Budget director Mick Mulvaney said yesterday the administration plans to include $200 billion for new infrastructure spending in its full fiscal year 2018 budget. In a discussion at the Institute of International Finance, he said it will fund $1 trillion in projects if leveraged properly. He said there will not be any specific votes on spending until the fall.
IHS Markit said preliminary readings for both the manufacturing and service sides of the U.S. economy fell in April. The Markit flash U.S. manufacturing index slipped to 52.8 from March’s 53.3. Services fell slightly, to 52.5 from 52.8. Reading over 50 indicate more survey responders believe business conditions are getting better instead of worse. Several measures have given the U.S. economy mixed signals. Retail sales fell and hiring slowed in March, but layoffs are near a 45-year low, the number of job openings rose, and sales of previously owned homes touched a 10-year high.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
