Industrial production soared in November 1.1 percent higher. Manufacturing output rose 0.6 percent in November, 2.9 percent year over year. October output was revised 0.2 percentage point.
According to Dr. Kenneth Mayland, economist for the Precision Machined Products Association,
This is the best two month gain in industrial output since early 2012 (for manufacturing, it’s the best two month increase for 2013.”
He goes on to say “the improvement in America’s manufacturing performance is something that should ripple throughout the economy. Factories do not exist in isolation, but involve warehousing, transportation, wholesaling, business services and ultimately, retailing.”
A nice Christmas present.
In world news
the French Foreign Minister Laurent Fabius, voiced concerns about the chances of reaching a final deal with Iran over its nuclear program, citing doubts about the country’s willingness to definitely abandon its nuclear ambitions. To reach a lasting agreement, Western powers are pressing Iran to adopt measures that unwind its nuclear capabilities to a point that a nuclear weapon is no longer within Tehran’s reach.” ~Wall Street Journal
You might recall Secretary of State john Kerry high-fiving it with his Muslim friends after reaching their milestone agreement, which left Iran with some 16,000 or 19,000 centrifuges. What a joke.
the Fed announced 12/18/2013
They will begin “tapering” by reducing purchases of treasuries by $10 billion per month from the current $85 billion per month, which has buoyed the markets monthly since 2008. According to the FOMC, economic growth is moderate, the risks to the outlook for the economy and the labor market have become more nearly balanced and inflation is below the Committee’s longer term objective.
The Committee will likely reduce the pace of asset purchases at future meetings.”
But there is no preset course. Furthermore a “highly accommodative stance” (i.e., a near zero Fed funds rate) will remain in place a long time after the asset purchases end. Maybe well into 2015. This sounds about right since we will likely enter a mild recession some time early in 2015.
- The Dow Industrials rallied 293.03 points on the news
- Gold fell to its lowest price in three years (12/19/13) after the Fed announcement on the beginning of their efforts taper easy money policies
- The third and final estimate of real Gross Domestic Product (GDP) was released this morning (12/20/13) and was raised to 4.1 percent growth in the July through September period. Again, we a looking for strength through the first half of 2014 and this seems to be a confirmation. Don’t change that dial…..
I have been in Los Cabos since the 1st of the month.
The Pacific Ocean at my spot on the beach is a mesmerizing sight. Gray whales are seen on most days and all day long as they execute their annual migration. They often entertain by breaching or slapping their fins or flukes on the waters. What a sight to behold!
The waters just off shore are beautiful, a shimmering clear blue green. The sun, as it dapples on the water, is hypnotic, it is easy to watch it from morning to late afternoon. The water gets deep quickly in this area, to around 600 feet I have been told. The thunder of the waves is ever present, ever soothing. They come in cycles which must began as a small crest of water somewhere….out there. As they roll toward shore, they gather more water with each successive forward movement until, finally, it rolls into and breaks onto the shoreline, the waves then settle and immediately begin to draw in the next and next until it has grown to its full height. The cycle seems to take about two minutes. At least it did yesterday….
We only fished one time on this trip but we caught and released 5 striped marlin. It was a great day on the water, it has been a great trip all together. I am always saddened to leave this special place, this paradise, but I also look forward to the comforts of being home, with my children, my grandchildren, my dog Buddy and all my buddies….. They are my gift each Christmas.
Have a great weekend, let your spirit rise as ’tis the Season….
Hug your kids, grand kids and loved ones….tell them you love them.
Buy American made products when you can. Let’s support OUR country and OUR countrymen.
Hire a Veteran, they deserve and need our support.
God bless America