Community Bank of San Joaquin Trust and Investment Telegram November 22, 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 * Leading economic indicators stabilize, data remains mixed - Leading Economic Indicators were unchanged in October following four months of consecutive declines. Economists were expecting the index to slip another 0.1%. Positives like declining jobless applications, increasing homebuilding permits, and growing orders for business equipment were offset by slumping consumer confidence, weaker vendor performance, and a shorter factory workweek. - The Consumer Price Index grew 0.3% in October, in-line with economists' expectations. So far this year, CPI has grown at a 2.7% annual pace compared to a 2.1% annual pace during the same time one year ago. - In October, housing starts slipped 11.4% from the previous month. October's measure was the slowest in six months but comes on the heels of the highest monthly housing starts figure since 1986. Multi-family homes gave up the most ground, declining 29.3% from September. - The U.S. trade deficit narrowed in September from its record gap in August. Much of the narrowing came from declining imports. The level of exports did not experience as much of a change. Imports slowed as a result of shipping delays caused by a strike between West Coast dockworkers and shipping companies. - Initial jobless claims plunged to 376,000, the lowest number in four months. Economists were expecting claims to rise to 395,000. Year-to-date, jobless claims have averaged 405,000 compared with an average of 406,000 in 2001. -------------------------------------------------------------- Bond Market Comments * Bond yields increased as stocks rallied - For the week, the 30-year Treasury bond's yield rose 11 basis points to close at 5.02%. The 10-year Treasury note's yield rose 15 basis points to close at 4.18%. -------------------------------------------------------------- Stock Market Comments * All major indices up, Industrial Average posts seventh consecutive weekly gain - For the week the Dow Jones Industrials rose 226 points or 2.6%, closing at 8,805. The broader S&P 500 rose 21 points, or 2.3%, to close at 931. The NASDAQ Composite climbed 58 points, or 4.1%, to close at 1,469. -------------------------------------------------------------- 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