| The KUIK Market Update for Monday, September 23: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (50) | points | 15,402 | 7:59 AM | ||
| S&P500 | Down | -0.66% | percent | 1,699 | (11.20) | ||
| Nasdaq Composite | Down | -0.61% | percent | 3,752 | (22.85) | ||
| 30 Year Treasury | Down | (1) | Basis Points | 3.75 | Annual Yield | ||
| The preliminary reading of Markit’s U.S. flash manufacturing purchasing managers index slipped to 52.8 in September from 53.1 in August dropping for the second month in a row. Although Markit said the index is “consistent with a modest improvement in manufacturing business conditions,” the rise in new orders was the slowest since April and the employment gauge is at a three-month low. | |||||||
| New York Fed President William Dudley said the signs of improved employment conditions are overstated. Taking questions after a speech today at Fordham University, Dudley noted the decline in persons looking for work, but also observed a “hollowing out” of middle-income jobs that are vulnerable to technology and automation. Dudley also described rising income inequality as “definitely a problem” for the U.S., but an issue that isn’t responsive to monetary policy. He also said that the economy was too weak for the Fed to pull back its asset purchase program. Atlanta Fed President Dennis Lockhart in a seperate speech. said the economy may have lost some “mojo,” | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/dudley-employment-improvement-overstated-2013-09-23 | |||||||
| http://www.marketwatch.com/story/us-markit-flash-pmi-declines-in-september-2013-09-23 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||