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ECONOMIC CALENDAR:Monday: International Trade in Goods, Dallas Fed Manufacturing Survey Tuesday: GDP, S&P Case-Shiller HPI, Consumer Confidence Wednesday: Personal Income and Outlays, Janet Yellen Speaks 9:30 AM ET, Pending Home Sales Index, EIA Petroleum Status Report Thursday: Jobless Claims, Chicago PMI Friday: Motor Vehicle Sales, PMI Manufacturing Index, ISM Manufacturing Index, Construction Spending
- Retail sales beat forecasts. Stronger-than-expected May retail sales numbers point to renewed demand for automobiles and other goods. Core retail sales, which correspond best with the economic component consumer spending, rose 0.4% after growing 1.0% in April.
- Industrial production falls in May. Industrial output fell more than expected on declines in utilities and manufacturing output.
- Business inventories increase slightly. Stockpiles for U.S. businesses edged upward in April, indicating that businesses expect higher demand this summer.
- Housing starts fall. Groundbreaking on new houses fell in May as construction on multi-family units dropped. However, permits for future construction grew, indicating that the housing sector is still active.
Quote Of The Week
“My father told me to find something you enjoy doing… If you enjoy your work, then it is not work.” – Martin Sorrell
Recipe Of The WeekSummer Fruit Cobbler Make the most of fresh fruits when they’re in season. Serves 6 Ingredients: About 1 1/2 pound fresh peaches, nectarines, blueberries, strawberries, blackberries, or other seasonal fruit, rinsed and sliced into small pieces (not necessary for small berries) 1/3 cup plus 1/4 cup granulated white sugar 1 1/2 cups plus 1 tablespoon all-purpose flour 2 teaspoons baking powder 1/4 teaspoon Kosher salt 1 teaspoon grated lemon zest from an organic lemon 6 tablespoons cold unsalted butter, cut into pieces 2 cups heavy whipping cream, cold 1 teaspoon pure vanilla extract Chef’s Tip: Some fruits are sweeter than others. Taste your fruit and consider cutting back on the sugar if you think it’s already quite sweet. Directions: 1. Preheat your oven to 375° F. 2. Toss the fruit pieces with 1/3 cup of sugar and 1 tablespoon of flour and pour them into a skillet or pie dish. 3. In a medium bowl, combine the rest of the flour and sugar with the baking powder, salt, and lemon zest. 4. Using a pastry cutter, food processor, or two knives, cut the butter into the dry ingredients and mix until coarse crumbs form. Do not allow the butter to melt. Add 3/4 cup of the cream and mix until a loose dough forms. 5. Form balls of dough and drop them over the fruit mixture. 6. Bake the cobbler for about 35 or 40 minutes until the top is golden and the berries are bubbling. 7. Meanwhile, add the vanilla extract to the remaining cream and beat with a hand mixer or whisk until it forms soft peaks. 8. Serve the cobbler topped with the fresh whipped cream. Recipe adapted from Sara Quessenberry | RealSimple.com
Tax TipsSummer Job? Don’t Forget About Taxes If your child or grandchild is getting a job this summer, pass along these helpful tips from the IRS: Don’t be surprised when your paycheck is smaller than you expect. Employers withhold taxes and pay them directly to the IRS. Keep in mind that all tip income is taxable, and you must report tip income over $20 monthly to your employer. Even if you don’t earn enough from your summer job to owe income taxes, your employer must withhold Medicare and Social Security taxes from your paychecks. Any money you earn from working for others is taxable. If you mow lawns, babysit, or earn money outside of a regular job, you may be considered self-employed by the IRS. Speak to your employer about whether he or she will be reporting your wages to the IRS. If you have questions, ask your parents or grandparents to put you in touch with a tax expert. For more information about tax rules for students and first-time job holders, visit IRS.gov or consult a qualified tax advisor. Tip courtesy of IRS.gov
Golf TipDon’t Pick Up Your Head Too Soon Bunker shots are tough for many golfers who struggle with the idea of getting the ball out of the sand by driving down and through. To improve your ability to get deep enough, try this simple drill: Set up your shot using a tee set deeply into the sand. Create a mental image of breaking the tee in half with your club to drive home the importance of driving your clubhead under the sand and accelerating through the swing. Practice this drill until you are consistently clipping the tee under the ball. Then try a couple of shots using just the ball to see how much your technique has improved. Tip courtesy of Jeff Johnson, PGA | Golf Tips Mag Healthy Lifestyle Top Superfoods You probably know that berries and leafy green vegetables are great sources of important vitamins and minerals; however, you might not know about these other amazing superfoods: Matcha is a finely ground green powder that’s often used in teas and smoothies. It has tons of antioxidants and boosts your metabolism without giving you the jitters. Freekeh is toasted young green wheat that’s packed with protein, vitamins, and minerals. Chia seeds will add a powerful dose of healthy fats, fiber, and protein to a smoothie. Fermented foods like kimchi and sauerkraut are rich in digestive enzymes and active probiotic cultures. Tip courtesy of AARP
Green LivingMaximize Your Car’s A/C Like your home air conditioning unit, there are ways to make your car’s A/C function more efficiently and increase time between recharges:
- Park in the shade when you can and vent a hot car before firing up the A/C.
- Don’t start the A/C on high when the car is still hot.
- Always use recirculation mode to avoid sucking in hot air from outside.
- Shut the A/C off before turning off the car to allow the fan to blow out condensation and prevent mold buildup.