Innovest September 2010 Market Commentary
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Equities were up sharply for the month of September on better-than-expected economic news and decreasing worries about the possibility of a double-dip recession. During September GDP for the second quarter was incrementally revised up to annualized rate of 1.7 percent from 1.6 percent. The upward revision was primarily due to a moderately higher estimate for inventories. Additionally, despite a continuation of lackluster employment data, the U.S. Department of Commerce said consumer spending is on the rise. The latest report indicated that consumer spending rose 0.4% during the month and incomes increased 0.5%. Unit sales of North American made cars and light trucks came in at an 8.6 million annual rate in September, up from 8.3 million in August. The gradual increase in vehicle sales is a positive sign for the overall consumer sector because it suggests that those with jobs are beginning to feel secure enough to make big purchases.
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