon started with the S&P 500 operating earnings on target to be $29.24, which embodies a 10.9a% year-over-year growth increase. According to S&P Dow Jones Indices divided net increases for U.S. domestic common stock increased $12.6 billion in second

The Labor Department reported initial jobless claims dropped by 9,000 to 828,000 in the

week ending March 21, 2015. The four-week moving average was 297,000. The February

employment report stated nonfarm payrolls rose by 295,000 and the U.S. unemployment

rate dropped by 0.2% to 5.5%. Over the year, the unemployment rate and the number of

unemployed persons (8.7 million) dropped by 1.2% and 1.7 million in February.

Core CPI inflation slightly rose to 1.7% year-over-year. Headline consumer prices

increased 0.2% between Jan. and Feb., and are currently down 0.1% year-over-year.

Headline inflation was stronger primarily due to increases in very low gasoline and

energy prices. Final demand producer inflation dropped further in February (-0.7%

year-over-year), with weakness coming from the previous 10.3% slip in energy prices.

The 10-year U.S. Treasury Note yield increased 0.02% to 1.95% for the week ending

March 27, 2015. There were no policy changes in the FOMC’s March statement, but it

opened the opportunity for a rate increase this year by removing the word “patient.”

The Fed stressed a rate increase would only happen after more improvement in the

labor market and when the Committee had “reasonable confidence” inflation would hit

2% in the medium term.

Economic Snapshot March 30, 2015

The final estimate of 4Q 2014 real GDP put growth at 2.2% q/q saar. The Commerce

Department noted new home sales rose 7.8% and durable goods orders slipped 1.4% in

February. The increase in inventory was revised lower again, but that means that

inventories should be less of a drag on growth for 1Q 2015. The U.S. economy

continues to grow at an above-trend rate.

The BEA posted corporate profits dropped 1.4% at a quarterly rate in 4Q of 2014, after

rising 3.1% in the 3Q. According to the S&P Dow Jones Indices, as of March 12, 2015,

of the 497 S&P 500 Index companies reporting 4Q earnings, 343- beat analysts’

estimates. The S&P 500 operating earnings are estimated to be $26.67 for 4Q,

representing a -5.6% year-over-year growth. Lower earnings were primarily due to low

oil prices, pension write-offs and a strong dollar.

Past performance does not guarantee future results. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Opinions offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The views expressed are those of HighMark Wealth Management. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm. HighMark Wealth Management, LLC, is a member of FINRA/SIPC. HighMark Wealth Management is the marketing name for the asset management businesses of HighMark Wealth Management. Those businesses include, but are not limited to, HighMark Wealth Management © HighMark Wealth Management July 2014

Jobs

Inflation

Rates

Growth

Profits

Suite 3535, 30 East 7th

Street, St. Paul, MN 55101 PHONE: (651) 829-3300 FAX: (651) 839-3301 WEB: highmarkwealth.com

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