US Stocks had substantial gains this week and foreign stocks were up modestly. Treasury yields and the dollar rose while commodities were generally lower.
In the numbers, this week:
- The Institute for Supply Management’s
- Manufacturing PMI index rose to 60.8 in September up from 58.8 in August, its highest reading since May 2004. Anything over 50 represents expansion.
- Services PMI rose to 59.8 in September from 55.3 in August.
- The Caixin China PMI declined from 51.6 in August to 51.0 in September. While China manufacturing is still expanding it is doing so at a slower pace.
- Autodata reported that auto sales increased 6.1% in September. The gains were in part due to people replacing cars destroyed by hurricanes.
- The Labor Department reported
- Initial claims for unemployment in the prior week fell 12,0000 to 260,000 as the U.S. recovers from the hurricanes.
- The U.S. lost 33,000 jobs in the month of September in the first decline since September 2010. The loss was attributed to a decline in restaurant jobs and the effects of the hurricanes.
- Ironically, the unemployment rate, based on a survey of households, fell to 4.2%.
- Average hourly wages increased 12 cents and are up 2.9% from a year ago.
- The Energy Information Administration’s Weekly Petroleum Data report is here: wpsrsummary (1).
- The Energy Information Administration reported
- Weekly field production of crude oil rose 14,000 barrels per day in the prior week.
- Natural gas in storage rose 42Bcf last week from the prior week. This slightly below the 5-year average this time of year.
- Baker Hughes reported that oil drilling rigs fell 2 to 748. Gas drilling rigs fell 2 to 187.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik Smith
President Managing Partner
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.