U.S. stocks pared back early gains yesterday, including a new intraday high for the S&P 500, but were still up on the day after Washington and Beijing agreed to refrain from escalating their trade dispute.
As July starts, the current U.S. economic expansion is crossing an invisible line: At 121 months, it's officially the longest period of growth in U.S. history, and records for US GDP growth in the US go back to 1854. One of the things that has made the current expansion the longest on record is its slow, gradual nature. Average annual GDP growth has been lower in this expansion than in the previous three.
U.S. manufacturers grew in June at the slowest pace in more than two years, hurt by trade tensions with China and Mexico and weak exports. The Institute for Supply Management said its manufacturing index slipped to 51.7% in June from 52.1% in the prior month. Readings over 50% indicate more companies are expanding instead of shrinking, but the index has fallen three months in a row and is well off recent highs.
Oregon’s minimum wage is set to rise again this month, and much of the impact will be seen in restaurants. In Deschutes County, the minimum wage will rise from $10.75 per hour to $11.25 per hour. In the Portland metro area, the minimum wage will be $12.50 per hour. In rural counties, including Crook and Jefferson, it will be $11 per hour. Few jobs in Central Oregon pay minimum wage, but those that do are concentrated in hospitality, one of the region’s largest industries, according to the Oregon Employment Department.
With Northwest Quadrant Wealth Management, I'm Tyler Simones