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Lack of Wage Growth and Inflation Could Give the Fed Pause

The U.S. economy generated 222,000 new non-farm jobs in June, well above the expected 175,000. It was the best showing in four months. The report also included a 47,000-job upward revision to the prior two-month total. While the unemployment rate rose to 4.4 percent from 4.3 percent in May, it was accompanied by a modest increase in the participation rate. However, the report also continued to confound expectations of rising wages this late in the cycle. For the month, average hourly wages rose just 0.2 percent, and just 2.5 percent on a trailing twelve-month basis. The combination of solid job growth and little inflationary pressure should be supportive of risk assets.

Ameriprise #1 For Customer Service in the 2017 Temkin Group Investment Industry Rankings

Ameriprise Financial (NYSE: AMP) has achieved top marks in the investments industry in three 2017 Temkin Ratings. The firm is ranked no. 1 out of 14 investment firms in the 2017 Temkin Customer Service Ratings and in the 2017 Temkin Forgiveness Ratings. Ameriprise placed no. 2 in the 2017 Temkin Trust Ratings among the same group of 14 investment firms.

Central Bankers Causing Some Anxiety in Markets

As the second quarter drew to a close, central bankers were doing a lot of talking, and causing some anxiety in the process. In particular, comments by European Central Bank (ECB) President Draghi, citing economic progress in the Eurozone, were construed as preparing markets for the eventual winding down of its bond buying program, as a first step toward its policy normalization. The current program is scheduled to run through the end of the year. Currency markets reacted immediately, pushing the euro to a nine-month high versus the dollar. However, it didn’t take long for the bank to make it clear that those comments had been misinterpreted, that no such hawkish shift was intended.

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Latest Research

Keys to a successful financial relationship for couples

Money is a common topic that can cause disagreements between couples. A new Ameriprise study reveals strategies to help you improve your financial relationship with your partner or spouse.