In the past 66 years, the Dow Jones has only posted 16 losses on the Wednesday and Friday surrounding the holiday. Notably two of those 16 times were the past two years. (Stock Trader’s Almanac)
Farm incomes are falling according to the Kansas City Federal Reserve. Iowa farm debt hit $18.9 billion in the second quarter, the highest level in the nation. Nationwide U.S. farm bankruptcies in September surged 24% to their highest level since 2011. The U.S. Department of Agriculture projects farm income in 2019 to reach $88 billion – the highest net farm income since 2014’s $92 billion, but still 29% below 2013’s record high.
A seedling shortage a decade ago has left some Oregon Christmas tree farmers with no trees to sell this year. Oregon produces about 4.2 million Christmas trees annually and is on track to get close to that number this year. (Oregonian)
The Conference Board's Leading Economic Index (LEI) rose 0.3% year over year in October, tying June 2016 for the slowest growth of the expansion. Even though the gauge barely eked out a year-over-year gain last month, we see signs of stabilizing growth in domestic leading indicators.
Bumble Bee Foods announced it has filed for Chapter 11 bankruptcy protection and will sell its assets to Taiwan-based FCF Co. Ltd. for $925 million.