U.S. factory output rose
The Commerce Department says housing starts dropped 3.7% in April. Building permits fell 1.8%.
The Federal Reserve said U.S. factory output rose in April by 0.7%. Manufacturing output rose 0.5%. A 2.3% increase in machinery production bolstered the overall gain in factory output. In the last year industrial output is up 3.5%. Industrial capacity in use rose 78%.
Economic growth forecasts tracking above 3%. With half of the second quarter now in the rearview, consensus forecasts are tracking to 3.1% gross domestic product growth for this quarter, while forecasts from the Atlanta and New York Federal Reserve Bank’s show 4.1% and 3.1%, respectively. With economic surprises, on average, being to the upside, second quarter growth exceeding 3.0% would represent a very solid quarter and push full-year growth nearer to the 2.75-3.0% range. (LPL)
Jack In The Box had profits of 80 cents per share falling 6 cents short of estimates. The burger joints sales also missed. (Yahoo)
Microsoft has a new Xbox controller with customizable features for disabled gamers. It’s set to launch later this year. (CNBC)
S&P 500 is down 4 and the NASDAQ is down 25. The MSCI international index is lower.
Oil is up 61 cents at $72.00 a barrel.
Gold is down $5 at $1287 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.