November 14, 2017
WHAT’S HAPPENING AROUND HERE
As a kick-off to the holiday season, Bridge Street Town Centre will light up like a winter wonderland to welcome Santa on Friday, November 17th. There will be music and strolling Victorian carolers will add to the evening’s merriment. After the 45-foot Christmas tree is lit, view the spectacular fireworks display from the lake choreographed to holiday music. Times: 4:30 pm music, 6 pm tree lighting, 6:30 pm fireworks.
Skating in the Park – Grab your skates, family and friends then head downtown to enjoy outdoor ice skating behind the museum. The rink is open November 17th through January 7th.
THIS WEEK’S ECONOMIC DATA
- U.S. Jobless Claims were up 10,000 in the first week of November. The four-week average declined to the lowest average since 1973.
- U.S. Consumer Sentiment edged down from its October record high.
ECONOMY AND EQUITY MARKETS
U.S. Senate Republicans unveiled a tax plan that differed from the House of Representatives’ version on several key fronts, including how they treat the corporate tax rate, the tax deduction for state and local taxes, and the estate tax. For example, the senators said that, like the House, they wanted to slash the corporate tax rate to 20 percent from 35 percent, but not until 2019. The House was set to vote on its measure next week after its tax-writing Ways and Means Committee approved the legislation on Thursday.
Chicago’s public pension debt is $36 billion and growing, and it’s facing $550 million in budget deficits over the next three years. Yet next month, the nation’s third-largest city – whose bonds were downgraded to junk by Moody’s Investors Service two years ago – will start selling as much as $3 billion of debt that another rating company considers as safe as U.S. Treasuries. That’s because Chicago is selling off its right to receive sales-tax revenue from Illinois to a separate public corporation, which will issue new bonds backed by those funds, a structure called securitization.
INSIDE THE LOOP
Innovation and Transformation – British luxury travel pioneer Henry Cookson Adventures (HCA) plan to take the hybrid Airlander 10 – the largest aircraft on the planet – on its maiden international flight in 2018. This will be the precursor to the low carbon aircraft’s adoption for use in the luxury travel and adventure market. The ability to stay aloft for days at a time, in virtual silence, with floor-to-ceiling windows and fresh air make Airlander perfect for cruising in exceptional locations.
Free Shipping – Free shipping has become a big burden for online retailers. Nearly a third of all web orders are returned, compared with just 9 percent of purchases made at brick-and-mortar stores. Processing and reshipping all those returned items can eat up between 20 to 65 percent of an e-retailer’s cost of goods sold.
Airfare Searching – Google announced last week that it is shutting off access “to a feed that automates data for airfare search engines” as of April 2018. The company is working on its own flight-finding service and will be integrating cost-saving features into Google Flights.
Wednesday: U.S. Retail Sales
Thursday: U.S. Jobless Claims
Friday: U.S. Housing Starts
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QUOTE OF THE WEEK
“If everybody liked the same thing, we’d all be driving the same car, and be married to the same woman, and that wouldn’t work out.” Elvis Presley
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*Economy and Equity Markets…(Source: Reuters)
*Fixed Income…(Source: Bloomberg)
*Innovation and Transformation…(Source: Business Weekly)
*Free Shipping…(Source: Bloomberg)
*AirFare Searching…(Source: TheVerge.com)