Nonfarm productivity fell less sharply than previously thought in the first quarter, but labor-related costs still surged as companies employed more workers to boost output. Productivity, which measures hourly output per worker, contracted at an annualized rate of 0.6%. Productivity fell at a 1.7% in the 4th quarter of 2015. Productivity has only increased in two of the last six quarters. Productivity increased at an annual rate of less than 1.0% over the last 5 years. (Reuters)
Chinese exports dropped 4.1% year-over-year, more than double April's 1.8% fall. Chinese imports edged down 0.4%. For the first five months of the year, annual exports are 7.3% lower while imports are down 10.3%. (CNBC)
Yahoo is auctioning off 3,000 patents in a sale that is hoped to raise more than $1 billion. The move comes as the company appears to have a plan to sell itself in bits and pieces. They are in the middle of a sale of their core internet business for $3 billion to Verizon. (Wall Street Journal)
The World Bank cut its 2016 global growth forecast to 2.4% from the 2.9% it estimated in January. They cite continued low commodity prices, sluggish demand in developed economies, weak trade, and slowing capital flows. (CNBC)
S&P 500 is up 5 and the NASDAQ is up 10. MSCI International Index is flat.
Oil is up 68 cents at $51.04 a barrel.
Gold is up $11 at $1258 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.