The U.S. economy created 164,000 jobs in March. The overall employment level ticked higher as the labor force participation rate fell to 62.8%, pushing the unemployment rate to an 18-year low of 3.9%. Wages grew 0.1% month over month in April, slightly below expectations of 0.2% growth, to put year-over-year wage growth at 2.6%. (LPL)
The Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index fell to 56.8 in April, a decline from March’s 58.8. Nevertheless, some of the background data showed potential for continued strength. The new orders subindex, which tends to lead future activity, climbed to 60. Service sector expansion remains healthy following a very strong first quarter and the data remain consistent with steady growth. (LPL)
Nestle will pay Starbucks $7.15 billion for the rights to sell their products around the world. Nestle is taking on about 500 Starbucks employees as part of the deal. (Reuters)
Problems continue for Wells Fargo as they settled a class action securities fraud lawsuit with shareholders for $480 million, in a case stemming from “misstatements and omissions” regarding its sales practices. (CNBC)
S&P 500 is up 9 and the NASDAQ is up 38. The MSCI international index is higher.
Oil is up 81 cents at $70.53 a barrel.
Gold is down $4 at $1311 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.