The Labor Department said U.S. producer prices increased 0.3 percent in June. In the last 12 months the PPI is up 3.4 percent, the largest gain since November 2011. Inflation is gradually rising against the backdrop of a labor market that is near or at full employment.
Oregon placed 19th in the CNBC best states for business, that is down two spots from last year. The report says, “The Beaver State has a great economy, but heavy regulation holds back business success.” In the factors considered Oregon did not score any A’s and got an F for cost of living and D+ for business friendliness.
Workers are leaving their jobs at the fastest rate since the Internet boom and they are landing higher pay and more satisfying work as a result. According to the Labor Department, 3.4 million Americans quit their jobs in April. Workers are emboldened by the strong economy and low unemployment.
Trucking companies increased rig orders by 18.5% in June over May, according to data from ACT Research. Big rig orders are driving factory backlogs to their highest levels in almost twenty years, and the June 2018 rig orders are roughly double the number ordered the previous June.
S&P 500 is up 12 and the NASDAQ is up 31. The MSCI international index is higher.
Oil is up 51 cents at $70.89 a barrel.
Gold is up $0 at $1244 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.