U.S. employers added a better-than-expected 250,000 jobs in October, soaring past expectations for an increase of 190,000 jobs in the last jobs report before the midterm elections and on the heels of an incredibly volatile month for the stock markets. The unemployment rate remained at 3.7 percent, the lowest rate in nearly 50 years, while […]
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Energy Department Says U.S. Is Now World’s Top Oil Producer…
The United States is pumping record amounts of oil, vaulting over Russia to become the world’s biggest producer of crude. The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July. Russia’s energy ministry estimates that […]
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Wall Street Showing Lots of Love to Democrats…
There’s still a week to go before the midterm elections, but Wall Street has already voted — with its campaign contributions. The securities and finance industry has backed Democratic congressional candidates 63 percent to 37 percent, according to data compiled by the Center for Responsive Politics. Democratic candidates and political action committees have received $56.8 […]
Rescuing the Banks Instead of the Economy…
You can’t bail out the banks, leave the debts in place, and rescue the economy. It’s a zero-sum game. Somebody has to lose. That’s what happened in 2009 when President Obama came in. He invited the bankers to the White House and he said, “I’m the only guy standing between you and the mob with […]
The Trump Curveball: This Is What China Didn’t Expect…
A long-planned meeting between President Donald Trump and Chinese ruler Xi Jinping, scheduled for the sidelines of the G20 meeting at the end of next month in Buenos Aires, looks like it might not occur. And even if the get-together takes place, it does not appear it will be productive. There may even be no […]
Trump to Impose Oil Sanctions on Iran…
On Wednesday, President Trump decided to re-impose oil sanctions on the Islamic Republic of Iran saying that there is enough oil on the market to support global demand without Iran’s contribution. According to Trump, “there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in […]
Chinese Economy Slowing Faster Than Expected, Worst Yet to Come…
China’s economy appears to be slowing faster than expected at the start of the fourth quarter, a bad omen for growth early next year when the full force of the trade war with the United States comes to bear. This situation is likely to spur Beijing to introduce new measures to support growth, analysts said. […]
The Dow Rallies 240 Points…
There are five types of stock-market bounces out there, according to Charlie Bilello of Pension Partners. If you can tell the good ones from the bad, well, you’re probably too busy counting profits to read this story. But if you can’t — and, be real, you probably can’t — this guide might help. First off, […]
Consumer Confidence Grows…Highest Level in 18 Years…
First the wonky stuff. The Conference Board Consumer Confidence Index (CBCCI) has jumped again for October and now measures the highest current sentiment among consumers since 2000. The CCI now stands at 137.9 (1985=100), up from 135.3 in September. Additionally, the future outlook of consumers, known as the “Expectations Index” (consumers’ short-term outlook for income, […]
ADP Employment Jumps Most in 8 Months, Small Business Struggles…
Following September’s big disappointment in BLS data (95k below ADP’s print), October saw no relenting in ADP’s exuberance with a better than expected +227k (vs +187k exp). September’s +229k spike was revised down to +218k making October’s +227k print the best since February…
U.S. Reportedly Planning Tariffs on Remainin $257B in Chinese Goods If Trump-Xi Talks Fail…
The United States is preparing new tariffs against all remaining Chinese imports if trade talks between Presidents Donald Trump and Xi Jinping fail to reconcile the ongoing trade dispute, according to Bloomberg News. An announcement of a new round of taxes against goods from China could occur as early as December and target the rest […]
Insurers Under Scrutiny in Puerto Rico with 13,600 Hurricane Maria Claims Still Open…
Thousands of Puerto Ricans have been forced to drain their savings, close their businesses, or resign themselves to living with structural damage as they fight insurance companies over millions of dollars’ worth of claims that have gone unanswered or unpaid more than a year after Hurricane Maria. Experts say the Category 4 storm caught insurance […]
How China’s Economic Rise Killed Off 3.4 Million U.S. Jobs…
Scything through heartland America, the human toll has been immense. More than 3.4 million jobs in the United States have been lost since China joined the World Trade Organisation 17 years ago. At least 1.3 million jobs have disappeared in the past decade, fueling the trade war between Beijing and Washington and adding US$100 billion […]
Trump: Puerto Rico’s ‘inept politicians’ Using Hurricane Relief to Pay Off Debts…
President Trump blasted the Puerto Rican government on Tuesday, claiming that its politicians were using hurricane relief funds to pay off the U.S. territory’s debts. “The people of Puerto Rico are wonderful but the inept politicians are trying to use the massive and ridiculously high amounts of hurricane/disaster funding to pay off other obligations. The […]
U.S. Named “World’s Most Competitive Economy” for First Time in 10 Years…
For the first time since the financial crisis, the US has regained its ranking as the ‘World’s Most Competitive Economy’, according to the World Economic Forum’s Global Competitiveness Index. What’s more, the US also scored high in the “innovation” pillar of the WEF’s index, which the organization added to better reflect the factors that are […]
Trump Correctly Blaming the Fed for Next Market Crash…
Radio host Dr. Dave Janda says everybody in Washington knows the next big crash is right around the corner. It’s been 10 years since the Fed reflated the last meltdown, and Dr. Janda says President Trump is already blaming the Federal Reserve for killing the economy that his policies revived. Dr. Janda explains, “President Trump […]
Ethanol Boondoggle…
Like every master salesman, Donald Trump loves to tell his audience exactly what it wants to hear. Last week, at a campaign rally in Iowa, Trump gave Iowa farmers just the political fodder they wanted. He even acknowledged that that was what he was doing when he made his statement. According to The Wall Street […]
Putin Lays Down the Law at Valdai…
Every year Russian President Vladimir Putin speaks at the Valdai Economic Forum. And each year his talk is important. Putin isn’t one to mince words on important issues. With tensions between Russia and the West reaching Cold War levels, Valdai represented the first time we’ve heard Putin speak in a long-form discussion since Helsinki and […]
Why Investors Are Growing Increasingly Anxious About China…
Weakness in China’s currency and a rout in its stock market in 2018 are raising warning bells among investors haunted by memories of the August 2015 devaluation scare and the ensuing volatility that spooked investors. Underscoring those fears, China’s officials reported that gross domestic product grew at a slower pace than anticipated for the third […]
Mnuchin Pulls Out of Saudi Conference…
Treasury Secretary Steven Mnuchin announced Thursday that he will pull out of a major economic conference being hosted by Saudi Crown Prince Mohammed bin Salman next week in Riyadh, amid tension over the disappearance of journalist Jamal Khashoggi. “Just met with @realDonaldTrumpand @SecPompeo and we have decided, I will not be participating in the Future […]
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