April figures show that the number of job openings, at 6.7 million, topping the number of unemployed people (6.3 million) for the first time in the report's 18-year history. Openings in manufacturing and services increased, though the number of hires was little changed. Labor turnover remained fairly static overall. Net employment rose 2.4 million for the month, indicating the labor market continues to tighten as the economic cycle continues to progress. (LPL)
Both ISM non-manufacturing and Markit services came in better than expected, with backlogs in non-manufacturing orders hitting a record high and growth in services activity accelerating at rates not seen in three years. Inflation pressures increased as input costs rose, but robust demand and the order backlog, in conjunction with a tight labor market, point to continued upside for the U.S. economy. (LPL)
Applications to refinance a home loan are 17 percent lower than a year ago. Mortgage applications to purchase a home are 9 percent higher than a year ago. The adjustable-rate mortgage share of activity increased to 7.1 percent of total applications. (Mortgage Bankers Association)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.