Non-manufacturing output grew in February for the 86th consecutive month, per the Institute of Supply Management. The institute's non-manufacturing index hit 57.6 in February, up from the previous month. The non-manufacturing business activity index increased to 63.6, the highest reading since February 2011.
We have not built a new oil refinery in this country since the early 1980’s. In a helpful move, Exxon Mobil, will spend $20 billion, over the next several years, on refineries and petrochemical plants in the Gulf of Mexico region. (WSJ)
Proof taxes have economic and employment impacts. Philadelphia's soda tax has led to a big decline in soft-drink sales. Supermarkets have seen Coca-Cola sales fall 30% to 50% and Pepsi has seen a 40% in sales in the taxing area and a 10% to 15% increase outside the city. This has led to Pepsi cutting 80 to 100 jobs in the area. That is about 20% of their beverage workforce. (CNBC)
Dick's Sporting Goods stock price fell more than 6% yesterday. Fourth quarter profits fell 30% compared to the same period a year ago. Revenue for the quarter hit $2.5 billion, compared with $2.2 last year. Shares of Dick's are up 18.7% in the last 12 months. (Market Watch)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.