Down The Jackson (Rabbit) Hole

Stocks retreated after comments from Federal Reserve Chair Janet Yellen and Vice Chairman Stanley Fischer led traders to expect at least one rate hike before year-end.

The Dow lost 53 points, with 21 of its components declining; the S&P 500 Index fell 3; and the Nasdaq climbed 6. Decliners outpaced advancers by three to two on the NYSE and were nearly even on the Nasdaq. Treasury prices weakened. Gold futures gained $1.30 to close at $1,325.90 an ounce. Crude-oil futures added $0.31 to settle at $47.64 a barrel.

For the week, the Dow dropped 0.83%, the S&P 500 Index declined 0.66%, and the Nasdaq was down 0.37%.

In other business news:

• The U.S. economy grew at a slower rate in the second quarter than previously reported, falling to 1.1% from 1.2%, according to the Commerce Department’s second estimate of U.S. gross domestic product. The third and final estimate will be released in late September.
• Federal Reserve Chair Janet Yellen’s prepared remarks from the Fed’s annual economic symposium in Jackson Hole, Wyoming, suggested that recent economic data has strengthened the case for a rate hike and left the door open for an increase at the Fed’s next policy meeting in September. However, if the data that comes in over the next few weeks disappoints (especially next Friday’s jobs report), any Fed action could be delayed until November or December. (For some history on Fed moves during election years, read Dr. Brian Jacobsen’s latest blog post.)
• Consumer sentiment slipped in August, according to the University of Michigan. The Index of Consumer Sentiment’s final reading for August fell to 89.8 from 90 in July. Consumers were optimistic about the economy but reported weakness in their own personal finances.

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Yesterday marked the 100th anniversary of the U.S. National Parks Service. Although the NPS wasn’t officially created until 1916, the concept of national parks can be traced back to 1832, when artist George Catlin was inspired by a trip to the Dakota Territory. In 1864, President Abraham Lincoln transferred ownership of the Yosemite Valley to the state of California, setting the precedent for future parks, including the establishment of the country’s official first national park, Yellowstone, in 1872.

When President Woodrow Wilson signed the bill creating the NPS, there were just 14 national parks, 21 monuments, and two reservations. And given the state of the country’s infrastructure at the time, you really had to want to get to those locations. There were just 326,000 visits to the sites that year.

Fast forward to today. There are 412 park sites (59 official parks), which encompass 84 million acres and hosted over 307 million visits in 2015.

It takes a lot of people to make sure those 307 million get the most out of those visits. Here are some of the more unusual assignments:

• Lint remover: Clean out your dryer. On a much larger scale.
  As much as we don’t like to think about it, we leave traces of ourselves wherever we go … hair, skin cells, clothing fibers. That buildup isn’t good for natural rock formations like those found in the Carlsbad Caverns because it creates a barrier that traps moisture and corrodes the formations. A team of volunteers goes into the caverns and uses brushes, spray bottles, and tweezers to keep the caves clean. During one 26-year span, 387 volunteers spent 8,111 hours removing 495 pounds of lint, which may turn into NPS site 413—the largest lint ball in the U.S.
• Kennel manager: Must love dogs. And snow. And cold.
  Denali National Park is made up of 6 million acres, much of it inaccessible to motorized vehicles. Sled dogs are the easiest way to traverse the terrain, and park rangers log 3,000 patrol miles on the sleds in a year.
• NPS photographer: Channel your inner Ansel Adams (as long as you’re willing to travel 10 months a year).
• Volunteer coyote scat collector: Spend two years collecting coyote excrement in L.A. to assist a study on coyote management. Must be willing to put up with a lot of … crap. (Sorry.)

In honor of its centennial, the NPS is encouraging everyone to join the celebration by providing free admission to the parks this weekend (August 25 through August 28). Get out there and #FindYourPark!