Companies announced 36,602 layoffs
The Institute of Supply Management non-manufacturing index posted 57.5 for the month of April, growing for the 88th consecutive month. A reading above 50 on this index indicates expansion in the service sector. The ISM’s Prices Index increased 4.1% in April, as prices in the service sector grew for the 13th consecutive month and at a faster rate. (Bloomberg)
First quarter Gross Domestic Product (GDP) for the Eurozone grew 0.5% as expected. Europe has struggled to grow its economy over the past few years, but this data, suggests full year growth could top economists’ expectations for 1.7% this year. (LPL Research)
Church & Dwight, makers of Arm & Hammer Baking Soda and Oxi Clean announced first quarter EPS of $0.51 per share, an 18.6% increase. Sales grew 2.3%. (Business Wire
Companies announced 36,602 layoffs in April, a 15% decrease from March. Aprils job cuts were 43% lower than the 64,141 recorded in April 2016. Employers have announced a total of 162,803 planned job cuts through the first four months of 2017, down 35% from a year ago. Retail had the most job losses in April with 11,669 job cuts. (Challenger, Gray & Christmas)
The S&P 500 is up 5 and the NASDAQ is up 10. The MSCI international index is higher.
Oil is down 65 cents at $47.17 a barrel.
Gold is down $14 at $1235 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.