The U.S. trade deficit rose in August as a rise in imports offset higher exports. The trade gap widened 3% to $40.73 billion. Imports hit their highest level since September 2015, while exports were the highest since July 2015. Exports to China rose 2.6% and were up 1.2% to the European Union. Imports of goods and services increased 1.2% to $228.58 billion in August. Imports from China increased 9.5%. (Commerce Department)
The ISM non-manufacturing Index says the US services sector grew in September for the 80th consecutive month. The index hit 57.1 in September. A reading above 50 indicates expansion in the service sector. Business activity increased to 60.3, 8.5% higher than the prior month. The employment index increased by 6.5%. (Institute for Supply Management)
U.S. factory goods orders increased 0.2% in August, as the manufacturing sector is beginning to regain steam. Manufacturing comprises about 12% of the economy. It has been slowed by the strong dollar. (Commerce Department)
The world is drowning in $152 trillion dollars of debt, according to the IMF, an all-time high which sits at more than double the balance at the start of this century.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.