- Q3 GDP shows slow growth. Our first look at third-quarter economic growth showed that Gross Domestic Product grew a paltry 1.5%. This is just a preliminary report, and economists will revise the data several more times; however, we can see that weak business spending affected growth last quarter.
- Consumer spending misses in September. Personal spending data showed that Americans increased their spending at the slowest rate since January, indicating they may be cautious about economic turmoil.
- Consumer confidence rebounds in October. After a weak September reading, consumer confidence jumped in October as lower-income households grew more optimistic. Wealthier households were less confident due to concerns about financial markets.
- Pending home sales drop in September. The number of contracts on previously owned homes fell unexpectedly in September in a potential warning sign about the housing market.
QUOTE OF THE WEEK
“I skate to where the puck is going to be, not where it has been.” – Wayne GretzkyTAX TIP: Tips for Charity Donations The end of the year is approaching and there’s still time to make donations to the causes close to your heart. If you intend to make 2015 donations (and deduct them on your taxes), here are a few things you should know: If you plan to deduct charitable donations on your federal taxes, make sure your charities count as qualified under IRS rules. Donations to churches, synagogues, temples, mosques, and government agencies are also deductible. Keep written records of all donations. The IRS requires you to have a bank record or written documentation from the charity that show the amount, date, and name of the charity. If the gift is over $250, you will also need a written acknowledgment from the charity that documents the donation and shows any consideration you received in exchange for the gift. If you want your donation to count for the 2015 tax year, make sure that your credit card is charged or the check mailed by December 31. In-kind goods like household items, furniture, and electronics must be in good used condition to qualify for a deduction. For big-ticket items, you can include a qualified appraisal with your tax return. Special rules apply for donations of cars, boats, or airplanes. For more information about charitable gifts and other tax deductions, please contact a qualified tax professional. Tip courtesy of IRS.gov Click here to view full newsletter including reference articles, golf tips, our recipe of the week and more! Notes on featured image: All index returns exclude reinvested dividends, and the 5-year and 10-year returns are annualized. Sources: Yahoo! Finance and Treasury.gov. International performance is represented by the MSCI EAFE Index. Corporate bond performance is represented by the DJCBP. Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly.