The KUIK Market Update for Monday, February 1:
Markets are down.
Index Direction Change Units Time
Dow Down (80) points 16,390 7:56 AM
S&P500 Down -0.5% percent 1,930
Nasdaq Composite Down -0.4% percent 4,596
30 Year Treasury Unchanged – Basis Points 2.76 Annual Yield
China’s statistics bureau reported today that the official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December–the sixth consecutive month of contraction, and below the 49.6 expected by economists.
Here in the US the Institute for Supply Management said its manufacturing index rose to 48.2% last month from 48% in December, and higher than the 48% expected by economists. That’s the fourth straight month below 50%, meaning more companies are shrinking than expanding. The indexes for new orders and production increased , while employment declined. Only 8 of the 18 industries tracked reported growth.
The Commerce Department reports construction spending rose 0.1% in December to a seasonally adjusted annual rate of $1.12 trillion. Economists forecast a 0.6% gain, and November data was revised down. In December, spending was 8.2% higher compared to a year ago. Outlays for all of 2015 were 10.5% higher than in 2014. Residential construction spending in 2015 totalled $416.8 billion, 12.6% higher than in 2014.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-manufacturing-numbers-indicate-sluggishness-2016-01-31
http://www.marketwatch.com/story/weak-tone-to-manufacturing-report-from-ism-in-january-2016-02-01?dist=lcountdown
http://www.marketwatch.com/story/construction-spending-edges-up-01-in-december-2016-02-01
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