Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour with small losses despite generally positive data. Another cryptocurrency exchange goes bankrupt, this time in South Korea. The yield curve steepens for a second day as the Republicans continue to work on their very flawed tax plan.
State and Local tax collections jumped 2.4% in the 3rd quarter on a year ago basis on strong individual income tax collections to mark a 3rd consecutive quarter of solid gains. That said individual income tax growth running some 3.1% annualized trails the 5% gains seen at the beginning of the decade and speaks to the anemic wage growth of the modern era despite a 4.1% unemployment rate.
Housing Starts beat expectations with a 3.3% gain in November to 1.297 million units annualized. Building Permits also beat despite falling 1.4% to 1.298 million units annualized. Decent numbers but the strength in the housing data has diminished going into the close of 2017.