Here was some good news to start the week:
Led by improvements in production related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.21 in May from -0.15 in April. The index’s three month moving average (CFNAI-MA3) decreased to +0.18 in May from +0.31 in April, marking its third consecutive reading above zero. May’s CFNAI-MA3 suggests that growth in national economic activity was somewhat above its historical trend.”
From the “Chicago Fed Letter” issued 6/23/2014 and written by William A. Strauss, senior economist and Jacob Berman, associate economist:
According to participants in the Chicago Fed’s annual Automotive Outlook Symposium, the nation’s economic growth is forecasted to be solid this year and to strengthen somewhat in 2015. Inflation is expected to increase in 2014 and remain flat in 2015. The unemployment rate is anticipated to move lower but remain near 6% through the end of 2015. Light vehicle sales are predicted to improve moderately in 2014 and 2015.”
- New orders for manufactured durable goods decreased 1.0 percent in May.
- Shipments of manufactured durable goods in May, up four consecutive months, increased 0.3 percent.
- Unfilled orders for manufactured durable goods in May, up thirteen of the last fourteen months, increased 0.6 percent.
- Inventories of manufactured durable goods in May, up thirteen of the last fourteen months increased 1.0 percent.
According to the THIRD and final estimate released by the Bureau of Economic Analysis
Real gross domestic product (GDP)-the output of goods and services produced by labor and property in the USA-decreased at an annual rate of 2.9 percent in the first quarter of 2014. The main source of the latest downward revision comes from new estimates of the growth of consumption of health care services, much of which was mandated by the Affordable Care Act. Typically health care ADDS positively to GDP as the costs continue to rise and more people need health care…. In the fourth quarter of 2013 real GDP increased 2.6 percent.
The GDP estimate, released on June 25, 2014 is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, real GDP was estimated to have decreased 1.0 percent (and that was bad enough).
In the News…
Hillary has been doing her book tour. Did you know she and Bill were broke when they left the White House?
2 years after the uprising in Syria (at which time we COULD have made a difference to the rebels) the Obama administration has proposed a $500 million program to train and equip the moderate opposition fighting in Syria in a major expansion of the United States’ role in the civil war. Too much, too little, too late??
Have you seen the smirks on the IRS director’s face (Koskinen, an Obama appointee and quite a large contributor to the Democratic Party, as I understand it) as he dodges questions from our lawmakers. I’d like to box his ears for him.
The Supreme Court has ruled as un-Constitutional, Obama’s recess appointment of 3 to the National Labor Relations Board. This opens up his other executive decisions to scrutiny as to their legality under the Constitution.
We still have a US Marine sitting in a Mexican jail for some 3 months following a wrong turn took him across the border. This young hero served in Afghanistan and suffers from PTSD. The president actually spoke with Mexican president Nieto last week….and he never brought it up. Go figure.
Day by day, week by week this house of cards seems to be falling apart. It is apparent the administration is incompetent and totally incapable of leading this nation. Not only do the American people suffer, the rest of the world suffers as a result of this charade.
- Fast & Furious-providing weapons to criminals leading to a loss of American life. No one held accountable. The president was unaware.
- The loss of 4 American lives at our embassy in Benghazi, Libya. No one held accountable. The president was unaware.
- The IRS targeting conservative political groups for tax-exempt status. No one held accountable. The president was unaware.
- The National Security Administration eavesdropping on the phone calls of American citizens. No one held accountable. The president was unaware.
- The software program created for the Affordable Healthcare Act, at a cost of $1 billion (thus far) and 3 ½ years to “perfect”, has been unusable to the American people. No one held accountable. The president was unaware.
- Spying on our Allies, specifically Angela Merkel of Germany. No one held accountable. The president was unaware. (Although these things go on knowingly between countries all the time, the fact that our president denies knowledge of this is just another sign of his incompetence as the leader of the most powerful country on the planet).
- “If you like your current insurance plan you can keep it. Period” Barack Obama
- “If you like your doctor, you can keep him. Period” Barack Obama
Have a great weekend and….
Hug your children and grandchildren, tell them you love them.
Buy American made products whenever you can.
Hire a Veteran: they are patriots, honest, hard working, disciplined, loyal…. and …. They need and deserve our support.
God Bless America