US Stocks traded lower last week after some weak manufacturing data stoked fears that the economy may be slowing.
The U.S. trade deficit widened in August to $55 billion. Both import and exports increased, but imports rose at a faster pace. August exports of autos and auto parts were the highest since July 2014. Imports of consumer goods were the highest on record. Year-to-date, the U.S. is running a $429 billion deficit, up from $400 billion over the same period last year. Economists expect the trade gap will be a slight drag on third quarter growth.
The United Auto Workers’ strike against General Motors could continue for the foreseeable future, as the union on Sunday said talks between the sides have “taken a turn for the worse.” About 48,000 UAW members with GM have been on strike and picketing outside the automaker’s U.S. facilities since Sept. 16. The work stoppage has caused a ripple-effect throughout the automaker’s North American operations, causing thousands of additional layoffs. It also has contributed to a double-digit decline GM shares during the past three weeks.
Oregon state workforce analyst Christian Kaylor noted last week that new Census data shows Portland’s median household income shot up by 34% between 2005 to 2018. Kaylor found the city, which had been the nation’s 22nd wealthiest, was No. 8 last year with a median household income of more than $73,000.
With Northwest Quadrant Wealth Management, I'm Tyler Simones