Overall Economy Grew for 102nd Consecutive Month and Production Index Increased 2.9 Percent
The November PMI decreased 0.5 percent from October. The New Orders Index increased 0.6%. The Production Index increased 2.9 percent. Of the 18 manufacturing industries, 14 reported growth in November.”
The Institute for Supply Management (ISM) released its November 2017 Manufacturing ISM Report on Business and reports economic activity in the manufacturing sector expanded in November and the overall economy grew for the 102nd consecutive month. The report was issued by Timothy R. Fiore, CPS!, Chair of the Institute for Supply Management.
US Raw Steel Production Gained Last Week
US raw steel production gained 1% last week as mills operated at an ACUR of 73.8%. In the corresponding week last year mills operated at an ACUR of 67.3%. Thus far this year mills have produced prox 83,000,000 tons compared to the prox 80,000,000 tons produced in the like period last year. AMM
The US Ferrous Scrap Market is Heading Up
The US ferrous scrap market is heading up as one Philadelphia mill is offering to pay $300 per gross ton delivered for No. 1 heavy melt which would represent a $35 per ton increase from November pricing. This after Turkish mills paid a $22 per ton increase when two of three cargoes booked by Turkish mills paid $343 per tonne for an 80:20 mix of No. 2 heavy melt, up from $321 per tonne. AMM
Shipments Up Strong in October, Hint at Solid Start to Q4 GDP
Factory orders pulled back in October, dipping 0.1 percent after September’s upwardly revised 1.7 percent increase. Shipments were up strongly in October, hinting at a solid start to Q4 GDP. Wells Fargo Economics
Hiring & Firing
GE Power plans to cut around 12,000 jobs affecting mostly professional and production employees outside the USA. This represents approx 18% of its workforce.
US employers hired workers at a strong rate in November and the unemployment rate held at a seventeen year low, signs the economy is on its firmest footing in at least a decade. WSJ
This is what happens with less government regulation, the knowledge that lower tax rates are on the horizon for business and workers, that an infrastructure repair process will soon begin, that our military will be strengthened. Stay the course Mr. President.
Kate Steinle Accused Acquitted
How is it possible that a man convicted of multiple felonies including being in the USA illegally (deported five times), who murdered an innocent young woman, found innocent of committing such a heinous crime? This is simply wrong and a testament to the lawlessness and immorality of sanctuary cities and those who support them. Leftism. Bullshit. We grieve and pray for the family of Kate Steinle and for Kate’s innocent soul.
Tax Debate Continues
The Joint Committee on Taxation said late Thursday that the Senate plan wouldn’t meet the party’s goal of paying for itself through stronger economic growth, fueling the concerns of deficit hawks. WSJ
That is a baseless assumption and there are no facts to support it. Another case of “obstruct and resist,” the current platform of the left. No! Give back to the people some of their hard earned money, let the people spend it as they wish, not the government.
The Senate, last Friday’ passed a sweeping revision of the US tax code. The bill cuts the corporate rate to 20% from 35%, will res hope international business tax rules and temporarily lower individual taxes. It ends the mandate to own health insurance, which would punch a sizable hole in the Affordable Care Act. The top pass through rate will be lowered as well. The bill will now be sorted out in a conference committee of lawmakers from both chambers before final passage. WSJ
Harrassment & Controversy
Rep. John Conyers (D., Mich), the longest serving member of the House of Representatives, said he would leave Congress immediately, after facing calls to resign over accusations of lewd and inappropriate behavior toward female staff members.
And so the saga of liberals sexually harassing women continues, of course the media continues to focus on Roy Moore. If he wins the special election next week, the allegations against him will be investigated by the Senate and if found guilty, he will get what he deserves. All of these clowns had better get what they deserve. All of this should not be made a political issue. It is a moral issue.
To my surprise, Conyers has endorsed his son to take his seat. What? A little nepotism perhaps? The is the United States, not some little fiefdom. Of course the voters will decide, thank God.
And further…on Wednesday Democrats began calling for Al Franken to step down after all the accusations of sexual impropriety. He will make an announcement on Thursday. Government will be better off without him.
I understand the government has some kind of a slush fund to pay off those women sexually harassed by our highly respected legislators. I have heard $17,000,000.00 to date. That is OUR money and the names of those who have used it should be revealed…immediately.
Trent Franks, a Republican representative from Arizona is going to resign amid accusations of sexual misconduct. These idiots are falling like leaves from the trees in a November wind. No wonder nothing is getting done in Washington, these guys are thinking too much about their peckers and not enough about the people. Drain the swamp.
December 7, 1941 the Day of Infamy which took us to war with the Japanese after their attack on Pearl Harbor. 76 years ago. Never forget.
Have a great weekend folks. God bless America