Surging New Home Sales in May
Surging new home sales once again blew past expectations, rising 16.6% in May to a 676,000-unit pace.
May consumer spending rose a record 8.2%, a sign the US economy is growing again.
Fifth District Survey of Manufacturing Activity Reports Steady
The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity and reports manufacturing held steady in June, according to survey respondents. The composite index rose from -27 in May to 0 in June as shipments were relatively flat, more firms reported increases in new orders though declines in employment persisted. The index for local business conditions rose notably in June, indicating optimism among firms. Manufacturers were also optimistic overall, that conditions would improve in the next six months.
Conference Board Leading Economic Index Improved in May
The Conference Board Leading Economic Index (LEI) in the US improved in May, increasing 2.8 percent following expected declines in both March and April.
In May the US LEI showed a partial recovery as economic activity began to pick up again,” said Ataman Ozyildirim, Senior Director of Economic Research at the Conference Board. “The relative improvement in unemployment insurance claims is responsible for about 2/3 of the gain in the index. The improvements in labor markets, housing permits and stock process also buoyed the LEI, but new orders in manufacturing, consumers outlook on the economy and The Leading Credit Index still point to weak conditions.”
The Chicago Fed National Activity Index (CFNAI) for May 2020 Suggests Economic Growth Increased Substantially in the Month
Led by improvements in production and employment related indicators, the CFNAI rose to +2.61 in May from -17.89 in April. All four broad categories of indicators used to construct the index made positive contributions in May and all four categories increased from April. The index’s three-month moving average (CFNAI-MA3) moved up to -6.65 in May from -7.50 in April.
What is the National Activity Index?
The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories.
Why are there three index values?
Each month, we provide a monthly index (the CFNAI), its three-month moving average, and a diffusion index. Month-to-month movements can be volatile, so the monthly index’s three-month moving average, the CFNAI-MA3, provides a more consistent picture of national economic growth.
The CFNAI Diffusion Index instead captures the degree to which a change in the monthly index is spread out among its 85 indicators, averaged over a three-month period. What do the numbers mean? A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth; negative values with below-average growth (in standard deviation units); and positive values with above-average growth. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above -0.70 and the CFNAI Diffusion Index above -0.35.
Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below -0.70 and the CFNAI Diffusion Index below -0.35. An increasing likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +0.70 more than two years into an economic expansion. Similarly, a substantial likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +1.00 more than two years into an economic expansion.
The Toppling of Statues
Theodore Roosevelt, Christopher Columbus, Thomas Jefferson, George Washington…statues and/or monuments of these and more great Americans have been toppled, vandalized and burned over the past week or two. This is disgusting behavior for anyone who calls himself an American. Why the police just stand by and allow this is beyond me. Oh, wait. I know why; it is because when the police try to uphold the law they are lambasted as criminals, racists or worse. Who will be next, Jesus Christ?
Removing Jesus Christ?
That didn’t take long, the leader of BLM, this week, has called for the removal of statues and pictures of Jesus Christ, claiming they are racist and promote white supremacy. Is it beginning to sink in yet? The level of horse shit coming from these leftists is a sin.
So, what is all this freaking out about “spikes” in the corona virus? The reality is, we CANNOT close this economy down again. People are going to have to use common sense; if you are older and susceptible, stay the fuck home. If you are young and feel sick, stay the fuck home. Life goes on folks; this is something we are just going to have to deal with. Get over it. Live your life, take necessary precautions, but live your life, it doesn’t last forever.
I remain convinced the Democrats and the Chinese communist party planned this, neither of them wants Trump to win a second term. They have tried everything else and nothing has worked because it has all been false. Lies. Bullshit. More bullshit.
America is on the precipice of a sheer and steep cliff. If the Democrats take power in November, this country as we know it, is done. A minimum of four years of tax increases, unabated government regulation, polluted education for our children, worse racial tension than they have caused today, open borders, anarchy, domestic terrorism.
As an American citizen, how do you want our country to move forward for you and your family:
SECURE BORDERS? OPEN BORDERS?
MORE GOVERNMENT? LESS GOVERNMENT?
A STRONG MILITARY? A WEAK MILITARY?
LESS TAXATION? MORE TAXATION?
LESS GOVERNMENT REGULATION? MORE GOVERNMENT REGULATION?
FAIR TRADE AGREEMENTS? QUID PRO QUO TRADE AGREEMENTS?
PROPER CARE FOR OUR VETERANS? DON’T CARE FOR OUR VETERANS?
MERIT BASED IMMIGRATION? THE SHIT WE HAVE NOW?
RESPONSIBLE HELP FOR THE POOR? THROW MONEY AT THE PROBLEM?
TEACH AMERICAN HISTORY TO OUR CHILDREN? ERASE AMERICAN HISTORY?
RESPECT OUR FLAG? DON’T GIVE A SHIT?
SAY THE PLEDGE OF ALLEGIANCE IN SCHOOL? WHAT IS THAT?
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform XX Entitlement Reform
Business Tax Reform XX Education Reform X
Healthcare Reform Veterans Administration Reform X
Rebuild our Military X Trade Reform X
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor XX Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS XX Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term, but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“MAKE AMERICA GREAT AGAIN”
“KEEP AMERICAN GREAT”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”