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Economic update for the week ending August 15, 2020

Stock markets were up again this week – Stocks rallied again this week despite congress’ failure to pass another stimulus package. Fortunately, investors feel a package containing approximately $2 trillion in stimulus will pass. The main sticking point in the bill is the approximate $1 trillion of the Democrat’s $3 trillion bill that will be given to state and city governments to offset budget deficits caused by loss of tax revenue due to the pandemic. Republicans don’t want to use federal money to bail out state and local governments. It’s also widely felt that many state and local governments would return to more strict business closures and stay-at-home orders if not for financial concerns. Retail sales in July reached pre-pandemic levels, as did housing sales. The number of first time unemployment claims dropped below 1 million last week for the first time since March. The Dow Jones Industrial Average closed the week at 27,931.02, up 1.8% from 27,433.48 last week. It’s down 2.1% year-to-date. The S&P 500 closed the week at 3,372.85, up 0.6%  from 3,351.26 last week. It’s up 4.4% year-to-date. The NASDAQ closed the week at 11,017.12, up 0.1% from 11,010.94 last week. It’s up 22.8% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 0.71, up from 0.57% last week. The 30-year treasury bond yield ended the week at 1.45%, up  from 1.28%  last week.

Mortgage rates – The August 13, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.96%, up from 2.88% last week. The 15-year fixed was 2.48%, up from 2.44% last week. The 5-year ARM was 2.90% unchanged  from 2.90% last week.

California homes were more affordable in the second quarter of 2020 – The California Association of Realtors announced that 33% of California households could afford to purchase a median priced single family home in the second quarter of 2020, up from 30% in the second quarter of 2019. The income needed to purchase a $610,850 median priced home was $115,200. That qualified for a payment of $2,880 which included principal, tax, and insurance on a 3.43%  30-year fixed loan with 20% down. 44% of California households were able to qualify for a median priced condominium or townhouse. The income needed to qualify for a payment of $2,280 was $90,000. That payment included principal, interest, taxes, insurance, and homeowner’s fees.

Official home sales numbers for July will be released next week, but preliminary numbers were quite strong. It appears that the number of sales will be about 6% higher this July than last July, and the median price will show a staggering increase of nearly 10% from one year ago. The official numbers will be included in next week’s report.
Have a great weekend!
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Streaming: Independent Shakespeare Co

The Griffith Park Shakespeare Festival is commencing in your living room this year! The festival events began on August 8th and will run through the beginning of September. An all-new hybrid production of Romeo and Juliet is making its debut this year! All events are online, free, and open to all. Check them out below, and register for the link!

Without You We’re Nothing: Audience Appreciation Event

August 15 at 7:00 pm (Livestream): Register here

”We do this for you but we cannot do it without you.” Have you ever heard Xavi Moreno say this on the Festival stage? It’s true now more than ever! Consider this our love letter to the beautiful individuals who trek up the hill every summer to join us in the park. They’ll be sharing favorite stories and photos from the incredible audience as they reminisce about special memories and look forward to a time we can all gather together again under the stars.

Keeping the Momentum: Theater’s Role in Social Justice

August 22 at 7:00 pm (Livestream): Register here 
Join Carene Rose Mekertichyan in a panel discussion with important voices in the Black theater community. How has theater been used to bring about social change and how can the LA Theater community maintain the momentum of this current movement?

Making the Magic of the Festival: Stories from Backstage


August 29 at 7:00 pm (Livestream): Register here 
Ever wonder how a small group of people work together to create one of the most beloved Shakespeare Festivals in the country? Carolina Xique, the producer of the ISC Art Break podcast series, digs into what makes the Festival tick, especially this year. Along the way, she’ll uncover more than a few backstage stories and explore what it takes to bring Shakespeare’s plays to the Los Angeles community. (Hint: it usually involves gaffer tape.)

ROMEO & JULIET


September 3rd, 4th, 5th, & 6th at 7:00 PM (Livestream)
(Recording available September 7 – 13): Register here

This brand new production of Romeo & Juliet is directed and adapted by Melissa Chalsma. It features Nikhil Pai as Romeo, Bukola Ogunmola as Juliet, and many of your favorite ISC ensemble members. This hybrid stage production will use movie-making, animation, social media, and their own ISC stage in Atwater. The front and center of this new production is the Shakespearean acting of the ISC Ensemble.

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Valley Eats: Farm to Table

Right now more than ever it is important to support our local farmers. Ordering takeout from restaurants who support our local farms is a way to do just that! Check out these delicious restaurants with the freshest fare throughout the Valley.

Farm Table Co  – Van Nuys

A hidden jewel in Van Nuys, right across the street from the courthouse. They have a delicious breakfast and brunch menu with some of the freshest farm to table dining in the valley.

Urban Plates – Woodland Hills

A local favorite for a lunch that you don’t get sick of is found at Urban Plates. They have hot plates, salads, soups, local beers, wines, etc. Enjoy farm-fresh foods while supporting local breweries and wineries in the valley.

Odyssey Restaurant – Granada Hills

The views from this restaurant are fantastic, and they have put a lot of work into making sure it is a safe dining experience for all— for those who choose to dine in. The steaks here are tender and flavorful, and the vegetables are fresh and crisp!

Wood & Water – Sherman Oaks

It is pretty hard to find a restaurant with guaranteed fresh seafood nowadays, and after reading many reviews, this place is the place to get the best oysters in the valley!

Malibu Farm – Malibu

If you’re in the market for fresh, local fare sourced from Southern California farms and ranches, look no further than Malibu Farm. This unique farm-to-table restaurant is the brainchild of owner Helene, who originally launched the business with ingredients grown and produced in her own personal garden and backyard farm.

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LA Eats: Farm to Table

Right now more than ever it is important to support our local farmers. Ordering takeout from restaurants who support our local farms is a way to do just that! Check out these delicious restaurants with the freshest fare throughout Los Angeles.

Manhattan House

Chef Juan Torres of Manhattan House sources his ingredients from local farms – from meat that has been hand-chosen and butchered in-house to fruits and vegetables grown in Manhattan Beach community gardens. This Italian-inspired gastropub even bakes its own sourdough onsite, which is rumored to rival the likes of San Francisco sourdough.

Salt’s Cure

Locavores are bound to love the contemporary vibe of Salt’s Cure, which sources ingredients exclusively from California. They butcher and craft their meat in house and partner with local fishermen for sustainably caught seafood fresh from the Pacific Ocean. They also get their produce directly from farmers and farmers markets in the Los Angeles area. From brunch and dessert to dinner and drinks, this restaurant is a must if you want to enjoy gorgeous plates with great service and a wonderful atmosphere – all while supporting local farmers, fishermen and producers.

Malibu Farm

If you’re in the market for fresh, local fare sourced from Southern California farms and ranches, look no further than Malibu Farm. This unique farm-to-table restaurant is the brainchild of owner Helene, who originally launched the business with ingredients grown and produced in her own personal garden and backyard farm. It has since grown in popularity and now includes items from other local producers. But you can still find some of her homegrown items on the menu, like Asian pears, persimmons and eggs.

Akasha

Akasha takes the farm-to-table movement up a notch with a dedication to eco-friendly production. The chef designs each menu based on the produce available at the local farmers market. At Akasha, you’ll enjoy delicious, locally sourced food at peak freshness. That means seasonal eating is that much easier when you settle in for a meal here. And if you’re in the mood for something a little more indulgent, you can peruse the drinks menu, which includes a wide variety of locally-produced beer, spirits and wine.

Industriel

Is there anything more fashionable than a French-inspired urban farm in the heart of Los Angeles? Industriel claims to serve the kind of cuisine you’d enjoy at your grandmother’s farmhouse in Provence … if she had sleeve tattoos. That means you can find everything on the menu from cheese boards and short rib croquettes to lamb chops with poblano pesto, coconut-brined chicken wraps and vegan ice creams. No matter which dishes you choose, rest assured that nothing you order has seen the inside of a supermarket.

 

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Summer Vacation By Car: California Highway 1 Road Trip

Want to take a road trip? California Highway 1 from central to northern California is among the most beautiful drives in the world! There is plenty to see along the way. Here is a road trip we have outlined for you! Turn on that Big Little Lies soundtrack or Beach Boys (if that is more your speed), and hit the road!

Hearst Castle

San Simeon is a town on the Pacific coast of San Luis Obispo County. It’s about halfway between San Francisco and Los Angeles along State Highway 1. Here you will find Hearst Castle, a hilltop mansion built by publishing tycoon William Randolph Hurst. He commissioned architect Julia Morgan to design and build the estate on a 40,000-acre property his Father, George Hearst, had purchased in 1865, which he inherited in 1919. Through many changes by William Hearst, he and Julia Morgan took nearly 30 years to complete the project.  The mansion is known today as Hearst Castle and is open by appointment to the public. A trip there is a must! Website: https://hearstcastle.org/ Reservations Telephone: 800.444.4445

**We suggest you take Take Tour #1! Before the tour, try to catch the screening of the IMAX film “Building The Dream” (Phone Number: 805.927.6811).

The Highway between San Simeon and Ragged Point is one of the most picturesque in the world.

Ragged Point

Ragged Point Inn & Restaurant: Just 16 miles north of Hearst Castle, you will find a great lunch and place to stay that’s close to Hearst Castle. This is the starting point of the Big Sur coast. Worth stopping to check out the lookout from the back of the restaurant. Website: www.raggedpointinn.com Reservation Telephone: 805.927.4502

Big Sur

Nepenthe Restaurant— Stop by here for lunch or dinner! The view is one of the best of the coast in California. You shouldn’t miss this one even if you just stop and walk around. Try the Ambrosia Burger! Reservation Telephone: 831.667.2345 

Big Sur Bakery— This is located near the Post Office. They have a really great breakfast!

Big Sur Lodge

This place is a great place to rent a cabin within the State Park. Some cabins have kitchens & fireplaces. It has a pool, a restaurant and some great hikes to take. It is also pretty inexpensive. Reservation Telephone: 800.424.4787

Ventana Inn & Spa

Elegant but casual. It has a great restaurant, pool, hot tubs. Very much the icon of Big Sur. Walk around the restaurant & shops…mellow & a bit expensive. Reservation Telephone: 800.628.6500

Post Ranch Inn

They have 30 luxurious rooms. Rated best hotel in USA. Amazing restaurant & wine list, dramatic views, and dramatic prices. Check out the Post Ranch Mercantile, a small gift shop store that is located on the property. Reservation Telephone: 800.527.2200

Point Lobos State Reserve

Point Lobos is 23 miles from Big Sur on the way to Monterey. Park and walk/hike/Picnic. This is a great place to see nature and sea life. 300,000 people visit this spot each year & there is a good reason why!

Carmel-by-the-Sea

Carmel is a beautiful, quaint beach town on the Monterey Peninsula. It is known for its museums, galleries, fairytale cottages, great restaurants, stores, and the historic Carmel Mission there are plenty of bed and breakfasts and luxurious but quaint hotels.

17 Mile Drive

Start in Carmel and travel from the south to the north. Pay to see how the 1% lives.

Pebble Beach

Along the 17 mile drive, you will arrive at Pebble Beach. Here you will find six of the most famous golf courses in the U.S. and home to the PGA tour. They are Pebble Beach Golf Links, Spyglass Hill, Cypress Point, The Dunes and Shore, Poppy Hills, and The Links at Spanish Bay!

Pacific Grove

A small community between Carmel and Monterey…. worth checking out. We prefer this more than Carmel by the Sea just because it is less touristy and is a bit more off the beaten path.

Asilomar Conference Grounds

The best value for basic lodging in California. Built by the same architect that built Hearst Castle, Julia Morgan. The dunes and beaches are lovely. Reservation Telephone: 831.372.8016

Restaurants

La Dolce Vida: Very good Italian Restaurant: Reservation Telephone: 831.375.7786 Located in Pacific Grove at 663 Light House Dr.

Pepper’s Mexicali Café: A great Mexican fusion cafe. Locals’ favorite with a good vibe. Reservation Phone: 831.373.6892 Located at: 170 Forest Ave. Pacific Grove.

Monterey Bay

The Monterey Bay Aquarium

A very popular attraction! Arguably one of the most well-known attractions in northern California.

Cannery Row

Read a John Steinbeck novel, like East of Eden, to appreciate this area a bit more. It is a beautiful homage to the literature of John Steinbeck. (The Steinbeck Museum is about 20 miles away in Salinas)
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Home Tips: Environmentally Friendly Cleaning

With a lot of us spending more and more time at home, we are finding ourselves cleaning more and more often. Switching over a few cleaning supplies to environmentally friendly supplies will be cost-effective, easier on all living things within your home, and better for the planet. Check out our tips below!

Natural All-Purpose Scrub

From the kitchen to the bathroom and many places in between, the uses for baking soda are almost endless. One way to get even more mileage out of this universal cleaning agent? Pour 1/2 cup baking soda into a bowl and add just enough liquid soap to make a creamy paste. Spread the mixture on the flat side of 1/2 of a lemon and scrub. The lemon acts as a sponge and leaves a natural citrus scent. Use a damp rag or sponge to wipe away any residue. You’ll find the paste will stay moist for a few hours.

Nontoxic Stain Remover

For nontoxic stain removal, there are many different formulas you can play with to remove stains. From mixing liquid dish soap (1 part) with hydrogen peroxide (3 parts) or liquid dish soap with vodka and lemon juice, as long as you have a chemical reaction, it should pull the stain right out!

Mold Remover

Using chlorine-based bleach to kill mold is kind of a double edge sword as bleach is arguable just as harmful to people and the environment. Soap and water will get rid of most mold or a solution of 2 teaspoons tea tree oil—a natural fungicide—and 2 cups water. But when it comes to mold and mildew, prevention is really your best bet.

DIY Tub and Tile Cleaner

Distilled white vinegar is the MVP of cleaning products that you can use to whiten laundry, deep clean vents, drive out pests, etc. Vinegar works well on soap scum and mineral deposits, but rinse thoroughly, as it can corrode some fixtures and stone (like marble), and etch glaze on tiles. You can also try tea tree oil—2 drops tea tree oil with 1 cup water—in a spray bottle to clean out grout from tiles.

Name-Brand Cleaners

Sometime’s it’s easier to buy than DIY. Newer eco-friendly brands of natural cleaners prove you don’t need high-octane chemicals to render a home spic-and-span. Look for biodegradable formulas and plant-based ingredients that don’t compromise on cleaning power. A few of our favorite brands are Dr. Bronners, Mrs. Meyers, Honest, Blueland, etc!

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Economic update for the week ending August 8, 2020

The U.S. Economy added 1.76 million jobs in July – The Department of Labor Statisticsreported that 1.76 million jobs were added in July. Although this exceeded expert’ expectations, it marked a dramatic decline from the pace of new and rehired workers in May and June when 7.5 million jobs were added in two months. This added some concern that the rising Coronavirus may be stalling the jobs’ recovery. The unemployment rate fell to 10.2% in July from 11.1% in June. In the past three months 9.3 million workers were either rehired or found new jobs. There are still 12.9 million more unemployed workers than there were in February when the unemployment rate was 3.5%.

Stock Markets rose sharply again this week – Investors were encouraged this week as second-quarter corporate earnings as well as other economic data continued to beat expectations. Reports from China and Europe also showed their economies were improving as well. The scope of the next round of stimulus, expected to be in the $2-3 trillion range, has alleviated most investors’ fears. The NASDAQ hit another record high this week. This has left people scratching their heads wondering, “How in the world can the stock markets be performing so well when the world is still partially shut down?” Experts point to nearly $7 trillion in stimulus by the time this is over as the reason for this. The Dow Jones Industrial Average closed the week at 27,433.48, up 3.8% from 26,428.32 last week. It’s down 3.9% year-to-date. The S&P 500 closed the week at 3,351.28, up 2.5% from 3,271.12 last week. It’s up 3.7% year-to-date. The NASDAQ closed the week at 11,010.94, up 2.5% from 10,725.57 last week. It’s up 22.7% year-to-date.

U.S. Treasury Bond Yields – The 10-year treasury bond closed the week yielding 0.57%, almost unchanged from 0.55% last week. The 30-year treasury bond yield ended the week at 1.23%, up slightly from 1.20% last week.

Mortgage Rates – The August 6, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.88%, down from 2.99% last week. The 15-year fixed was 2.44%, down from 2.51% last week. The 5-year ARM was 2.90% down from 2.94% last week.
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Summer Vacation By Car: Lake Arrowhead

With only a few more weeks of summer left, we could not miss the opportunity on writing about a vacation to the magical place that Lake Arrowhead is. A quick hour and a half drive from Los Angeles, you will feel as if you transported to another state. With fun activities like jet skiing, boating activities (wakeboarding, wake surfing, tubing), kayaking, and paddleboarding, Lake Arrowhead has it all! Check out some of our places to stay when out at the lake.

Lake Arrowhead Resort & Spa

Located at: 27984 CA-189, Lake Arrowhead, CA 92352

Nestled among the trees at an elevation of 5,174 ft, Lake Arrowhead Resort and Spa is the most popular resort on the lake. Here, you’ll find amazing views along with skiing, hiking, fishing, mountain biking, Lake Arrowhead Village, and the ultimate in peace & harmony.

Arrowhead Pine Rose Cabins

Located at: 25994 CA-189, Twin Peaks, CA 92391

Lake Arrowhead’s finest creekside cabin resort. Experience your vacation in a cozy studio for two or a luxurious lodge that can sleep up to 21! This place is known for their amazing wedding venue. 

Arrowhead Lake Inn

Located at: 28051 CA-189, Lake Arrowhead, CA 92352

A unique bed and breakfast located in Lake Arrowhead, California featuring the fine detail and elegance of the victorian era. Not too far from the center of town, either! 

Saddleback Inn at Lake Arrowhead

Located at: 300 CA-173, Lake Arrowhead, CA 92352

Nestled among the trees, this Inn feels secluded when it is close to the town center. Take camping to a new level by staying in their beautiful cabins.

Any Home Rental

Located: All throughout the town.

There are many vacation rentals that you can find on Airbnb, VRBO, etc. Many of the lakehouse owners rent their homes out on the weekends that they are not using it. For ultimate privacy, peruse the vacation rental site for a home of your dreams! (Pictured above is the “Industrial Revolution” Airbnb)

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Valley Eats: Ice Cream Shops

With temperatures rising, now is the time to take comfort in ice cream, soft serve, and gelato. The Valley is spoiled for choice when it comes to all that’s cold and creamy, with splendid scoop shops open for takeout every day!

Afters Ice Cream

Located at: 4550 Van Nuys Blvd UNIT B, Sherman Oaks, CA 91401

Known for their bright blue “Cookie Monster” ice cream and one of a kind flavors, this spot is guaranteed to hit the spot. Get your scoop in a “milky bun” aka their version of a glazed donut — it is very sweet and satisfying!

Salt & Straw

Located at: 12180 1/2 Ventura Blvd, Studio City, CA 91604

Salt & Straw is from Oregon (one of the least sunny places in America), and so you know it is good if people are lining up for blocks in the dead of an Oregon winter for a taste of some ice cream that is that satisfying!

Carmela Ice Cream

Located at: 2495 E Washington Blvd, Pasadena, CA 91104

Carmela in Pasadena is scooping daily. The salted caramel is the stuff of legend, but that shouldn’t deter ice cream-goers from trying any of the other flavors on the menu like the lavender honey and strawberry buttermilk.

Magpies Softserve

Located at: 18971 Ventura Blvd, Tarzana, CA 91356

Magpies Softserve’s two locations in Silver Lake and Tarzana are open for takeout and delivery. Chefs Warren and Rose Schwartz are serving soft serve in single servings, as well as pints, along with soft-serve pies.

Wanderlust Creamery

Located at: 18511 Ventura Blvd, Tarzana, CA 91356

Wanderlust Creamery’s four LA scoop shops in Pasadena, Venice, Atwater Village, and Tarzana are open daily. The shop’s globally-inspired flavors, like the Vietnamese rocky

 

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LA Eats: Ice Cream Shops

With temperatures rising, now is the time to take comfort in ice cream, soft serve, and gelato. Los Angeles is spoiled for choice when it comes to all that’s cold and creamy, with splendid scoop shops open for takeout every day!

Sweet Rose Creamery

Located at: 225 26th St #51 Santa Monica, CA 90402

Sweet Rose Creamery is scooping daily for curbside pick-up, takeout, and delivery. For celebrations that require something extra special, the shop is also selling ice cream cakes. Their fudge bars are also incredible. 

Mashti Malones

Located at: 1525 N La Brea Ave, Los Angeles, CA 90028

LA’s original Persian ice cream shop, which has been serving since 1980, is open daily for takeout and delivery. The rose-infused ice cream tastes like springtime and don’t forget to ask for a splash of sour cherry syrup to tame all that sweetness.

Magpies Softserve

Located at: 2660 Griffith Park Blvd, Los Angeles, CA 90039

Magpies Softserve’s two locations in Silver Lake and Tarzana are open for takeout and delivery. Chefs Warren and Rose Schwartz are serving soft serve in single servings, as well as pints, along with soft-serve pies.

Wanderlust Creamery

Located at: 3134 Glendale Blvd, Los Angeles, CA 90039

Wanderlust Creamery’s four LA scoop shops in Pasadena, Venice, Atwater Village, and Tarzana are open daily. The shop’s globally-inspired flavors, like the Vietnamese rocky road, can whisk sheltering-in-place tastebuds far away.

Scoops

Located at: 5105 York Blvd, Los Angeles, CA 9004

Scoops in Highland Park and Torrance are open for takeout. They make all of their ice cream, daily. Yes, each ice cream flavor they are serving up has been made that morning. Grab a pint or two of the shop’s signature brown bread flavor.

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