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Registered Investment Adviser Caleb Lawrence 

The major averages enter the final hour about even, unable to hold their early gains on little real news. Though another Trump cabinet member, this time top economic advisor Gary Cohn resigns. Looming trade wars and the continuation of instability that has been the hallmark of the Trump administration since inception, simply more items for the markets to ignore.

Consumer credit came out after the close yesterday. Coming in below expectations at +13.9 billion in January. It nevertheless remained a decent figure. Following a number of months of strong gains credit card use came to a near screeching halt, clocking just +700 million. Non-revolving debt, essentially auto and student loans jumped 13.2 billion a slight increase from the previous month. This essentially average report follows 3-months of substantial credit growth that peaked in November at 30.9 billion.

The Quarterly Services Survey gained 5% in the 4th quarter of 2017 on a year ago basis. Improvement was fairly broad based, with leadership in Admin and Support, Software and Employment services.

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