The Republican tax plan is in the spotlight this morning. Early Saturday, the Senate passed the Republican-sponsored tax reform proposal almost entirely along party lines. It’s viewed as a big victory for President Trump. Hopes that the administration and Republicans in Congress would usher in a business-friendly tax overhaul have been cited as a driver for the stock market’s record-setting streak over the past year. The House and Senate now must agree on a single tax bill before it can be sent to the president to sign.
The Commerce Department reports factory orders fell 0.1% in October. The drop was concentrated in large aircraft and autos, two volatile categories that often distort the headline number. Orders excluding transportation climbed 0.8%. Orders rose a revised 1.7% in September and 1.2% in August. Despite the small drop in October, U.S. manufacturers are growing rapidly. Orders are up 5.6% through the first 10 months of 2017 compared to the same period a year earlier. factory shipments, meanwhile, rose 0.4% for the fifth gain in six months.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
