Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour with small gains on generally disappointing data. Richmond fed regional index gained 5-points in September on strength in new orders and the average work week. New home sales fell sharply for a third time in the last 5-months dropping 3.4% in August to 560,000 units annualized. A significant miss to expectations, June and July were revised lower as well. Month’s supply increased to 6.1 the highest level seen since October of 2011. The median price fell 7.5% to $302,100. On a regional basis sales fell 4.7% in the south, but don’t blame the hurricanes just yet. Sales also fell in the West -2.7% and the Northeast -2.6%. Another data series to add to the lost the Trump bump list. State level personal income growth fell by half in the second quarter to .7%. Looking at the earned income component and it fell sharply as well down by nearly half to .8% growth. On a regional basis the Plains continue their anemic trend of late clocking income growth of a paltry .4% for the quarter, the Far West region showed an average .7% gain with standout results for Nevada +1.3% and Utah +1.1%.