American workers quit their jobs in May at the highest level in 17 years. Businesses advertised fewer jobs in May than the previous month, but the tally of open positions outnumbered the ranks of the unemployed for only the second time in the past two decades. There were 6.64 million available jobs in May, down 3 percent from April. (AP)
A forecast from the U.S. Energy Information Administration says U.S. oil output will grow next year to 11.8 million barrels a day. The U.S. will leapfrog both Saudi Arabia and Russia and reclaim the title of the world’s biggest oil producer for the first time since the 1970s.The United States led the world in oil production for much of the 20th century, but the Soviet Union surpassed America in 1974, and Saudi Arabia did the same in 1976, according to Energy Department figures. (AP)
Second-quarter earnings season is off and running. S&P 500 companies in aggregate are expected to report an eighth consecutive increase in quarterly profits. In fact, consensus estimates are calling for a 21% year-over-year increase for the quarter, setting up a potential second-straight quarter of earnings growth higher than 20%. (LPL)
S&P 500 is down 1 and the NASDAQ is up 2. The MSCI international index is higher.
Oil is $1.30 at $69.71 a barrel.
Gold is up $3 at $1244 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart