Oil prices rallied 25% this week...a bit of positive news...for oil producers There is nothing I care to report to you regarding economic news, it is all bad and will most assuredly get worse before we turn the corner on the virus. I wrote last week that I would cease for a while...good choice. The [...]
Conference Board LEI Edged up in February 2020 The Conference Board Leading Economic Index (LEI) edged up 0.1 percent in February, following a 0.7 percent increase in January. The US LEI rose slightly in February, but it doesn't reflect the impact of the Covid-19 pandemic which began to hit the US economy in early March. [...]
Domestic Chaos We begin the last week of winter in domestic chaos. Public schools closed, universities closed, no professional basketball, no professional baseball, no professional hockey. On Sunday night, Ohio closed all bars and restaurants to sit down eating, strictly takeout. Stock trading was stopped halted at the open with the Dow down 2300 points, [...]
The Longest Bull Market Ended Wednesday The longest bull market ended Wednesday as the Dow retreated 20% from its February high, which could also mean an end to the economic expansion we have enjoyed for over 10 years. Time will tell on that one. Small Business Optimism Index Rose in February The National Federation of [...]
Texas Manufacturing Activity Accelerated in February 2020 Texas manufacturing activity accelerated, according to the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey for February 2020, according to executives responding to the survey. The Production Index, a key measure of state manufacturing conditions, rose by 6 points, suggesting stronger output growth than in January. Other [...]
Business Activity Picked Up in February Business activity picked up in February 2020, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey and the firms responding to the survey. The headline general business conditions index moved up eight points. The New Orders index shot up 16 points. The shipments index climbed, [...]
US Economy Added 291,000 Jobs in January The US economy added 291,000 jobs in January blowing away expectations of 157,000 new jobs. The PMI Returned to Expansion Territory for the First Time Since July 2019 We begin the week with the Institute For Supply Management (ISM) January 2020 Report on Business: economic activity in the [...]
Increased Optimism About Current and Expected Conditions Increased optimism about current and expected conditions supported a better than expected result for the Consumer Confidence Index in January. Consumer spending should remain a key driver of economic growth this year. Wells Fargo US Drill Rigs Running Down From Previous Count There were 794 drill rigs running [...]
Financial Conditions and Consumers' Outlook Remain Positive "Financial conditions and consumers' outlook remain positive, which should support growth of about 2 percent through early 2020, despite the US LEI decline in four of the last five months. Its six-month growth rate turned slightly more negative in the fourth quarter of 2019, with the manufacturing indicators [...]
Unemployment Rate Hovering at a Fifty -Year Low With the unemployment rate hovering at a fifty -year low, it leaves 500,000 US factory jobs unfilled, the most in nearly two decades, according to the Labor Department. Manufacturers are paying relocation costs and bonuses to move new hires across the country at a time of record-low [...]
