Industrial production in June rose 0.6%, reversing a 0.5% decline in May. Manufacturing output climbed 0.8%, the most in four months and capacity utilization continued to rise. The rebound in industrial production is a signal of economic growth and could help lift the second-quarter gross domestic product (GDP). Currently, the Bloomberg consensus for the second-quarter GDP is 4.0%. (LPL)
According to the Association of Equipment Manufacturers equipment sales in the first half of 2018 are up sharply over last year, led by a 20.5% increase in combine sales. Total tractor sales for 2018 so far are up 6.5% compared to the first half of 2017.
Berkshire Hathaway eliminated its own restrictions on buying back the company’s stock. A new policy allows buybacks to be authorized when Berkshire’s Warren Buffett and Charlie Munger feel the repurchase price is below Berkshire’s intrinsic value. (Reuters)
The Commerce Department said U.S. homebuilding fell to a nine-month low in June and permits declined for a third straight month. Housing starts fell 12.3 percent. Building permits dropped 2.2 percent. Single-family homebuilding decreased 9.1 percent. Starts for the volatile multi-family housing segment plunged 19.8 percent.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.