Landaas & Company newsletter  April edition now available. Advisors on This Week’s Show Kyle Tetting Adam Baley Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (April 15-19, 2024) Significant Economic Indicators & Reports No major announcements Monday In a further sign of economic resilience, consumers continued spending at stores in March with retail sales advancing 0.7% from February. The Commerce Department reported that 8 of 13 major categories had sales increases in March, including a 2.7% gain for online retailers and a 2.1% rise for gas stations, where sales increased in part because of higher prices. Sales at car dealers declined 1.1%. Furniture stores, appliance centers and sporting goods retailers also suffered setbacks. Sales at bars and restaurants increased by 0.4%, suggesting consumers remain comfortable spending. Adjusted for inflation, retail sales rose 0.3%, a second consecutive gain. Tuesday The U.S. housing market continued to suggest weakness in March as the pace for both housing starts and building permits stayed below pre-pandemic levels. Figures from the Commerce Department showed new construction about 25% below its pace in mid-2022. The pace of housing permits, an indicator of commitments to future homebuilding, also continued to hover lower following interest rate boosts by the Federal Reserve two years ago. But both permits and starts remained at levels on par with 2007, before the Great Recession. Meantime, data showed that the rate of houses under construction stayed near record highs, with completions around their fastest pace in 17 years. Increased automotive manufacturing in March helped boost U.S. industrial production by 0.4% in March. The Federal Reserve reported that industrial output rose at the same pace as in February and was unchanged from the year before. Through the first quarter of 2024, industrial production declined at a 1.8% annual rate led by a 12% drop in mining output. The same report showed the capacity utilization rate, a measure of potential inflation pressure, rising for the second month in a row, though it stayed below the long-time average. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims was unchanged for the second week in a row, staying 41% under the long-term average, dating to 1967. The measure of employers’ reluctance to let workers go continued to indicate a tight labor market. According to Labor Department data, total jobless claims fell to 1.9 million in the latest week, down less than 1% from the week before, though up nearly 7% from the year before. The annual pace of existing home sales sank 4.3% in March, its first setback in four months, dropping 3.7% behind its year-ago rate. The National Association of Realtors said sales have been stagnating because of high interest rates and ongoing low supplies of inventory. The trade group said the median sales price rose 4.8% from the March 2023 to $393,500, the ninth consecutive increase. The Conference Board reported that its index of leading economic indicators declined 0.3% in March, after a slight gain in February. The business research group said the six-month movement of its index contracted at a slower pace. It suggested the U.S. economic outlook was “fragile – even if not recessionary.” Among the challenges ahead, according to the group, are rising consumer debt, higher interest rates and stubbornly elevated inflation rates. Friday No major announcements MARKET CLOSINGS FOR THE WEEK Nasdaq – 15282, down 893 points or 5.5% Standard & Poor’s 500 – 4967, down 156 points or 3.0% Dow Jones Industrial – 37986, up 3 points or 0.0% 10-year U.S. Treasury Note – 4.62%, up 0.12 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter.

Landaas & Company newsletter  April edition now available. Advisors on This Week’s Show Kyle Tetting Art Rothschild Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (April 8-12, 2024) Significant Economic Indicators & Reports Monday No major announcements Tuesday No major announcements Wednesday Overall inflation continued to stall in March, staying above the Federal Reserve’s long-term target. The Consumer Price Index, the broadest measure of inflation, rose to a 3.5% year-to-year rate, bouncing higher for the second month in a row after falling from as high as 9.1% in June 2022. The Bureau of Labor Statistics said increased costs for shelter, gasoline and car insurance contributed to faster inflation, keeping it above the Fed’s long-range target of 2%. A core measure of CPI, which excluded volatile food and energy prices, stayed at a year-to-year rate of 3.8% for the second month in a row. Thursday Inflation on the wholesale level rose in March with the Producer Price Index gaining 0.2%, only one-third of the advance in February. The Bureau of Labor Statistics said the index rose 2.1% from March 2023, the fastest 12-month pace in 11 months. Costs for services increased while goods prices declined overall, led by gasoline. The core Producer Price Index – excluding volatile prices for energy, food and trade services – rose 0.2% from February and was up 2.8% from the year before, on par with the yearly rate since May. The four-week moving average for initial unemployment claims dipped for the second time in three weeks, reaching 42% below the long-term average since 1967. The measure of employers’ reluctance to let workers go was 3% above its level just before the COVID-19 pandemic, according to data from the Labor Department. Altogether, just under 2 million Americans claimed jobless benefits in the most recent week, down 3.6% from the week before but up 5% from the same time last year. Friday A preliminary April reading of consumer sentiment shows Americans have registered little change since January. The survey-based index from the University of Michigan has been midway between an all-time low in mid-2022 and the optimism level just before the pandemic four years ago. Surveys showed a slight increase in expectations for inflation, which the university said might suggest some frustration with an apparent stalling in the slowdown of inflation. MARKET CLOSINGS FOR THE WEEK Nasdaq – 16175, down 73 points or 0.5% Standard & Poor’s 500 – 5123, down 81 points or 1.6% Dow Jones Industrial – 37984, down 920 points or 2.4% 10-year U.S. Treasury Note – 4.50%, up 0.12 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail

Landaas & Company newsletter  April edition now available. Advisors on This Week’s Show Kyle Tetting Adam Baley Steve Giles (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (April 1-5, 2024) Significant Economic Indicators & Reports Monday U.S. factories began emerging from a slump in March, according to the Institute for Supply Management. The trade group said its manufacturing index suggested the sector expanded for the first time since September 2022 with increased demand and stronger output. The ISM said the turnaround was in an early stage and uneven, with 30% of the firms surveyed still contracting, vs. 40% in February. Based on past trends, the ISM said, the index suggested the gross domestic product was growing at a 2.2% annual rate. The Commerce Department said construction spending declined by 0.3% in February, the second monthly setback after one year of increases. The seasonally adjusted annual rate of spending neared $2.1 trillion. Residential construction spending, which makes up about 44% of the total, rose 0.7% from January despite a drop in multi-family housing. Government spending, which accounts for 23% of the total, declined 1.2%. Since February 2023, total expenditures rose 10.7% with residential up 6.5% and manufacturing up 32%. Tuesday Employers posted marginally more job openings in February, continuing to reflect a labor market in which demand outpaces supply. Postings were just under 8.8 million, down from a record 12.2 million nearly two years ago and still above the 7 million level just before the COVID pandemic. Other signs of a stronger employment market: hirings, separations – including layoffs, firings and voluntary quits – changed little from January. The Commerce Department reported a 1.4% gain in manufacturing orders in February, the first advance in three months. Demand for commercial aircraft led the increase. Excluding the volatile transportation category, factory orders rose 1.1% from January. Compared to February 2023, total orders were up 1% and up 1.4% excluding transportation. Core capital goods orders, a proxy for business investments, rose 0.7% for the month and were up 1.4% from the year before. Wednesday The U.S. services sector expanded in March, though at a slower rate, according to the Institute for Supply Management. The trade group’s services index indicated the 15th month in a row of growth. Based on surveys with purchasing managers, the index showed orders for services cooling while hiring contracted. Logistics and supply chains continued to improve following disruptions in the aftermath of the pandemic. Thursday The U.S. trade deficit grew in February for the third month in a row and to its widest gap in 10 months. The Bureau of Economic Analysis said the deficit expanded by 1.9% from January to $68.9 billion. The value of exports rose by 2.3%, led by crude oil, aircraft, soybeans and autos. Imports increased by 2.2%, led by cell phones, travel services, pharmaceuticals and autos. Since February 2023, the gap widened by 2.8% with exports growing 1.8% and imports rising 0.8%. The trade deficit detracts from economic growth, as measured by gross domestic product. The Labor Department reported that the four-week moving average for initial unemployment claims rose for the third time in four weeks. Average claims remained 42% below the 57-year average, continuing to reflect employer reluctance to let workers go in an historically tight labor market. Total claims were little changed from the week before at 2 million, which was 7% higher than at the same time last year. Friday U.S. employers continued to add jobs in March – for the 39th month in a row and at a swifter pace. The jobs report from the Bureau of Labor Statistics showed 303,000 more jobs than February, up from the six-month average of 231,000. The leisure and hospitality industry finally recovered to its February 2020 pre-pandemic employment level.

Landaas & Company newsletter  April edition now available. Advisors on This Week’s Show Kyle Tetting Dave Sandstrom Tom Pappenfus (with Jason Scuglilk, Joel Dresang) Week in Review (March 25-29) Significant Economic Indicators & Reports Monday The annual rate of new home sales declined slightly in February but stayed ahead of the year-ago pace, the Commerce Department reported. The sales rate of 662,000 new houses was below the pre-COVID pace for the seventh month in a row. Inventories rose marginally, and the median sales price - $400,500 – dropped almost 8% from February 2023. Tuesday Demand for long-lasting manufactured goods rose in February for the first time in three months, according to the Commerce Department. Orders for durable goods were up 1.4% from January and 1.8% ahead of orders in February 2023. Excluding volatile transportation orders, demand increased 0.5% from January and was up 3.2% from the year before. Orders for core capital goods, a proxy for business investments, also advanced. The annual gain in housing prices accelerated to 6% in January, the seventh consecutive increase. According to the S&P CoreLogic Case-Shiller home price index, broad-based price gains continued despite the head winds of higher borrowing costs. The year-to-year increase in January was the highest since November 2022. The Conference Board said its consumer confidence index was essentially unchanged in March, with survey respondents improving their views of current conditions while taking a dimmer view of the future. The business research group offered some mixed signals, reporting that people continued to fret over higher prices while their expectations for inflation remained near four-year lows. Consumers’ expectations for recession continued to weaken at the same time an index reading associated with recession worsened. Wednesday No significant releases Thursday The U.S. economy rose at an annual pace of 3.4% in the fourth quarter of 2023, according to a final estimate of the gross domestic product. The growth rate was up from 3.2% in the previous estimate by the Bureau of Economic Analysis, mostly because the annual rate of consumer spending grew by 3.3%, instead of the earlier estimate of 3%. Economic growth also rose faster from more commercial investments than initially estimated. The four-week moving average for initial unemployment claims fell for the first time in three weeks to reach 42% below the 57-year average. The indicator from the Labor Department suggested employers remained reluctant to let workers go. The same report showed 2 million Americans were claiming unemployment compensation in the latest week, down nearly 3% from the week before and up 7% from its level the year before. The National Association of Realtors said its pending home sales index rose nearly 2% in February, though it was down 7% from the year earlier. The trade group said sales contracts in the Northeast and West fell for the month because housing prices were rising faster than incomes. Nationwide, the group predicted increasing inventory because of more newly built structures on the market and because of pent-up desires by many homeowners to move. The University of Michigan’s longstanding measure of consumer sentiment rose marginally in March, staying about midway between its pre-pandemic level and its record low in 2022. The survey-based index suggested consumers were feeling better about their personal finances because of increased confidence that inflation was easing. The university said it expected sentiment to be on hold until later in the election season. Friday By far the biggest driver of the U.S. economy, consumer spending, rose 0.8% in February, the biggest jump in 13 months. Spending outpaced the 0.3% gain in personal income for February, resulting in a drop in the personal saving rate to 3.6% of disposable income from 4.1% in January. The Bureau of Economic Analysis also reported that the Fede...

Landaas & Company newsletter  March edition now available. Advisors on This Week’s Show Kyle Tetting Art Rothschild Kendall Bauer (with Jason Scuglik, Joel Dresang) Week in Review (March 18-22, 2024) Significant Economic Indicators & Reports Monday No major announcements Tuesday The pace of housing starts rose 11% in February, and it was up 6% from the year before, the Commerce Department and Department of Housing and Urban Development reported. Permits for new housing also increased at a seasonally adjusted annual rate, especially for single-family residences. Amid longstanding low inventories of housing units, the rate at which new houses are being completed is finally reaching levels not seen since before the Great Recession. Also, housing under construction has been hovering at record paces, according to data going back to 1970. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the second week in a row but stayed 42% below the 57-year average, according to new data from the Labor Department. The moving average, an indicator of employers’ reluctance to let workers go, continued to suggest strength in the labor market. Total claims rose 0.2% from the week before to 1.8 million, which was up 8% from the same time in 2023. The annual rate of existing home sales rose 9.5% to nearly 4.4 million in February, which was still 3% slower than the year before. The National Association of Realtors said demand for housing continued to be strong while inventory improved nearly 6% from January. Still, supply remained historically record low, with 2.9 months’ worth of houses available at February’s sales rate. The median sales price was $384,500, up almost 6% from the year before, the eight increase in a row. The Conference Board’s index of leading economic indicators rose 0.1% in February, its first gain in two years, led by increases in factory hours, stock prices and residential construction. The business research group said its index declined 2.6% since August, an improvement from a 3.8% decline in the previous six months. The group also warned that higher interest rates and rising consumer debt posed threats to continued personal spending, which drives about two-thirds of U.S. economic growth. Friday No major announcements MARKET CLOSINGS FOR THE WEEK Nasdaq – 16429, up 456 points or 2.9% Standard & Poor’s 500 – 5234, up 117 points or 2.3% Dow Jones Industrial – 39475, up 761 points or 2.0% 10-year U.S. Treasury Note – 4.22%, down 0.09 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail

Landaas & Company newsletter  March edition now available. Advisors on This Week’s Show Kyle Tetting Dave Sandstrom Kendall Bauer (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 11-15, 2024) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday No major announcements Tuesday The broadest measure of inflation nudged up narrowly in February, reinforcing sentiment that it’s too soon for the Federal Reserve to start cutting interest rates. The Bureau of Labor Statistics reported the Consumer Price Index rose 3.2% from February 2023, unadjusted for inflation. That was up from 3.1% in January but down from a four-decade high of 9.1% in 2022. Higher prices for gasoline and shelter accounted for 60% of the CPI’s one-month gain of 0.4%, which was the highest since September. The core CPI, excluding volatile food and energy costs, was up 3.8% from the year before, the smallest 12-month rise in almost three years. Wednesday No major announcements Thursday Wholesale inflation ticked up in February, led by higher energy prices. The Bureau of Labor Statistics said its Producer Price Index rose 0.6% from January, the largest advance since August. Excluding volatile prices for food, energy and trade services, the core PPI rose 0.4%, down from a 0.6% increase in January. Year to year, the headline PPI rose 1.6% in February, the highest rate in five months. The Commerce Department said retail sales gained 0.6% in February, only the second gain in five months, but another sign that consumers are keeping the economy growing. Car dealers, gas stations, home-and-garden centers and appliance stores led the list of retailers reviving sales from a 1.1% decline in January. The sales represent most of the consumer spending that accounts for about two-thirds of U.S. economic activity. Adjusted for inflation, retail sales advanced in February for the first time in five months. The four-week moving average for initial unemployment claims fell for the fourth week in a row, dipping 43% below the 57-year average. Data from the Labor Department continued to suggest a tight job market in which employers are reluctant to let workers go. Some 2.1 million individuals were receiving jobless benefits in the latest week, up 1% from the week before and up 7.2% from the year before. Friday U.S. industrial production rose 0.1% in February after weather-related declines January. The gain was the first in three months, according to the Federal Reserve. Compared to the year before, output was down 0.2%. Manufacturing production advanced 0.8% from January and was down 0.7% from February 2023. Capacity utilization, considered a leading indicator of inflation, remained at 78.3% in February, below the long-term average for the 10th month in a row. The University of Michigan said consumer sentiment essentially was on hold pending the November election. The preliminary measure of expectations in March was little changed from February, putting it midway between historic lows during the inflation peaks of 2022 and the level of sentiment just before the COVID-19 pandemic. Economists rely on sentiment as an indicator of consumers’ appetite for spending. MARKET CLOSINGS FOR THE WEEK Nasdaq – 15973, down 112 points or 0.7% Standard & Poor’s 500 – 5117, down 7 points or 0.1% Dow Jones Industrial – 38715, down 8 points or 0.0% 10-year U.S. Treasury Note – 4.30%, up 0.22 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail

Landaas & Company newsletter  March edition now available. Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 4-8, 2024) SIGNIFICANT ECONOMIC INDICATORS & REPORTS Monday No major releases Tuesday A drop in commercial aircraft demand sent U.S. factory orders lower in January for the third time in four months. The Commerce Department said orders overall declined 3.6% from December and were 1.6% below their level the year before. Excluding volatile orders for transportation equipment, demand fell 0.8% both for the month and compared with January 2023. Core capital goods orders, a proxy for business investments, rose 0.9% for the month and were up 2.5% from the year before. The service sector of the U.S. economy expanded in February for the 14th month in a row, though at a slightly slower pace. The Institute for Supply Management said faster supplier deliveries and a contraction in hiring slowed businesses in February. The ISM’s survey of supply managers found overall satisfaction in the state of business conditions, although concerns linger over inflation, the labor market and geopolitical conflicts. Wednesday U.S. employers posted 8.9 million job openings in January, down marginally from December, the Bureau of Labor Statistics reported. Demand for workers continued to outstrip supply. Openings eclipsed 12 million in March 2022 and have trended lower ever since. They were below 7 million just prior to the COVID-19 pandemic. Measures of hiring and dismissals showed little change, but voluntary quitting – an indication of worker confidence – was below pre-COVID levels for the third month in a row. Thursday The Bureau of Labor Statistics said worker productivity rose at an annual pace of 3.2% in the fourth quarter, unchanged from an earlier estimate. The rate resulted from the annual pace of output rising 3.5% in the last four months of the year while hours worked rose at a 0.3% pace. Productivity rose 2.6% over the last four quarters. Average annual productivity rose 1.3% for 2023, compared to an average 2.1% since 1948. The U.S. trade deficit widened by 5.1% to $67.4 billion in January, the Bureau of Economic Analysis reported. During the month, exports rose by 0.1%, led by autos and consumer goods. Imports rose by 1.1%, led by cars, crude oil and cell phones. Compared to January 2023, the trade gap narrowed by 4.1% as exports declined 0.4% and imports fell 1.2%. Economists consider trade deficits a detraction from overall economic growth. The Labor Department reported the four-week moving average for initial unemployment claims dropped for the third week in a row. It remained 42% below its average since 1967 and was 2% above its level just before the COVID-19 pandemic. Total claims for the latest week declined marginally from the week before to 2.1 million. That was 10.5% above the mark from the year before. The Federal Reserve said credit card debt rose at an annual pace of 7.6% in January, up from 2.4% in December, but a slowdown from the third and fourth quarters. The overall consumer debt outstanding, including student loans and car financing, increased at a 4.7% annualized rate. Measured year to year, credit card debt rose less than 2% from January 2023. Such debt has gone up every month but one in nearly three years. Sustained use of credit cards suggests consumers continued spending at higher levels despite Fed interest rate increases aimed at weakening demand to help lower inflation. Friday Employers added 275,000 jobs in February, the Bureau of Labor Statistics reported, and the unemployment rate edged up to 3.9%, its highest level in three years. The bureau’s monthly jobs report, combining payroll data and household surveys, showed the pace of hiring rise above the 12-month average, with particular strength in health care, construction and bars and restaurants.

Landaas & Company newsletter  March edition now available. Advisors on This Week’s Show Kyle Tetting Steve Giles Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 26-March 1, 2024) Significant Economic Indicators & Reports Monday While a relatively small part of the total housing market, new home sales showed signs of improvement in January. The C0mmerce Department said the seasonally adjusted annual rate of sales reached 661,000 units in January, up 1.5% from December and 1.8% ahead of the year-ago pace. As opposed to new houses, the annual sales rate of existing houses was 4 million. Inventories reached 8.3 months’ worth of new houses for sale, remaining above the pace just before the pandemic and well ahead of the average of 6.6 months’ since 1963. Tuesday The Commerce Department said durable goods orders fell 6.1% in January, the biggest decline in the volatile indicator since a 19.3% drop in April 2020. An expected plunge in commercial aircraft orders accounted for the bulk of the January setback. Excluding the transportation industry, demand for long-lasting manufactured items was down just 0.3% from December and was up 1.8% from the year before. Core capital goods orders, a proxy for business investments, rose 0.1% from December but were 0.2% below January 2023. Housing prices continued to accelerate in December, according to the S&P CoreLogic Case-Shiller home price index. Compared to the year before, the index rose 5.5%, as opposed to a 5% increase in November. It was the seventh consecutive gain. An analyst for S&P described broad-based pricing gains, with all composite city indexes advancing for the first time in 2023. Despite increased mortgage rates over the past year, S&P reported solid and steady growth in housing prices. The Conference Board said its consumer confidence index declined in February for the first time in four months. Consumers said they worried less about inflations, although it remained their chief concern. They registered greater unease about the labor market and political environment. The business research group characterized the slip in confidence as broadly based, with drops both in current assessments and expectations. Since consumer spending drives about two-thirds of U.S. gross domestic product, confidence suggests how willing consumers are to fuel the economy. Wednesday The U.S. economy grew at a 3.2% annual pace in the fourth quarter, slightly slower than initially estimated, according to the Bureau of Economic Analysis. Expansion of the gross domestic product was down from the previous report of 3.3% growth, which was down from 4.9% in the third quarter. The government said the updated figures showed less inventory buildup than previously estimated, partly offset by a faster pace of consumer spending. Consumer expenditures rose at an annual rate of 3% in the fourth quarter, compared to the initial report of 2.8%. Thursday The Federal Reserve Board’s preferred measure of inflation dipped to its lowest level in nearly three years, according to a report from the Bureau of Economic Analysis. The Personal Consumption Expenditure index rose 2.4% from January 2023 to January 2024, down from a 2.6% increase in December and a four-decade high of 7.1% in June 2022. The rate remained above the Fed’s long-range target of 2%. The report also showed consumer spending slowing in January even as personal income accelerated, led by a 3.2% increase in Social Security benefits. The four-week moving average for initial unemployment claims declined for the second  week in a row, falling to the lowest level in four weeks and 42%  below the 57-year average, signifying the historically strong job market. The Labor Department reported that total jobless claims declined 2% in the latest week to 2.1 million, up more than 8% from the year before. Commitments to home ownership slipped in January,

Landaas & Company newsletter  February edition now available. Advisors on This Week’s Show Kyle Tetting Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 19-23, 2024) Significant Economic Indicators & Reports Monday Markets closed for Presidents Day Tuesday The Conference Board is no longer forecasting a recession for 2024 but says it expects next to no growth in the U.S. economy in the middle half of the year. The business research group said its index of leading economic indicators declined by 0.4% in January, double the dip in December. But the latest six-month read of the index fell 3%, compared to a decline of 4.1% in the prior six months. Also – for the first time in two years – more than half of the index’s components were positive for the six-month period. Wednesday No major releases Thursday The four-week moving average for initial unemployment insurance claims declined for the first time in four weeks, remaining 41% below the 57-year average, according to new Labor Department data. Nearly 2.2 million Americans claimed jobless benefits in the latest week, up 0.5% from the week before and up 9.6% from the same time in 2023. The National Association of Realtors heralded a rise in existing home sales in January as the beginning of a comeback for housing. The annual rate of unit sales rose 3.1% from the pace in December with a 2% increase in inventory and the seventh consecutive year-to-year gain in prices. Home sales ended 2023 at the lowest level in about three decades, but mortgage rates have declined since peaking in October. The supply of houses for sale remained below their level in January 2023. The median sale price was the highest ever for January: $379,100. Friday No major releases MARKET CLOSINGS FOR THE WEEK Nasdaq – 15997, up 221 points or 1.4% Standard & Poor’s 500 – 5089, up 83 points or 1.7% Dow Jones Industrial – 39132, up 504 points or 1.3% 10-year U.S. Treasury Note – 4.26%, down 0.04 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail

Landaas & Company newsletter  February edition now available. Advisors on This Week’s Show Adam Baley Dave Sandstrom (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 12-16, 2024) Significant Economic Indicators & Reports Monday No major announcements Tuesday The pace of inflation continued to ease in January, though the decline was slowing. The Bureau of Labor Statistics said its Consumer Price Index rose 3.1% from January 2023. The rate was still above the Federal Reserve’s long-term target of 2%, but it was the lowest rate since March 2021 and down from a 41-year high of 9.1% in June 2022. Shelter costs accounted for two-thirds of the 0.3% increase in the index from December, the biggest monthly gain since September. A 3.3% decline in the price of gasoline helped offset higher housing costs. Excluding volatile food and energy costs, the core CPI rose 3.9% from the year before, the lowest since May 2021. Wednesday No major announcements Thursday Harsh weather and a falloff from holiday shopping helped lower retail sales in January. The value of goods and services sold dropped 0.8% from December as nine of 13 retailer categories posted lower sales, the Commerce Department reported. In particular, car dealers and home-and-garden stores had fewer customers as winter storms struck various region. Sales at gas stations declined because of lower prices. Smoothing out some of the one-offs, the latest three months showed retail sales up 0.1% from the preceding three-month period. Adjusted for inflation, retail sales declined by 1.1% in January, the third setback in four months. The Federal Reserve reported that industrial production dipped in January. The Fed cited winter storms as deterrents for both the manufacturing and mining sectors. Output for utilities expanded as a result of the extraordinary winter conditions. Lower demand overall meant industries’ capacity utilization shrank in January, down to 78.5%, the lowest in more than two years and well below the 50-year average of 79.6%. High capacity rates can indicate rising inflation. The four-week moving average for initial unemployment claims rose for the third week in a row to the highest point since early December. An indication of employers’ reluctance to let go of workers, the rolling average stayed 40% below the long-term average. Total jobless claims dropped 2.4% from the week before to 2.1 million, which was up 10.6% from the same time in 2023. Friday Inflation on the wholesale level rose 0.3% in January, reversing a slight decline in December. Prices for goods sagged, especially for food and energy items, partly offsetting gains in service costs. The Bureau of Labor Statistics said the Producer Price Index increased 0.9% from the year before, down from a peak of 11.7% in March 2022. The core PPI, which excludes volatile prices for food, energy and trade services, rose 0.6% from December, the most in a year. The core was up 2.6% from January 2023. The Commerce Department showed monthly weakening in housing in January, as the annual rate of building permits and housing starts trended lower, but remained at or above pre-pandemic levels. Indicators were stronger for single-family houses, which made up 75% of starts and 69% of permits. Single-family permits, which indicate plans for future construction, were 36% higher than the year before and the highest level in nearly two years. The annual rate of houses under construction hovered near record levels dating back to 1970. The University of Michigan reported that its consumer sentiment index rose slightly in February, strengthening an upward trend built on reassurance from slowing inflation. The survey-based indicator was up about 30% from November, though still 6% below its long-term average, dating back to 1978. Economists see consumer confidence as a precursor to consumer spending, which accounts for about two-thirds of the U.S.

Landaas & Company newsletter  February edition now available. Advisors on This Week’s Show Kyle Tetting Steve Giles Tom Pappenfus (with Max Hoelzl and Joel Dresang) Week in Review (Feb. 5-9, 2024) Significant Economic Indicators & Reports Monday The largest segment of the U.S. economy showed continued expansion in January with the Institute for Supply Management’s service index reaching its highest level since September. Based on surveys with supply managers, the index signaled growth for the 13th month in a row. Among the highlights were faster growth in new orders, employment and supplier deliveries. The trade group said supply managers reported steady business and were optimistic because of potential interest rate cuts from the Federal Reserve. Executives also expressed caution about inflation and geopolitical conflicts. Tuesday No major releases Wednesday The U.S. trade deficit narrowed in 2023 from a record high in 2022, as the value of imports declined. The Bureau of Economic Analysis reported that the 2023 trade gap was $773.4 billion, down 18% from the year before. Exports grew 1.2% in the year while imports fell 3.6%. Trade deficits detract from economic output, as measured by the gross domestic product. For the year, Mexico ranked first in imports to the U.S., displacing China for the first time in 20 years. The Federal Reserve reported a slower increase in consumer credit card debt outstanding in December. So-called revolving credit debt rose at a 1% annual rate in December, the 31st gain in 32 months - and the slightest advance in that period. For the fourth quarter, credit card debt rose at a 6.8% annual rate, down from 10.1% in the third quarter. Economists look at credit card debt as a sign of consumer confidence. Consumer spending accounts for about two-thirds of U.S. economic activity. Thursday The four-week moving average for initial unemployment claims rose for the second week in a row, although it still reflected a historically tight hiring market. Data from the Labor Department showed the latest four-week average was 42% below the all-time average, dating back to 1967. As an early measure of layoff trends, new jobless claims have suggested employers’ reluctance to let workers. Total claims rose 6% from the week before to 2.2 million, which was 14% higher than the year before. Friday No major releases MARKET CLOSINGS FOR THE WEEK Nasdaq – 15991, up 362 points or 2.3% Standard & Poor’s 500 – 5027, up 68 points or 1.4% Dow Jones Industrial – 38671, up 17 points or 0.0% 10-year U.S. Treasury Note – 4.19%, up 0.15 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail

Landaas & Company newsletter  February edition now available. Advisors on This Week’s Show Kyle Tetting Adam Baley Mike Hoelzl (with Max Hoelzl, engineered by Jason Scuglik) MARKET CLOSINGS FOR THE WEEK Nasdaq – 15629, up 174 points or 1.1% Standard & Poor’s 500 – 4959, up 68 points or 1.4% Dow Jones Industrial – 38655, up 545 points or 1.4% 10-year U.S. Treasury Note – 4.03%, down 0.13 point Not a Landaas & Company client yet? Click here to learn more. More information and insight from Money Talk Money Talk Videos Follow us on Twitter. Landaas newsletter subscribers return to the newsletter via e-mail