A BRIGHT SPOT: Auto Sales
Auto sales in October registered an impressive 18.1 million unit annual pace for a second consecutive month and are on pace for a record year in sales.
Institute for Supply Management (ISM) October Report on Business
Economic activity in the manufacturing sector expanded in October for the 34th consecutive month and the overall economy grew for the 77th month, say the nation’s supply executives. The report was issued today by Bradley J, Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
The October PMI registered 50.1 percent, a decrease of 0.1 percentage point from the September reading of 50.2. The New Orders Index increased, the Production Index also increased. Comments from the panel reflect concern over the strong dollar, the continuing low price of oil, mixed with cautious optimism about steady to increasing demand in several industries.”
Last month, we titled our factory orders report “Gloom in Factory Orders,” while the title on our write-up on the durable goods report last week read “Another Dud Report for the Factory Sector.” Today’s factory orders report does little to change that sentiment for us.”
Factory orders fell 1.0 percent in September, marking the ninth contraction in the past twelve months, while August’s drop was revised to show a steeper decline of 2.1 percent. Total orders clearly took a hit from a 36 percent drop in the volatile non-defense aircraft component; however, the 0.6 percent decline in orders ex-transportation and downward revision to the prior month’s ex-transportation figure send a clear signal that the factory sector continues to flounder.”
Wells Fargo Economics Group
US Raw Steel Output
US raw steel output dropped 1.6 percent from the previous week as mills operated at an ACUR of 68.6 percent. In the corresponding week last year mills operated at an ACUR of 76.5 percent. On the year mills have produced approx. 75,000,000 tons at an ACUR of 72.2 percent, down from the approx. 81,000,000 tons produced in the like period last year at an ACUR of 77.8 percent.
US Labor Report
This is bullshit if I ever heard any:
US employers’ added 271,000 jobs in October, a sign of sturdy economic growth (STURDY??? I want to vomit, that’s such bull) that is likely to reassure Federal Reserve officials as they weigh raising interest rates…the unemployment rate fell to 5.0% in October, the lowest reading since April 2008 and down from 5.1% the prior month.” WSJ
How is this possible when we have some 93 million people unable to find work. I am not talking about flipping burgers or selling underwear. I am talking about jobs which can support a man or woman willing to work, to care for themselves and their children, to enjoy some of the finer things life has to offer, to build a nest egg for their retirement, to help their children with higher education. These numbers are all nonsense. Same thing with the ISM numbers above, bullcrap. The manufacturing sector is NOT expanding, it is CONTRACTING. Like Obama said in 2008 “they must think you’re stupid…”
The Obama administration will reject the Keystone XL pipeline, according to people familiar with the decision, capping a politically charged review of the oil project that lasted more than seven years and escalated into a broader debate on energy, climate change and the economy. Mr. Obama is expected to cite the urgency of climate change as a key reason behind his decision, these people said. The Keystone XL pipeline would have moved as many as 830,000 barrels of oil a day, mostly from Canada’s oil sands, to Steele City, Ne where it would have connected with existing pipelines to Gulf Coast refineries. WSJ
Seven years to review the project? Why is it that the government cannot get anything done in a reasonable amount of time? Something that would create jobs, directly, in the construction of the pipeline and ancillary from all the business created around it. These morons think they can make the use of oil obsolete? Until you can pull a Star Trek and run everything off nuclear or some other form of fuel energy it will not happen. You can’t run a ship with wind power or a tank or half-track with solar power. Ahhh, the politics…everyone is incompetent from the president on down.
Climate change? That view is a load of crap. The “changes” in climate are so minuscule as to be rendered mute. Political spin on the numbers, complicity from liberal science, projections of doom reaching out 25, 50, 100 years. They are all useless. Like every other projection, they are based on fantasy, what someone believes may happen. It’s all bullshit. They really must think we are stupid.
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
Remember these tidbits as the election cycle grinds on:
- Fast & Furious-Americans killed by guns supplied to the drug cartels…by the Department of Justice-Eric Holder presiding. The president was clueless. No one held accountable
- Benghazi: Four Americans killed in an assault described as the result of a viral video. This was proved to be a false narrative. This was in fact, a planned act of terror. The president was clueless. No one even knows where he was as this went down. No one held accountable
- “At this point, what difference does it make?” Hillary Clinton as Secretary of State
- The IRS targeting of conservative groups and individuals. No one held accountable, Lois Lerner is on paid vacation and has refused to testify. The president was clueless. No one held accountable
- Hillary using a private server for correspondence during her term as Secretary of State against the orders of the president. She thought “it would be more convenient…” Though the records were due when she left office, they were not submitted, subpoenas were issued, which she ignored for two years. Finally, she released 30,000 of some 60,000 alleged emails then she deleted the rest of the emails and will NOT turn over the server for investigation.