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This report, from the Institute for Supply Management, is among the most-watched economic surveys by stock and bond traders because a) it is one of the first to come out each month, b) it is a great gauge of the U.S. economic health, c) it has been a consistent measure for decades, and d) is from the private sector, so the government can't manipulate the numbers.
The ISM Report on Business grew from a small-scale survey in 1931 to a snapshot that encompasses more than 300 companies in a wide range of industries. The ISM polls business managers, asking them to evaluate changes in factors like production, new orders, inventories and prices and contrasts them with their answers from the previous month. Then, the answers are crunched and spit out as an index. If the number comes in north of 50, it suggests the economy is expanding (a good sign). Under that level, and it's shrinking (not so good).
Traders love this report because it usually sets the tone for all the other data that is released each month. (Only the monthly federal Employment Situation report tends to have as much impact on the markets.) Sometimes, its components are more important than the whole. If stock and bond traders are worried about inflation, they'll look at what the survey said about the prices companies are paying for goods and the wages they're paying their workers to see signs that prices might be rising.
The ISM figures originally tracked just manufacturing data, but the group started polling service industries in the 1990s. That report, though, doesn't have the same market punch as the manufacturing numbers, but could as the service economy continues to grow in the U.S.
We end on a historical note: For years, the ISM numbers were actually known as "napalm," because the ISM used to be the National Association of Purchasing Managers. But many in the market (and in the organization itself) weren't keen on being associated with a Vietnam-era weapon.
Home / Markets / Industries / Finance
Friday, May 09, 2008
Michael R. Kallet Becomes Chairman of Oneida Savings Bank
Comtex
ONEIDA, N.Y., May 9, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----Oneida Financial Corp. (Nasdaq: ONFC) ("Oneida"), the parent company of The Oneida Savings Bank announced today that Michael R. Kallet assumed the role of Chairman of the Board of Oneida Savings Bank. The Bank's Board of Directors elected Mr. Kallet to serve as Chairman following the appointment of Chairman Richard B. Myers to director emeritus of the Bank upon reaching the mandatory retirement age of 70 for directors under the Bank's bylaws.
Michael R. Kallet joined Oneida Savings Bank in 1983 and was appointed President and Chief Executive Officer in 1990. Mr. Kallet was named President and Chief Executive Officer of Oneida Financial Corp. upon the formation of the Company in 1998 and serves as a director of both the Bank and the Company.
Richard B. Myers continues to serve as the Chairman of the Board of Oneida Financial Corp. Myers commented, "Mike has demonstrated exemplary leadership and judgment throughout his career and tenure as President and CEO of Oneida Savings Bank. The Bank has evolved from a traditional savings bank to diversified financial services company. I am pleased to have a leader of his caliber succeeding me and I know that the Board is looking forward to working with Mike in his expanded role as Chairman."
Oneida Financial Corp. reported total assets at March 31, 2008 of $542.7 million and shareholders' equity of $58.8 million. The Company's wholly owned subsidiaries include; The Oneida Savings Bank, a New York State chartered FDIC insured stock savings bank, State Bank of Chittenango, a state chartered limited-purpose commercial bank, Bailey, Haskell & LaLonde Agency, an insurance and financial services company, Benefit Consulting Group, an employee benefits consulting and retirement plan administration firm and Workplace Health Solutions, Inc., a firm working with employers to mitigate and prevent workplace injuries. Oneida Savings Bank was established in 1866 and operates twelve full-service banking offices in Madison, Oneida and Onondaga counties.
This release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services.
SOURCE Oneida Financial Corp.
http://www.oneidabank.com
Copyright (C) 2008 PR Newswire. All rights reserved
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