Despite disappointing economic data the major averages enter the final hour with modest gains. Elon Musk’s poorly considered tweets about taking Tesla private have resulted in a 20-million dollar fine to himself and Tesla, relinquishing his Chairman of the Board title while leaving the door open to numerous civil suits. In the on again off again trade deals department Canada and Mexico agree to a last-minute agreement to replace NAFTA.
Construction spending missed expectations in August with a .1% gain. Residential construction fell for a 3rd month, commercial slipped for a second month. All of the advance was compliments of a 2nd large jump in public construction.
The Institute for Supply Management Manufacturing Index slipped a ½ point in September to 59.8. The details were unremarkable, prices paid fell below 70 for the 1st time since December of 2017 but remain very high at 66.9.
The McKinsey Institute latest survey of Global Economic conditions shows a 3rd consecutive quarterly decline as the trade war and tariffs weigh heavily on the Global Economy.
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