fbpx Accept-Encoding: deflate, gzip

Registered Investment Adviser Caleb Lawrence 

The major averages opened lower and enter the final hour with modest losses on the 30th anniversary of the original flash crash of late 1987 after mixed but not overly significant data.

Bucking the weak industrial production data, the Philadelphia Fed regional manufacturing index jumped 4.1 points to a very strong 27.9 in October on strength in the employment component that surged 24 points.

The latest Fed Beige Book on regional economic conditions showed more of the same moderate to modest economic expansion and tight labor markets, so long as you don’t count the 95 odd million folks that have given up on employment in the post crisis period as measured by the labor force participation rate. Districts impacted by the hurricanes showed notable stress, as expected. On the subject of hurricane driven economic impact. BlackKnight released its September Mortgage Report and noted significant jumps in delinquency data for Florida and Texas. The 9% national level increase in mortgage delinquencies pushed Texas from number 20 to number 3, while Florida increased from 22 to 5. I would imagine the data on Puerto Rico and the US Virgin Islands show similar substantial mortgage delinquency increases as well.

error

Enjoy this blog? Please spread the word :)