10 months without a 3% correction
The Labor Department says worker productivity rose at a 1.5% annualized rate in the second quarter. Compared to the second quarter of 2016, productivity increased at a 1.3% rate. That is the strongest performance in two years.
Wage growth has remained sluggish even as the labor market nears full employment as unit labor costs fell at a 0.2% rate.
CNBC is reporting Toys R Us has hired a law firm to help restructure its roughly $400 million in debt due in 2018, a move that could include the marquee toy store filing for bankruptcy protection.
Yesterday officially marked 10 consecutive months without so much as a 3% correction for the S&P 500. Dating back to 1928, this is now the second longest streak ever without a 3% correction, bested only by 11 months in the mid-1990s. (LPL Research)
American Outdoor Brands, the former Smith and Wesson saw a sharp drop in quarterly earnings and sales, and lowered its fiscal 2018 guidance, as the firearms business slows. (CNBC)
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The S&P 500 is down 4 and the NASDAQ is down 6. The MSCI international index is lower.
Oil is down 16 cents at $49.00 a barrel.
Gold is up $7 at $1358 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.