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Crippled Saudi Oil Production
The Market Bull 2019

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The Market Bull – September 16, 2019

The major averages begin the week in the red after a weekend rocket attack crippled Saudi oil production spooking the markets as, gold, oil and bonds jumped.

A recent analysis of Bureau of Economic Analysis data by Alex Tabarrok shows that trend economic growth in the US is on the decline in the new millennium weighed down by record levels of debt, much of it unproductive. Using data going back to 1948, Mr. Tabarrok noted that average GDP or Gross Domestic Product for the period was +3.19% per year. Smoothing that growth rate meant that we have not seen an average growth rate period in the new millennium. This isn’t the first report I’ve read to suggest that non-productive debt is crowding out productive investment leading to lower growth rates and a more inefficient economy.

The New York regional manufacturing index missed expectations in September falling 2.8 points to a barely positive 2 on weakness in new orders and capital expenditure plans. Employment improved somewhat; price pressures increased.

Standard and Poors 500 Index closed at: 2,997.96 down 9.43
NASDAQ finished the day: 8,153.54 down 23.17
Gold ended trading at: $1,505.60 up $6.10


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