Improvements All Around

Chart of the Week for October 17-23, 2003

So far in 2003 the slowly improving economy has helped fuel a stock market recovery that has been better than expected. Investors have been rewarded for staying the course as the S&P 500 Index has risen nearly 20% year to date through October 10. Also benefiting is the employment picture. Initial jobless claims have fallen for the second straight week, and four of the past five. The four week moving average is now below the benchmark 400,000 level, signifying stabilization in the labor market. The next task will be getting the business community to begin hiring. This will hopefully lower the number of continuing jobless claims and possibly lead to improvement in the overall unemployment rate which presently stands at 6.1%

* This illustration was compiled from various sources, which are not affiliated with the ICMA-RC). This information is provided for educational purposes only and is not intended to be construed as or relied upon as investment advice. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Individuals should seek financial advice regarding the appropriateness of any new investment strategy. S&P 500 is an Index of 500 Stocks, a widely recognized, unmanaged index of common stock prices. You cannot directly invest in the index. The index performance illustrated here does not reflect the expenses associated with the active management of a portfolio of open-ended investment company shares. Performance is historical and past performance is not indicative of future performance. Vantagepoint securities are distributed by ICMA-RC Services LLC, a broker dealer affiliate of ICMA-RC, member NASD/SIPC. ICMA-RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400.