Business News

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.

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