U.S. retailers are worried about keeping their shelves stocked after a major South Korean shipping company, Hanjin Shipping, one of the world's biggest cargo movers filed for bankruptcy. They handled nearly 8% of transpacific trade for the U.S. market.
Around 90% of the world's goods are transported by sea. (CNN)
Walmart plans to cut 7,000 accounting and invoicing jobs throughout the country over the next several months. Earlier this year, the retailer announced it would close 269 of its 11,000 stores worldwide. (Wall Street Journal)
Nonfarm payrolls increased 151,000 in August. The unemployment rate is unchanged at 4.9%. Hourly earnings are increasing at an annualized pace of 2.4%. The biggest jobs gains came in bars and restaurants, which added 34,000 positions, professional and technical services added 20,000 and health care contributed 14,000.
U.S. gasoline consumption this year is projected to post a new record. Gasoline consumption is forecast to increase by 1.5% to 9.29 million barrels a day in 2016 beating the previous record set in 2007. (Energy Information Administration)
S&P 500 is up 2 and the NASDAQ is up 2. MSCI International Index is flat.
Oil is up 35 cents at $44.75 a barrel.
Gold is up $10 at $1336 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.