Consumer Confidence Increased for Second Consecutive Month
The Conference Board Consumer Confidence Index, which had increased in August, improved further in September.
Consumer confidence increased in September for a second consecutive month and is now at its highest level since the recession.”
GDP Increased in Q2 2016
Real gross domestic product increased at an annual rate of 1.4 percent in the second quarter of 2016, according to the “third” and final estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8 percent.
Economists now estimate the current quarter (third) could post annualized growth of 3% or more (I doubt it, but what do I know?). WSJ
Texas Manufacturing Production Index Increased 12 Points
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey for September and reports factory activity increased markedly in the month. The production index rose 12 points.
Expectations regarding future business conditions improved again in September. The index of future general business activity posted a fourth positive reading in a row.
Midwest Economic Growth Increased
The Chicago Fed released its Midwest Economy Index (MEI) which increased to -0.04 in August from -0.16 in July. August’s value for the relative MEI (moved up to +0.11 in August from +0.01 in July) indicates that Midwest economic growth was slightly higher than what would typically be suggested by the growth rate of the national economy.
Chicago Business Barometer Increased
The MNI Chicago Business Barometer increased 2.7 points to 54.2 in September from 51.5 in August, recovering most of the ground lost in July. On a trend basis the report paints a slightly better picture than earlier in the year. The latest increase was driven by a sharp gain in Production. Supplier deliveries lengthened. An equal number of firms reported increasing inventories as decreasing them.
US Raw Steel Production Tanked Last Week
US raw steel production tanked 1.7 percent last week as mills operated at an ACUR of 68.6 percent, the lowest production rate since January of this year. In the corresponding week last year mills operated at an ACUR of 70.5 percent. On the year mills have produced prox 66,000,000 tons, down from the prox 67,000,000 tons produced in the like period last year.
Manufacturing Activity Continued to Soften, but Less Than in August
The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity for September and reports manufacturing activity continued to soften in the month, but somewhat less than in August.
In My View …
In my view, conditions are pretty screwed up in this country. People are hiring. But what kind of jobs? The availability of good middle class jobs is near zero, hence the big push to raise the minimum wage to $15 per hour.
There are too many people working low wage jobs, they cannot afford to raise their families on the current hourly wage from McDonalds, Target etc. Though not intended to be career middle class jobs, those low paying jobs are, unfortunately, what’s out there.
Agriculture is suffering, oil & gas are suffering, mining is suffering, heavy equipment manufacturing for all of these industries is suffering as a result, and the steel industry has been hit hard by the extreme corrections in the commodities markets with steel capacity currently running below 70%. This is no recovery for industry.
The Nineteen Hole
We lost Arnold Palmer this weekend, he was 87 years old. What a great golfer he was, he did so much for the game and humanity and he was a great American patriot. RIP Arnie…enjoy the 19th hole, we’ll see you at the turn.
Washington State Mall Shooting
The piece of crap who shot and killed 5 at a mall in Washington State was originally described as a Hispanic American by the liberal left wing media. Who gave them that information? Obama? Turns out the cretin is a Turkish refugee…but do not blame radical Islam.
First Presidential Debate
I watched the presidential debate last night and thought it dull. Hillary came across as more poised and polished but she speaks in circles, talking a lot but saying nothing (typical politician). As Trump says “all talk, no action”
Mr. Trump, for his part, was unimpressive and instead of addressing Benghazi, the Clinton Foundation, the email scandal (cursory mention) and all the other scandals surrounding her, he basically stuck to the talking points of his campaign which we have all heard for over a year. I suspect (and hope) he took some valuable lessons away from this as there are two more debates to go.
“MAKE AMERICA GREAT AGAIN”
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.