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Registered Investment Adviser Caleb Lawrence

The major averages recovered their early losses but couldn’t hold on into the final hour as small losses returned. This is shaping up to a be a tough for week for stocks and crypto currencies so far with Bitcoin testing $9,000 again.

Productivity fell .1% in the 4th quarter of 2017, this marks the first decline in productivity in 7-quarters, unit labor costs advanced 2% during the same period. For all of 2017 Productivity increased an anemic 1.2%, better than 2016 but continuing what is now a very long-term trend of weak productivity gains.

The Institute for Supply Management Manufacturing Index slipped .6 points in January to a still strong 59.1. Details of the report were generally unremarkable, prices paid hit 72.7.

Construction Spending advanced .7% in December to finish the year up 2.6% on gains in private construction spending.

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