Europe gets Hawkish
The Commerce Department says the trade deficit rose to $56.6 billion in January up 5% from the prior month. Exports fell 1.3% in January, and imports were flat.
The Labor Department says unit labor costs rose at a 2.5% annualized rate in the 4th quarter of 2017. Hourly compensation in the fourth quarter was up to a 2.4%. Worker productivity was unchanged. Worker productivity has increased at an average annual rate of 1.2% from 2007 to 2017, below its long-term rate of 2.1% from 1947 to 2017.
The Mortgage Bankers Association says total mortgage application volume was up 0.3% last week. They were 5% lower than one year ago. Mortgage applications to purchase a home fell 1% for the week and was 1% higher than a year ago. The ARM share of mortgage activity increased to 7.3% of total applications, its highest level since June.
The ADP Employment report says private sector companies added 235,000 jobs in February.
Coca-Cola is planning to produce an alcoholic drink for the first time in its history. The drink will be released in Japan. (CNBC)
The S&P 500 is up 5 and the NASDAQ is up 30. The MSCI international index is lower.
Oil is down 5 cents at $61.10 a barrel.
Gold is down $2 at $1326 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.