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Registered Investment Adviser Caleb Lawrence

The major averages enter the final hour about even despite generally disappointing data. Since Monday the Standard and Poors 500 Index is up a few points while the NASDAQ has lost a few points.

The April Treasury International Capital or TIC reports shows foreign net purchases of US securities totaled just 1.8 billion, a 4-month low. Treasury Bonds and Notes sold off, while equites and to a lesser extent agency and corporate bonds remained popular.

Residential construction activity missed expectations significantly in May after building starts fell for a 3rd consecutive month dropping 5.5% to 1.092 million units annualized led by another large decline in multi-family construction, March and April housing starts also received significant downward revisions. Permits slipped again down 4.9% to 1.168 million units annualized dragged lower by multi-family units.

The Regional and State Employment report for May showed employment increased in 9-states led by Florida, New York and North Carolina, 4 states declined while the rest were essentially unchanged. Colorado had the lowest unemployment rate in May, at 2.3%, followed by North Dakota with 2.5%.

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