Texas Business Activity Index Highest Since 2006
The Federal Reserve Bank of Dallas released its October Texas Manufacturing Outlook Survey and reports Texas factory activity expanded at a faster pace in October, according to business executives responding to the survey. The production index rose to its highest reading since April 2014. The general Texas business activity index rose to its highest reading since 2006.
Slower Midwest Economic Growth in September
The Midwest Economy Index (MEI) was released Tuesday and it points to slower Midwest economic growth again in September, coming in at -0.09 from +0.08 in August.
What do the index numbers mean? A zero value for the MEI has been associated with the Midwest economy expanding at its historical trend (average) rate of growth; positive values with above-average growth (in standard deviation units); and negative values with below-average growth. A zero value for the relative MEI has been associated with the Midwest economy growing at a rate historically consistent with the growth of the national economy; positive values with above-average relative growth (in standard deviation units); and negative values with below-average relative growth.
October Chicago Business Barometer Hit Highest Level Since March 2011
The October Chicago Business Barometer rose to 66.2 in October, up from 65.2 in September; hitting its highest level since March 2011 (it will be interesting to see October’s MEI next month).
After a bullish September showing, firms’ optimism regarding the business landscape found further room to grow entering the final quarter of the year.
Steering the month’s result, both demand and output climbed for the third straight month to robust levels with New Orders and Production hitting highs not seen since 2014. Together these two indicators account for 60% of the Barometer.
Conference Board Consumer Confidence Index
The Conference Board Consumer Confidence Index, which had improved marginally in September, increased again in October.
Consumer Confidence increased to its highest level in almost 17 years in October after remaining relatively flat in September” said Lynn Franco, Director of Economic Indicators at the Conference Board.
Economy is Gaining Momentum
The Federal Reserve Bank at its Wednesday meeting left short-term interest rates unchanged but signaled it would consider lifting them before year’s end amid signs the economy is gaining momentum.
US raw steel production rose 0.5 % last week as mills operated at an ACUR of 74.6%.
In the corresponding week last year mills operated at an ACUR of 70.8%. Thus far this year mills have produced prox 75,000,000 tons compared to the prox 72,000,000 tons produced in the like period last year.
Economic Activity in the Manufacturing Sector Expanded in October and the Overall Economy Grew for the 101st Consecutive Month
According to the Institute for Supply Management (ISM), economic activity in the manufacturing sector expanded in October and the overall economy grew for the 101st consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report on Business.
The report was issued Wednesday by Timothy R. Fiore, CPSM,CPM, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
The October PMI registered 58.7 percent, a decrease of 2.1 percentage points from the September reading of 60.8 percent. Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all continuing to grow in October.
Hiring rebounded in October as non-farm payrolls rose a seasonally adjusted 261,000, a pickup from September. The unemployment rate fell to 4.1%
Nonfarm productivity increased at a 3.0% annual rate in Q3, lifting the year over year pace up a modest 1.5 %, boosting productivity.
Confounding
It is confounding that GDP has been at 3% for the past two quarters (I don’t believe Obama ever sniffed 3% growth in his 8 years in office), even with the hurricanes in qtr. 3. The stock market continues to reach new highs, unemployment has dropped, more people are working and off welfare, wages are rising, many regulations have been rolled back, all encouraging business to invest and hire. Tax code reform and lowering marginal tax rates are in the works, with the outline for that being released on Wednesday.
All this and yet the polls have President Trump at a 38% approval rating. If you believe the polls, how is that even possible? After the embarrassment of the election 1 year ago (Hillary favored by 95% to win, remember that one?), I do not believe the polls. The American people are not idiots, though our politicians would like to think we are. We ARE paying attention and we SEE and FEEL what is happening in OUR world, the REAL world.
More Terrorism
Another terrorist attack on American soil when a radical Muslim from Uzbekistan rented a truck in Manhattan and drove it on a bike path, through throngs of people, killing 8 and wounding, many critically, 11 more people before he ran into a bus, exited his rented truck shouting “allahu akbar” and was subsequently shot in the abdomen by a police officer. The piece of rat shit is recovering in a local hospital, in the company of some of those who were victims of his violent act.
All the facts are yet to be known but we do know he has been here since 2010 on some kind of invited travel visa program. If this does not provide the evidence for the need to greatly increase our vetting process for immigrants and refugees and the need to be proactive when we suspect someone of ties to radical Islam, I don’t know what will. The creep had, in fact, been interviewed by law enforcement on suspicion of such ties at some point in his history here.
We wait and do nothing, and innocent people die. Screw that noise, get them while you suspect, apologize if you are proven wrong and applaud yourself if you stop an act of terror.
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform Entitlement Reform
Business Tax Reform Education Reform X
Healthcare Reform X rollback begun 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 Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS X 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”
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@ : rhb@summitsteel.com
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.”
