Community Bank of San Joaquin Trust and Investment Telegram April 5, 2002 IN THIS ISSUE: 1. Economic Highlights 2. Bond Market Comments 3. Stock Market Comments 4. Legal Disclaimer 5. Subscribe / Unsubscribe -------------------------------------------------------------- Economic Highlights * Mixed employment data shows fragile but recovering job market: - The March Unemployment Rate increased to 5.7% from the 5.5% previously recorded in February. Consensus estimates had expected 5.6%. Given the increase, unemployment is still lower than the six and a half year high set in December of 5.8%. - Changes in Nonfarm Payrolls increased by 58,000 in March versus an estimated increase of 50,000 and following a decrease of 2,000 in February, marking the first monthly increase since last July. Leading the increase were the health services industry and temporary help companies providing factory workers. - Changes in Manufacturing Payrolls decreased 38,000 in March versus an expected decrease of 30,000 and following a decrease of 54,000 in February. The decrease of 38,000 in March is the smallest monthly decrease year-to-date. - The March ISM Manufacturing index rose to 55.6 from 54.7 in February where numbers higher than 50 indicate growth. The back-to-back increase is the first since June and July of 2000. Much of the strength came from new orders, which make up a third of the greater manufacturing index, as new orders increased at the fastest rate in 14 years. - February Factory Orders decreased .1% to $323.8 billion as new orders placed with manufacturers declined for the first time in three months. Analysts predicted a rise of 1% to $329.1 billion for the period. Industries leading the decline were clothing and paper. However, orders in non-defense rose for the second consecutive month with increasing unfilled orders. -------------------------------------------------------------- Bond Market Comments * Bond yields finish down for the week - For the week, the 30-year Treasury bond's yield fell 14 basis points to close at 5.66%. The 10-year Treasury note's yield fell 19 basis points to close at 5.20%. -------------------------------------------------------------- Stock Market Comments * Stocks decline on the week - For the week, the Dow Jones Industrials fell 132.3 points or 1.27%, closing at 10271.6. The broader S&P 500 fell 24.69 points, or 2.15%, to close at 1122.7. The NASDAQ Composite dropped 75.32 points, or 4.08%, to close at 1770. -------------------------------------------------------------- Legal Disclaimer Community Bank of San Joaquin Trust and Investment Telegram contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific securities does not constitute an offer to buy or sell securities. The past performance of a mutual fund, stock, or investment strategy cannot guarantee its future performance. This email newsletter is offered on a subscription-only basis. Because of the complexity of this service and its dependence on other systems, we cannot be responsible for delays or failures in forwarding or transmission. For further assistance please contact us at trust@communitybanksj.com or (209) 956-7000. -------------------------------------------------------------- Subscribe/ Unsubscribe