The ISM manufacturing index was 51.3 in May showing expansion. April construction spending fell 1.8%. In China, their manufacturing PMI fell to 49.2 in May, below the neutral 50 value for the 15th-straight month. (CNBC)
Consumers were feeling less optimistic for the second month in a row with the Consumer Confidence Index falling to 92.6 in May. A slightly larger share of consumers in the survey said that current business conditions were "good," but the share that said conditions were "bad" also increased to 21.6%, up from 18.2%. (Reuters)
General Motors sales plunged 18% in April. Chevrolet Silverado truck sales fell 12.7%. The decline for May is not seen as the start of a slide for the industry. Most analysts had expected a drop in sales. Ford sales fell 5.9%. F-Series pickup sales rose 9%. (Bloomberg)
Employers in May had the fewest layoffs in five months. Layoffs totaled 30,157 last month, a 27% decline from the year ago. The energy sector continued to be the biggest job cutter with 7572 layoffs in May. For the year, the sector has cut 75,232 jobs, 25% more than the same period last year. The computer industry cut 2,836 last month. (Challenger, Gray & Christmas)
S&P 500 is down 3 and the NASDAQ is down 4. MSCI International Index is flat.
Oil is flat at $49.00 a barrel.
Gold is up $5 at $1219 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.