Registered Investment Adviser Caleb Lawrence
Generally disappointing data sent the major averages into an early close mixed to begin the holiday shortened week. The Institute of Supply Management or ISM Manufacturing Index gained 2.9 points to 57.8 in June on broad based strength. Prices paid fell 5 points to 55.
Construction spending was unchanged in May while April was revised from -1.4% to -.7%. Were it not for a large jump in public construction May would have been deep in the red as well. Residential and home improvement construction both fell for the month.
As the 3rd quarter gets underway geo-political tensions are high and rising with Qatar facing a significant ultimatum from its neighbors tomorrow as the middle east remains as unstable as ever. The situation in Asia involving North Korea and China isn’t looking positive either. Here at home the Trump administration appears increasingly inept and well on its way to becoming non-functional as the budget crisis looms and cracks grow in real estate and the economy at large.