Caleb Lawrence – KPIG-KPYG Radio – Share the Wealth – February 1, 2017
Decent earnings data helped the major averages to open higher on soft economic data. As expected the Fed left rates unchanged as once again the economy just can’t quite seem to reach escape velocity.
The January Institute for Supply Management or ISM Manufacturing Index increased for a 5th straight month gaining 1.3 points to 56 on notable gains in inventories and employment. Prices paid jumped again hitting 69.
Construction spending backed away from the 10-year high achieved in the previous month slipping .2% in December on a large decline in public construction.
What really caught my eye today, and something much worse than the current administration, as bad as it is. Is the looming bacon shortage as pork belly supplies have hit a 59-year low according to the United States Department of Agriculture. Now if that doesn’t strike fear into the hearts of pork fans worldwide I don’t know what will as it serves to underscore the wonton economic mismanagement of the current administration.