Business News

Economy and Markets Surge

Markets set new record highs yesterday as improving economic data added fuel to the fire.  The S&P 500 set its 23rd record of the year and the NASDAQ is at 14 year highs. (CNBC)

ADP says the private sector added 281,000 jobs in June.  That number is much better than expected.  The construction sector surged and strong growth was seen across the economy and company size.

Payroll services company Paychex saw sales increase 5% in the latest quarter resulting in profits surging 18% for the period.  The company says revenue and profits were both boosted by increasing demand for HR outsourcing solutions and a growing economy.  (Fox Business News)

The Mortgage Bankers Association says applications for all home mortgages were essentially flat for the week and down 37% for 2014.  Refinancing applications are down 50% for the year and new home mortgages are down 16%.  

New auto sales through the first six months put us on pace to sell 16.3 million vehicles in 2014.  That is the strongest sales pace since before the 2008 recession. (Associated Press)

The ISM Manufacturing report remained at 5 month highs in May as orders were at their highest level in a year.   Producers of wood products, furniture, metals and machinery were among those seeing a pickup in demand as gains in auto and home sales rippled through the world’s largest economy. (Bloomberg)

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