The quarterly services survey which looks at information and technology revenue gained 1.3% in the 1st quarter and 5.7% from a year ago, nothing particularly remarkable one way or the other.
Crude oil’s continued rise above $51 per barrel marks a 7-month high as crude inventories fall while distillate meaning gasoline and diesel inventories jump. On the one hand these price increases will help to push deflationary fears to the back burner at least temporarily. The lamestream medias claim that falling crude inventories indicates greater economic activity is a thin one in light of rising gasoline and diesel inventories. If anything it is simply an economic step sideways as near record inventory levels are juggled as global economic growth estimates continue to get cut while the incoming data remains weak as has been the pattern for quite some time now. That said time will tell it always does, personally I won’t be holding my breath for higher prices.
This is Caleb Lawrence Registered Investment Adviser Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202 or call me toll free at 888-RICH PIG / 888-742-4744.
You can catch me on the radio at noon each business day as well on California’s central coast. KPIG 107.5 FM in the Monterey Bay or KPYG 94.9 FM in San Luis Obispo.
Advisory services offered through Caleb Lawrence Registered Investment Adviser Inc.