The Dow Crashed the 21,000 Level Wednesday
The Dow crashed the 21,000 level after soaring 197 points on Wednesday. Tell me again about the humming economy created by Obama, the super healthcare law created by Obama, the strategy of leading from behind, excessive regulations, higher taxes, doubling the national debt-on nothing. NO…this was wrong for America, wrong for the world.
The American people now see the value and the promise of what the president wants to do here and what lies ahead as he gets things done. It is obvious to anyone paying attention that fulfilling these promises will be good for ALL Americans and WILL “make America great again!”
Economic activity in the manufacturing sector expanded in February and the overall economy grew for the 93rd consecutive month, say the nation’s supply executives.
The report was issued today (3/1/17) by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee:
The February PMI registered 57.7 percent an increase of 1.7 percentage points from the January reading of 56 percent. The New Orders Index increased, The Production Index increased, Inventories of raw materials increased. The Employment Index fell and the Prices Index decreased 1 percentage point indicating higher raw material prices for the 12th consecutive month. Comments from the panel largely indicate strong sales and demand and reflect a positive view of business conditions with a watchful eye on commodities and the potential for inflation.”
The advance estimate for January Durable Goods Orders showed a 1.8 percent increase in the month. Although this was better than the forecast 1.6 percent gain, some details are less encouraging; the decline in orders in the prior month was revised to an even larger dip of 0.8 percent. Most of the strength in January’s orders came from the notoriously volatile aircraft orders sector. Additionally orders for motor vehicles and parts rose a mild 0.2 percent and just a 0.1 percent increase in shipments. Given the fact that auto sales were down in in January on both the wholesale and retail level, any gain at all for motor vehicle orders in January is somewhat surprising. If dealer lots do not start seeing a sales pick-up, the gain in factory orders will be unsustainable.
Given the firming we have seen in survey data, from the NFIB survey of small business to the ISM survey of manufacturers, both of which sit at multi-year highs, we think the stall for orders in January is likely temporary and we expect orders and manufacturing activity broadly to continue to firm in 2017.”
Wells Fargo Economics
The Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey
Texas factory activity increased for the eighth consecutive month in February according to business executives responding to the survey. The Production Index rose five points, suggesting output growth picked up pace in the month. The New Orders index and the Growth Rate of Orders index both slipped but remained in positive territory. The Shipments index also retreated but stayed positive.
Consumer confidence rose a solid 3.2 points in February, handily beating expectations and is now at its highest level since July 2001.
Wells Fargo Economics
The MNI Chicago Business Barometer Rose to its Highest Level Since January 2015 in February 2017
The boom in the Barometer, also known as the Chicago PMI (Purchasing Managers Index), reflects a sharp bounce back in optimism to a level not seen in over 2 years and growth in output at the highest level for over a year offers an upbeat picture of the US economy. Four of the five indicators of the Barometer rose in February with only supplier deliveries tapering off.
Real GDP Increased
Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016 according to the “second” estimate released by the Bureau of Economic Analysis (BEA).
This reflects no change from the advance estimate reported last month. The third and final estimate of fourth quarter 2016 GDP will be released in about a month.
President Donald Trump made the loss of the US manufacturing base a key campaign issue during the election season, which is one of the reasons he became the first Republican since the 1908’s to carry previously blue Rust Belt states.
“Buy American” v “Buy America”
Beware the difference between “Buy American” and “Buy America”….The other big debate last week was the domestic pipeline market where NLMK USA said it doesn’t want to see a widespread policy shift from” Buy American” to “Buy America” policies.
The US subsidiary of Moscow based NLMK Group imports about 1.5 to 1.7 million tons of slabs annually. “Buy American” is the law of the land for most government funded work, except for certain projects. Material that has been machined or semi-finished overseas can be considered to meet “Buy American” if further work is done buy American workers.
“Buy America” on the other hand, means the material was made and melted or melted and poured in the USA. So, NLMK wants to preserve “Buy American” which grants the import of millions of tons of slabs produced elsewhere (most likely Russia). For me, I support “Buy America.” Let’s put our steel mills and our steelworkers first. AMM: The week that was…
The White House on Tuesday proposed cutting the State Department budget by 37%, now that would be a nice start to reigning in excessive government expenditures. Make it happen!
President’s Address to Congress
I hope you watched the Presidents first address to a joint session of Congress on Tuesday night. President Trump offered a blueprint for his agenda, inclusive of BOTH parties and hell bent on MAKING AMERICA GREAT AGAIN. He forcefully outlined the need to work together for the American people, to put differences aside and get done what the people have hired them to do. He said “The time for small thinking is over. The time for trivial fights is behind us.” Talk about reaching across the aisle…
Yet, despite his optimistic and encouraging words, the Democrats chose to boo, grunt, thumbs down and otherwise disrespect the president and the office of the president. It is no wonder they are lost in a shithole of their own making. America WILL accomplish all these things WITHOUT the democrats who continue to further their descent into oblivion…where they belong. Any person with half a brain listening to his speech had to be struck by his heartfelt emotion and dedication to purpose.
On another note, why have the democrats seized on Obamacare as their last stand? It is obvious that the law is tanking, that people have lost choice, have lost coverage, are suffering huge premium and deductible increases etc. etc. Why would you want to save this? Instead, how about fixing the fucking problem? I don’t care if you call it Obamacare, Michelle and Obama care or nobody cares.
Just FIX the problem. If that is accomplished, it will not matter what healthcare is called, what will matter is WHO fixed it. These idiots stand on platforms made of rotting wood. Ultimately they will fall through the rotting wood, under the weight of their own obstinance.
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform Entitlement Reform
Business Tax Reform Education Reform
Healthcare Reform X rollback begun Veterans Administration Reform
Rebuild our Military Trade Reform
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor Drain the swamp X as we speak
Peace through unmatchable strength Support Israel
Destroy ISIS Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“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.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.