Business News

Health Care Costs Cutting Jobs

Total mortgage application volume decreased 4% this week. Refinances fell 4% but are up almost 48% compared to last year. Mortgage applications to purchase a home also fell 4% for the week to the lowest level since February, but are still 10% higher compared to last year. (Mortgage Bankers Association)

Target reported profits that were essentially flat compared to last year.  Target saw same store sales decline 1.1%. It was the first time comps were negative since the first quarter 2014. The company's digital sales growth increased by more than 16% during the quarter. Only about 4% of Target's sales come from digital. (Fox Bus. News)

Lowe's reported lower quarterly earnings and revenue. The home improvement empire reported profits of $1.31 per share on $18.3 billion in revenue. Same store sales at Lowe's rose 2%. (CNBC)

Many companies are cutting jobs in response to rising health care costs spurred by Obamacare, according to a new survey by the New York Fed. Roughly a fifth of service sector and manufacturing executives said they're reducing the number of workers. (WSJ)

S&P 500 is down 3 and the NASDAQ is down 10.  MSCI International Index is down 0.10%.

Oil is up 31 cents at $47.10 a barrel.

Gold is up $7 at $1356 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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