FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The retirement picture is getting better (Fidelity)
Fidelity’s biennial Retirement Savings Assessment study found the percentage of Americans who can afford to cover basic expenses during retirement jumped from 38% to 45% over the last two years. Still, that means 55% of Americans are at risk of not being able to pay for their basic needs. The report found the percentage of Americans who can cover 95% or more of their retirement expenses climbed to 27% in 2015, up from 23% in 2013. On the other end of the spectrum, 32% of Americans will need to significantly alter their lifestyles in retirement. As for age groups, baby boomers are the most prepared for retirement while millennials are the least prepared.
The December jobs report crushed expectations (Business Insider)
The Bureau of Labour Statistics released its December jobs report. The US economy added 292,000 jobs, which was far better than the addition of 200,000 jobs that was expected by the Bloomberg consensus. The unemployment rate held steady at 5.0%. Additionally, average hourly earnings increased 2.5% year-over-year, missing the 2.7% YoY gain that economists were looking for. Average weekly hours worked matched expectations at 34.5.
It hasn’t been this ugly for commodities since the 1930s(Business Insider)
Bank of America Merrill Lynch says the commodities rout is the worst since the 1930s. According to the bank’s research, the sharp drop in oil prices helped push the 10-year annualized return for the commodities space to down 5.1%. This is the first time commodities have lost ground over a 10-year period since the 1960s.
Alternatives data provider Preqin says global venture capital deals totaled a record $135.8 billion in 2015, up 45% year-over-year. According to Preqin’s report, the total amount of deals fell to 9,202 from 2014’s total of 9,811. Deal size was up 48% to $18.4 million. North America saw the most deals with 5,587, but the total was down 23% versus last year. Elsewhere, Greater China’s 1,605 deals outpaced the 1,373 deals closed in Europe.
Microsoft announced it will only support editions of Internet Explorer 11 or later beginning on January 12. Investment News reports, this is problematic for advisors, including those of LPL Financial, as many use earlier versions of the browser. Doing so after January 12 will leave advisors at risk of being exposed to viruses and spyware that hacks data.
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