The KUIK Morning Market Report for Friday, August 11:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
63
points
21,909
7:20 AM
S&P500
Up
0.3%
percent
2,445
6.31
Nasdaq Composite
Up
0.5%
percent
6,247
30.39
30 Year Treasury
Up
1
Basis Points
2.80
Annual Yield
The Treasury Department reports in July the federal government ran a deficit of $43 billion, down from $113 billion in the July of 2016. But it would have been larger except that some benefits were paid in June instead of July, because July 1 fell on a Saturday. For the fiscal year through July, the deficit is $566 billion. That compares to $512 billion for the same time in 2016. In July, total receipts were up 10% while spending dropped 15%. Year to date, all receipts are up 2%, led by a 6% increase in withholding and payroll taxes. But, ggovernment spending is up 4%, with interest on the public debt, education, and transportation accounting for some of the biggest increases.
The consumer price index rose a seasonally adjusted 0.1% in July, according to the Labor Department. Food rose 0.2% while energy fell 0.1%. The core CPI, which excludes food and energy, also rose 0.1%. It may take a while to reach the Federal Reserve’s 2% inflation target.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
