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U.S. Raw Steel Production Edged Down

The Seattle Seahawks spanked the Denver Bronco’s in Super Bowl 48 yesterday evening 43-8. Nothing more to say about that one….

President Barack Obama was interviewed prior to the game by Fox News’ Bill O’Reilly.

Mr. O’Reilly asked pointed questions about Benghazi, the IRS, why Sibelius has not been fired etc., you know, all the scandals plaguing the administration. The president successfully danced around each question and answered none of them….though I believe most Americans WANT these questions answered and ALL Americans deserve answers to these questions.

Monday 2/3/14 the Institute for Supply Management (ISM) released its current Manufacturing ISM Report on Business:

Economic activity in the manufacturing sector expanded in January for the eighth consecutive month and the overall economy grew for the 56th consecutive month.”

The January PMI (Purchasing Managers Index) registered 51.3 percent a decrease of 5.2 percentage points from December’s seasonally adjusted reading of 56.5 percent.”

The Dow Tanks

On this news, the Dow Industrials tanked over 300 points on Monday, its worst daily loss since last June. The Dow dropped 300 or more points once in 2013 and once in 2012 and has logged two sessions of triple digit losses already in 2014…..February just began.

Components of the index fared as follows:

  • The New Orders index registered 51.2 percent, a significant decrease of 13.2 percentage points from December.
  • The Production Index registered 54.8 percent, a decrease of 6.9 percentage points from December.
  • Inventories of raw materials decreased by 3 percentage points from December, its lowest reading since December 2012.

“A number of comments cite adverse weather conditions as a factor negatively impacting their business in January, while others reflect optimism and increasing volumes in the early stages of 2014.”

(I continue to blame Obama and the anti-business, anti profit taxes and regulations coming out of Washington)

The State Department has no significant environmental concerns about the proposed XL Pipeline.

The administration has been kicking this project around for 5 years. The assessment analyzed the potential environmental impact of the pipeline and is not a decision “on whether to approve or deny the proposed project. While the Obama administration has moved the project forward, constructio0n still requires the president to determine whether the project serves national interests in energy security, the environment, cultural and economic issues, foreign policy and compliance with relevant federal regulations.

Steel Production

US raw steel production edged down 1.1 percent last week from the prior week. Mills operated at an average capability utilizati0n rate (ACUR) of 75.3 percent. In the corresponding week last year mill operated at an ACUR of 76.5 percent. Thus far this year mills have operated at an ACUR of 76.1 percent down 0.4 percent from the 76.5 percent ACUR recorded for the same period last year.

Labor Market News

The non-partisan Congressional Budget Office (CBO) yesterday announced that Obamacare will cost the United States 2.3 million lost jobs. How? People get dollars from the government to help pay for Obamacare based on their level of income (this is supposed to be the AFFORDABLE Healthcare Act-yeah, right.). The CBO believes people will opt to work fewer hours in order to maintain their subsidies. The subsidy then, is a disincentive to work, the exact opposite of what we need. And we are one step closer to Merry Christmas every day in America! It gets better all the time, doesn’t it??

The labor market in January added 113,000 jobs, registering weak gains for the second consecutive month, “a slowdown that could heighten fears about the economic recovery and may lead some to call on the Federal Reserve to reconsiders its strategy.”

The unemployment rate, obtained through a separate survey, fell to 6.6% last month from 6.7% in December the Labor Department said.

The idiots ( of both parties )in Washington passed a Farm Bill spending another $956 BILLION, so full of pork it would be laughable….if it weren’t so darned sad….

I Want to Hold Your Hand

Friday February 7, 1964. I remember writing the date down on a piece of paper as The Beatles landed in the United States for their first visit, I was caught up in the mania as were so many others. I was 13 years old, I Want to Hold Your Hand cost $0.50 as a single and was number 1 on the charts. It was a much simpler time and I feel very fortunate to have grown up during those years. It will not happen again in Rock n’ Roll. You will still hear The Beatles music in another fifty years. Doubt anyone will remember Justin Bieber or Miley Cyrus…..

Remember:

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