Community Bank of San Joaquin Trust and Investment Telegram November 15, 2002 IN THIS ISSUE: 1. Portfolio Evaluation 2. Economic Highlights 3. Bond Market Comments 4. Stock Market Comments 5. Legal Disclaimer 6. Subscribe / Unsubscribe -------------------------------------------------------------- Portfolio Evaluation * Look to Community Bank of San Joaquin for Trust and Investment Services. - Investors with portfolios of $250,000 or more are invited to receive a current portfolio evaluation with no cost or obligation. Contact Doug Wied at (209) 956-2990. -------------------------------------------------------------- Economic Highlights * Consumer data strengthens, manufacturing remains soft - Retail sales were flat in October. Excluding autos, sales grew 0.7%, the fastest pace in six months. Economists were expecting a contraction of 0.2%. Sales were better at clothing retailers, electronics and appliance stores, and gasoline service stations. - Industrial production slipped 0.8% in October, marking the third consecutive monthly decline. Economists were expecting a milder decrease of 0.3%. Slower production of cars and communications equipment led the figure lower. - Capacity utilization dropped to 75.2% in October, the lowest level in seven months. The figure is still above its 18-year low of 74.4% recorded last December. - Producer prices grew 1.1% in October. The increase surprised economists expecting only 0.2% price growth. Much of the increase came from rising automobile, oil, and food prices. Car prices rose 2.2%, the largest jump since September 1990. - Business inventories expanded 0.5% in September, beating analysts' expectations of 0.2% growth. Much of the build-up came as a result of slower sales. - The University of Michigan Consumer Sentiment Index increased for the first time in six months. The index jumped to 85.0 in November from a previous reading of 80.6. - Initial jobless claims declined for a second straight week to 388,000. Economists had expected claims to grow to 396,000. The four-week moving average fell to 396,750 from 403,250. -------------------------------------------------------------- Bond Market Comments * Bond yields post a sharp increase - For the week, the 30-year Treasury bond's yield rose 15 basis points to close at 4.91%. The 10-year Treasury note's yield rose 17 basis points to close at 4.03%. -------------------------------------------------------------- Stock Market Comments * Stocks rally, led by the NASDAQ - For the week the Dow Jones Industrials rose 42 points or 0.5%, closing at 8,579. The broader S&P 500 rose 15 points, or 1.7%, to close at 910. The NASDAQ Composite climbed 52 points, or 3.8%, to close at 1,411. -------------------------------------------------------------- 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