Welcome to the View, we have much on our plate this week so let’s roll:
From the Federal Reserve Bank of Chicago
The Midwest Economy Index (MEI) increased in August over July. The relative MEI rose to +0.73 in August from +0.45 in July. Augusts’ from Augusts’ value for the relative MEI indicates that Midwest economic growth was higher than would typically be suggested by the growth rate of the national economy. We’ll take it.
- Also from the Chicago Fed: “Economic activity in the manufacturing sector expanded in September for the fourth consecutive month, and the overall economy grew for the 52nd straight month” say the nations supply executives in the current Institute of Supply Managements Report on Business.
- The “PMI (Purchasing Managers Index) registered 56.2 percent, an increase of 0.5 percentage point from Augusts’ reading of 55.7 percent. September’s PMI reading is the highest of the year.
- Of the 18 manufacturing industries, 11 are reporting growth in September. That is good-but primary metals contracted, for me, that’s bad, though our business has been humming along of late, pretty much in line with forecasts and current economic readings.
On Wednesday I received the following news flash from the Wall Street Journal:
The United States is poised to overtake Russia as the world’s largest producer of oil and natural gas this year, a startling shift that is re-shaping energy markets and eroding the clout of traditional petroleum-rich nations. Shale rock formations of oil and natural gas have fueled a comeback for the United States that was unimaginable a decade ago.”
I love it! It would be nice for the United Sates to NOT be held hostage by a bunch of thieves.
So, the children (the president, our senators, our representatives) in Washington continue to refuse to compromise on increasing the debt ceiling. The governments’ fiscal year ended on Monday and with no agreement in sight, areas of government operation considered to be non-essential, have been shut down. A continuing resolution should be passed and the Republican right needs to stop being so adamant about defunding Obamacare, it ain’t gonna happen. The Democratic left needs to stop refusing to negotiate on this. For Senate Majority Leader Harry Reid (D-Nev) to say
To be absolutely clear, the Senate will reject both the one-year delay of the Affordable Care Act and the repeal of the medical devices tax” is absolutely ludicrous! After weeks of futile political games from Republicans (really? Just the Republicans?) We are still at square one…The American people will not be extorted by Tea Party anarchists.”
Just ridiculous. It is a federal law first and foremost, so the president should enforce the law as it was written, not carve out exemptions for business and government employees. That is not the way things are supposed to work here. We are ALL to be subject to the same rules and regulations. A delay of the individual mandate would be in order, you can still sign up now if you wish, or wait up to a year. What’s so difficult about that? Also, the ACA as it stands is the elephant in the room. Our legislators could use a one year reprieve to examine the law, see how it plays out over time, throw out what is bad, and replace the bad with new viable ideas. What’s so difficult about that? After all, this is what we pay these people to do: enact legislation which is beneficial to the country and her citizens. This constant bickering which leads nowhere and to nothing positive is bad for the United States.
US raw steel production dropped 1.3 percent last week as mills operated at an average capability utilization rate (ACUR) of 77.3 percent. In the corresponding week last year mills operated at an ACUR of 70.4 percent. Thus far this year, mills have operated at an ACUR of 77.2 percent compared to last year at this time when they operated at an ACUR of 77 percent. (AISI)
One of the perpetrators of the Boston marathon bombing, Dzhokhar Tsarnaev has asked, through his attorneys, to have his restrictions (placed on him in prison) lifted, arguing that the conditions are overly harsh, have left him nearly totally isolated and are impairing their ability to defend him. Oh, poor baby. This son of a bitch murdered 3 innocent people and injured more than 260 American citizens. My heart does not bleed one drop of blood for this maggot. He should rot in jail until he goes to hell where he will surely end up and is where he belongs. He does not deserve legal representation, food or shelter-which by the way, taxpayers are likely paying for. He does however, deserve to be skinned, then hung, then burned.
From the Metals Service Center Institutes’ Advocacy News 09/30/13
A bipartisan group of 60 senators sent the Treasury Secretary and the US Trade Representative a letter asking them to address foreign currency manipulation during the upcoming negotiations on the Trans-Pacific Partnership (TPP). The senators noted that currency manipulation has already cost 5,000,000 US jobs and that an agreement that does not address this critical issue would “negate or greatly reduce” the benefits of a TPP agreement.”
As you know, the government has been shut down; one of the results is that the usually disseminated economic news is not being announced. Ouch….
The Tribe lost their playoff game on Tuesday…badly
The Browns won their game last night, though it cost us a quarterback. The half time tribute to Jimmy Brown was nice to see. My dad used to take us to Hiram College to watch the Brown’s at practice, big slab of trail bologna sliced for sandwiches…as thick as we wanted. Anyway, I am fortunate to have seen Jim Brown (and many other great Cleveland Brown’s) play football. They don’t make ‘em like they used to.
Have yourself a great weekend,
Hug your loved ones, tell them you love them
Buy American made products when you can
God Bless America