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Business News


The Conference Board's Leading Economic Index for the United States declined 0.2% in August. While the index declined in August, its trend still points to moderate economic growth in the months ahead. The index predicts the economy 6-9 months forward. (CNBC)

Home resales fell in August by 0.9% to an annual rate of 5.33 million units hurt by a shortage of inventory. Home resales are still up 0.8% from one year ago. First-time homebuyers made up 31% percent of existing home sales in August. The number of unsold homes on the market fell 3.3% to 2.04 million in August. Inventories were down 10.1% compared to a year ago. At August's sales pace, it would take 4.6 months to clear the stock of houses on the market. A six-month supply is viewed as a healthy balance between supply and demand. One year ago it was 5.1 months. The median house price rose 5.1% from a year ago to $240,200 last month. (Reuters)

After his employees opened 1.5 million accounts and over half a million credit cards fraudulently without the clients’ consent, Wells Fargo CEO John Stumpf is resigning from his role as an advisor to the San Francisco Federal Reserve. (USA Today)
Join us this weekend for Financial Focus Radio when we will talk about fraud and how to protect yourself.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Intel boosted its third-quarter revenue forecast noting PC sales are running stronger than expected. The company forecasts quarterly revenue of $15.6 billion. Intel relies on the PC for 60% percent of its revenue. Second-quarter PC shipments totaled 62.4 million a 4.5% decline from the same quarter in 2015. Intel employs 19,500 in Oregon, more than any other business in the state and more than anywhere the company operates. (Oregon Live)

The price per pound of hazelnuts is at its third-highest level in history. The Hazelnut Growers Bargaining Association agreed to set the price at $1.18 for this fall. The record was set in 2014 at $1.70 per pound. Almost all the country's hazelnut output comes from Oregon. (Register-Guard)

Amazon is hiring temporary and, full-time employees to answer customer questions. These employees will work from home, helping customers via phone and online chat. The jobs will pay $10 per hour. Applicants must live in a list of specified states that include Oregon and Washington.  (Oregon Live)

Bed Bath & Beyond reported a quarterly profit of $167.3 million on revenue of $2.99 billion. Bed Bath & Beyond shares have dropped 11% in 2016 and are down 29% in the last 12 months. (AP)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Just 97 days till Christmas and it is time to start planning.  United Parcel Service will hire 95,000 workers for the holiday shopping season.  Up from 93,000 last year. The pay range for seasonal hires is $10.10 to $30 an hour. About 37% of seasonal hires over the last three years have been hired permanently. (CNN)

Consumer prices increased 0.2% last month after being unchanged in July. In the 12 months through August, the CPI increased 1.1%. In August, gasoline prices fell 0.9%, food prices were unchanged, medical care costs jumped 1.0% and Americans also paid more for motor vehicle insurance and apparel. (Reuters)

The Index of Consumer Sentiment hit 89.8 in September. Consumers' assessment of current economic conditions dipped slightly, hitting 103.5 this month, down from 107 in August. (University of Michigan)

After his employees opened 1.5 million bank accounts and over half a million credit cards without client’s consent Wells Fargo CEO John Stumpf will appear before the Senate Banking Committee tomorrow concerning what we now know as the bank's illegal sales practices. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Producer prices were flat in August. Producer prices have been held down by a strong dollar and cheap oil. Trade services fell 0.6%, energy prices fell 0.8%, and
health care costs increased 0.4%. The core Producer Price Index climbed 1.2% in the last 12 months. (Reuters)

Retail sales fell in August by 0.3%, led by weak auto sales.  Total sales are up 1.9% from a year ago. Auto sales fell 0.9% and sales at service stations dropped 0.8%. Sales at online retailers declined 0.3% and receipts at sporting goods and hobby stores dropped by 1.4%. Receipts at clothing stores rose 0.7%, sales at electronics and appliance stores gained 0.1% percent receipts at restaurants and bars rose 0.9%. (Reuters)

Industrial production fell 0.4% in September.  Industrial production had recently picked up after declining for much of the last 18 months. A bright spot was mining output rising 1.0%, it's fourth consecutive monthly increase. Business equipment output dropped 0.4%. The percentage of industrial capacity in use fell slightly to 75.5%.(Reuters)

Join us this weekend for Financial Focus Radio when we will talk about what the Fed will do next week with interest rates.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



U.S. import prices fell for the first time in six months in August dropping by 0.2%.  Import prices have been dampened by a strong dollar and cheap oil. The US continues to import deflation from China, with the cost of goods imported falling 0.2%. Chinese import prices have not posted a monthly increase since December 2014. August's decrease was led by a 1.0% decline in the price of imported communications equipment. The cost of imported goods from Canada, the European Union and Mexico also declined. Imported petroleum prices declined 2.8%. (Reuters)

What took so long? Federal prosecutors are finally investigating Wells Fargo for opening 1.5 million unauthorized accounts and over half a million credit cards without the client’s knowledge. U.S. attorneys have yet to decide whether they will pursue a civil or criminal charges.  At least the ball is starting to roll. (Wall Street Journal)

Gasoline prices are a national average of $2.18 per gallon, that compares to $2.33 a year ago. Prices are expected to continue to drift lower, however, and surpass the lows of last year. The main reason gas is so cheap is because the glut of U.S. crude oil has turned into a glut of refined products. The latest weekly data showed a draw in oil inventories of 559,000 barrels, but a big build of 4.6 million barrels of diesel and 600,000 barrels of gasoline. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



The National Federation of Independent Business small-business optimism index fell 0.2 points to 94.4 in August. The measure of small-business sentiment declined with election worries at the forefront. The outlook for business conditions in the next six months had the most dramatic change, dropping seven points. Setting an all-time high for the survey, 38% of business owners cited the political climate as a reason not to expand. (MarketWatch)

An American family’s median household’s income in 2015 was $56,500, an increase of 5.2% year over year. But the median household income is still 1.6% lower than in 2007. It also remains 2.4% lower than the all-time peak reached during the late 1990s. Households living in poverty shrank by 3.5 million in 2015, reducing the poverty rate by 1.2%. (NYT)

German drug and crop chemicals company Bayer is buying U.S. seeds firm Monsanto for $66 billion in cash. That is $128 per share. This is the biggest takeover deal of the year and the largest cash deal on record. (Reuters)

Cracker Barrel Old Country Stores, reportedly coming to Bend, reported a quarterly profit of $51 million. The company had sales of $745.6 million in the period. Cracker Barrel shares have climbed 19% since the beginning of the year. (AP)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



Along with September volatility is back in the markets. Stocks are falling in early trading. Markets surged almost 1.5% yesterday, a huge turnaround from early trading. (CNBC)  
 
After Wells Fargo employees illegally opened 1.5 million bank accounts and over half a million credit cards they were fined almost $190 million.  But no one was charged with a crime and now we find out this. The executive who oversaw this group of employees who perpetrated these crimes retired over the summer and walked away with a $124.6 million bonus.  Unbelievable.  (NY Times)
 
Americans are more positive about the nation's economy than they have been in nine years. 53% of Americans say economic conditions in the US are good, up from the 45% in June. Democrats are more likely to say the economy is in good shape at 78%.  28% of Republicans felt the economy was in good shape. (CNN)
 
Boeing says Chinese airlines are likely to purchase 6,810 planes worth $1 trillion over the next two decades, a 7.6% increase from last year's projection.  (Reuters)
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



Stocks opened sharply lower, pointing to an extension of Friday's slump, which saw US markets shed over 2%.  This comes on renewed concerns about interest rate hikes. European and Asian stock markets started their day off more than 1%. U.S. bond yields continue to move higher. The 10-year yield is trading around 1.69%, after hitting its highest level since Brexit to end the week. (CNBC)

Lunch and shopping.  All without leaving the store. Macy's is looking to boost sales by offering food options. The company already has Starbucks in 49 of its locations. Macy's president and soon-to-be CEO, says there could be additional expansion of food and beverage in the future to get people in the stores. (CNBC)

Wholesale inventories were unchanged in July. In July, wholesale stocks of farm products fell 2.0%, petroleum inventories declined 1.2% and automobiles inventories rose 0.4%. At July's sales pace it would take wholesalers 1.34 months to clear shelves. That ratio has declined from 1.37 months touched to start the year, which was the highest since March 2009. (Commerce Department)

Amazon and Pandora are planning to launch new versions of their music streaming services. Pandora is expected to start an on-demand platform. Amazon is working on a two-tier service. (NY Times)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



According to a report by the U.S. Bureau of Transportation Statistics their transportation index has taken a negative turn starting in late 2015 and into the summer of 2016.  The freight transportation services index combines monthly truck tonnage, air revenue from freight and mail, weekly rail carloads, rail ton-miles, tons moved by water and pipeline transportation into a single economic indicator.

Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards not authorized by customers. For these illegal banking practices Wells Fargo will be fined $185 million. Wells Fargo is famous for its culture of cross-selling products to customers — routinely asking a checking account holder if they would like to take out a credit card. Wells said employees were terminated, including managers but would not say whether any senior executives had been fired in the scandal. The only question left is why aren’t we talking about criminal charges? (NYT)

Kroger the biggest U.S. supermarket company and owners of Fred Myer, reported an 11.5% decline in quarterly profits, due to restructuring pension obligations. Profits fell to $383 million.  Sales climbed 4%. (Reuters)
 
Join us this weekend for Financial Focus Radio when we will talk about protecting yourself from financial fraud.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Employers listed 5.9 million job openings in July. That compares to 5.62 million job openings in June. The hiring rate was steady at 3.6% or 5.2 million in July. The separation rate was 4.9 million a rate of 3.4%. (JOLTS)

Oregon’s largest employer, Intel, is spinning off its cybersecurity unit, formerly known as McAfee, and selling a majority stake to private equity firm TPG for $3.1 billion in cash. Intel had bought McAfee in 2011 for $7.7 billion. (Reuters)

Barnes & Noble reported disappointing quarterly sales and earnings. Total sales were $913.9 million, declining 6.6% as compared to the prior year. Same store sales declined 6.0% for the quarter. NOOK sales, which include digital content, devices and accessories, declined 24.5%. That resulted in a first quarter loss of $14.4 million. (Business Wire)

Pier 1 Imports CEO is leaving the company after nearly a decade as the retailer issued a same-store sales drop of 4.3% for the second quarter, and said it expects to report next week a larger than expected loss. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



The U.S. service sector grew last month at the slowest pace in more than six years. The Institute for Supply Management services index fell to 51.4 in August. That was much weaker than expected, still, anything above 50 signals growth, and services firms have now expanded for 79 straight months. (AP)

Mortgage application volume increased 0.9% last week. Volume is nearly 28% higher than one year ago, fueled largely by higher refinance volume. Refinancing’s are up 43% from a year ago. Mortgage applications to purchase a home are 7% higher from a year ago. The average contract interest rate for 30-year fixed-rate mortgages is 3.68%. (Mortgage Bankers Association)

Oregon’s largest employer, Intel, is reinventing the company by establishing new markets for its chips beyond the fading PC business. Intel has purchased Silicon Valley chipmaker Movidius, whose technology helps computers process what cameras capture. Details and terms of the deal were not disclosed. (Oregon Live)

Health care benefits make up 7.6% of a company’s budget and equate to an average of $8,669 per employee. Employers pay 77% percent of employee coverage and 59% of family coverage on average. (Health Care Benchmarking Report)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



U.S. retailers are worried about keeping their shelves stocked after a major South Korean shipping company, Hanjin Shipping, one of the world's biggest cargo movers filed for bankruptcy. They handled nearly 8% of transpacific trade for the U.S. market.

Around 90% of the world's goods are transported by sea. (CNN)

 

Walmart plans to cut 7,000 accounting and invoicing jobs throughout the country over the next several months. Earlier this year, the retailer announced it would close 269 of its 11,000 stores worldwide. (Wall Street Journal)

 

Nonfarm payrolls increased 151,000 in August. The unemployment rate is unchanged at 4.9%.  Hourly earnings are increasing at an annualized pace of 2.4%. The biggest jobs gains came in bars and restaurants, which added 34,000 positions, professional and technical services added 20,000 and health care contributed 14,000.

 

U.S. gasoline consumption this year is projected to post a new record. Gasoline consumption is forecast to increase by 1.5% to 9.29 million barrels a day in 2016 beating the previous record set in 2007. (Energy Information Administration)

 

S&P 500 is up 2 and the NASDAQ is up 2.  MSCI International Index is flat.

 

Oil is up 35 cents at $44.75 a barrel.

 

Gold is up $10 at $1336 a Troy ounce.

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Nonfarm payrolls increased 151,000 for the month. The unemployment rate is unchanged at 4.9%.  Hourly earnings are increasing at an annualized pace of 2.4%. The biggest jobs gains came in bars and restaurants, which added 34,000 positions, professional and technical services added 20,000 and health care contributed 14,000.

 

U.S. gasoline consumption this year is projected to post a new record. Gasoline consumption is forecast to increase by 1.5% to 9.29 million barrels a day in 2016 beating the previous record set in 2007. (Energy Information Administration)

 

Manufacturing sector contracted in August after five consecutive months of expansion. The ISM manufacturing index hit 49.4 in August. A reading above 50 indicates expansion while a reading below 50 indicates contraction.

 

U.S. labor costs grew faster in the second quarter while worker productivity slumped. The price of labor per unit of output, increased at a 4.3% annual pace.  Hourly compensation per hour jumped at a 3.7% rate. Productivity, which measures hourly output per worker, dropped at a 0.6%. (Labor Department)

 

S&P 500 is up 5 and the NASDAQ is up 16.  MSCI International Index is up 0.65%.

 

Oil is up 75 cents at $44.00 a barrel.

 

Gold is up $10 at $1328 a Troy ounce.

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



The past two months have seen a dramatic surge in U.S. firearms sales, particularly in rifles. Gun background checks soared about 28% in July, to just over 1.21 million. Smith & Wesson is scheduled to report results today after the closing bell. (CNBC)

 

Shareholders of Hillsboro-based FEI approved the company’s acquisition by Massachusetts-based Thermo Fisher Scientific. With shareholder approval, the company says the deal will close by the end of this year. FEI will retain its headquarters and its manufacturing and R&D operations in Hillsboro. The company employs 3,000 globally. FEI’s revenue last year was $930 million. (PBJ)

 

Costco reported net sales of $8.9 billion for the month of August an increase of 2%. For the last year the Company reported net sales of $116.1 billion, an increase of 2%. Costco operates 715 warehouses including 501 in the United States and Puerto Rico, 91 in Canada, 36 in Mexico, 28 in the United Kingdom, 25 in Japan, 12 in Korea, 12 in Taiwan, eight in Australia and two in Spain. The Company plans to open up to an additional 10 new warehouses before the end of 2016. (Marketwired)

S&P 500 is up 3 and the NASDAQ is up 12.  MSCI International Index is flat.

 

Oil is down 25 cents at $44.44 a barrel.

 

Gold is down $3 at $1309 a Troy ounce.

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



This is the final day of August trading and the Dow and S&P 500 were holding on to small monthly gains, while the Nasdaq was up nearly 1.2%. (CNBC)

 

The pace of U.S. home price gains slowed in June as the S&P CoreLogic Case-Shiller 20-City Composite index rose 5.1% year over year.  Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months. Portland, Oregon, led the gainers with price appreciation of 12.6%, Seattle followed with an 11% increase, and Denver came in third with a 9.2% gain. (CNBC)

 

Payroll giant ADP says the private sector added 177,000 jobs in August.  The big government jobs report will be Friday morning.

 

Tax preparer H&R Block reported a loss of $123.7 million in its latest quarter. The company had sales of $125.2 million.  H&R Block shares have fallen 27% percent in 2016 are down 29% the last 12 months. (AP)

 

S&P 500 is up 1 and the NASDAQ is down 3.  MSCI International Index is flat.

 

Oil is down 50 cents at $45.87 a barrel. U.S. crude is up nearly 12% for August. (Reuters)

 

Gold is down $5 at $1316 a Troy ounce. The glittery stuff is heading for a 2.8% drop in August. (Reuters)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.


 

Traffic & Weather

 

 

 

  • Lane closures and detours Mt. WA Dr at Shevlin Park Road North to Regency (7/11-11/30)

 

  • Road closures along Roosevelt Ave >< Silver Lake Blvd -Chamberlain St. 7a-5p (9/6-11/20)

 

  • Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July – November.
 
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