Business

BOOM! Economy Adds 228,000 Jobs

The U.S. economy added 228,000 jobs in November, exceeding economist expectations of 200,000 jobs. Unemployment held steady at 4.1 percent. Despite the strong job growth, inflations data was tepid. Earnings rose just 0.2 percent, less than the 0.3 percent expected. On an annualized basis, wage were up 2.5 percent compared with economist expectations of 2.7 percent. Manufacturing added 31,000 jobs, while health care added 30,000. The biggest gainer was “professional and business services,” which added 46,000 jobs.

Great economic news!!  To read more, click on the text above.  Excellent!!  🙂

Consumer Confidence Breaks Another Record, Hits 17-Year High

Consumer confidence in the U.S. is soaring yet again, reaching a 17-year high this month, according to the latest Consumer Confidence Index survey. The Conference Board’s latest survey of consumer confidence notes that consumer confidence rose to 129.5, its highest point since the index climbed to 132.6 in November 2000. Last month’s consumer confidence index already broke records, when the index for October increased to 125.9—the highest it had been since December 2000. The latest numbers have defied economists’ expectations, with many predicting that the index would go down to 124. “Consumer confidence increased for a fifth consecutive month and remains at a 17-year high,” Lynn Franco, director of Economic Indicators at The Conference Board, told CNBC. Franco predicts that the reason for the increase may have to do with consumers’ optimism about the economy’s expansion around the holiday season. “Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018,” Franco said. The index measures American consumers’ attitudes about the economy and their predictions of how it will fare during the next six months. Economists keep a watchful eye on this survey because consumer spending makes up 70 percent of economic activity in the U.S.

More great news on the economic front!  Outstanding!!   🙂

U.S. Third-Quarter Growth Revised to Three-Year High of 3.3%

The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday. The latest results for GDP, the value of all goods and services produced, show the economy withstood major hurricanes to reach a more solid footing as it entered the final stretch of the year, thanks to stronger business spending that’s helping cushion a softer pace of consumption. Federal Reserve Chair Janet Yellen said Wednesday, just before the GDP report, that the expansion is “increasingly broad based across sectors as well as across much of the global economy.” While the revised growth rate is in line with President Donald Trump’s goal, economists generally see such a pace as unsustainable and expect growth to slow sometime in 2018. Trump and congressional Republicans are pushing a tax-cut plan with the aim of lifting GDP gains to 3 percent annually, though analysts expect any economic boost to be modest, on balance, if the proposal becomes law. Consumer spending, which accounts for about 70 percent of the economy, continues to be the main driver of growth, though revisions showed it was slightly weaker than previously estimated on purchases of both durable and nondurable goods. The biggest improvement came in business investment, which made a 1.2 percentage-point contribution to growth, up from 0.98 point in the initial estimate a month ago. In addition to greater spending on transportation equipment, the data also reflected more software spending. Nonresidential structures were revised to a bigger decline. While the first look at third-quarter gross domestic income showed a pickup, the prior quarter was revised downward by 0.6 percentage point, reflecting a smaller gain in wages and salaries. The average of GDP and GDI was a 2.9 percent gain. Corporate profits grew, albeit at a slower year-over-year pace than in the prior period. Price data in the GDP report showed inflation remains behind the Fed’s 2 percent goal. Excluding food and energy, the central bank’s preferred price index tied to personal spending rose at a 1.4 percent annualized rate last quarter, revised from 1.3 percent and following a second-quarter gain of 0.9 percent.

Definitely some mixed numbers.   But, overall, some really good news here!    🙂

U.S. stocks close at record on anniversary of Trump’s election

On the one-year anniversary of President Donald Trump’s election, U.S. stocks eked out gains at the last minute to push all three benchmarks into record territory. Stocks, however, were mostly range-bound on Wednesday with investors awaiting progress on the passage of tax reform while Trump toured Asia in one of his most important diplomatic undertakings to date. The S&P 500 SPX, +0.14% rose 3 points, or 0.1%, to 2,594 while the Dow Jones Industrial Average DJIA, +0.03% gained 6 points to 23,563. The Nasdaq Composite Index COMP, +0.32% added 21 points, or 0.3%, to 6,789.

Excellent!!   🙂

Hiring Rebounded in October, Unemployment Rate Fell to 4.1%

The U.S. jobless rate fell to a 17-year low in October and employers hired at a strong pace, showing the labor market bounced back from recent hurricanes. Nonfarm payrolls rose a seasonally adjusted 261,000 in October, the Labor Department said Friday. September’s payroll data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy’s streak of job gains to a record 85 straight months. The pace of job creation in the U.S. remains solid despite the hit to the economy from Hurricane Harvey, which battered Texas in late August, and Irma, which hit Florida in early September. Job gains have averaged 162,000 over the past three months, a modest slowdown from a 185,000 average over the past two years. The unemployment rate fell to 4.1% in October, its lowest level since December 2000. The unemployment rate, which changed little over the course of 2016, has barreled down from 4.8% at the start of this year…

More great economic news in this Trump economy!  Excellent!!

ESPN Lost 480,000 Subscribers in October

There are a variety of ways, in which businesses judge whether they’re having a successful business day. However, if you’re losing over 15,000 customers a day, that is generally frowned upon. No doubt, there are many frowns being worn on the faces of ESPN executives after reviewing the October Cable Coverage Estimates. ESPN lost over 15,000 subscribers for every day ending in “y,” during the month of October. To put that into perspective, that’s the equivalent of losing Sacramento, California, the 35th largest city in the country, in a month. While many would welcome the loss of Sacramento, for a variety of reasons, when discussing losing a city of that size in a ratings context, it’s horrifying. Of course, ESPN isn’t the only cable sports giant to lose massively among subscribers. FS1 584,000 households in the month of October. Though, it is noteworthy, that FS1’s ESPN-esque decline has coincided with their efforts to repeat the mistakes of ESPN. In October, FS1 brought the Reverend Jesse Jackson on Undisputed, the network’s flagship debate show, featuring Skip Bayless and Shannon Sharpe. Not surprisingly, Jackson bashed President Trump and used slave references to describe how players are treated in the NFL. This move, straight out of the ESPN playbook, seemed really odd considering that FS1 has branded themselves as being everything that ESPN is not. However, considering that incident, in addition to the daily drum beat of liberal insanity coming from Shannon Sharpe; and one gets a pretty clear picture of why the network which branded itself as the alternative to ESPN, has suddenly become just like ESPN. Still, these numbers are particularly disastrous for ESPN. Who, due to its ever shrinking subscriber base, will likely no longer be able to afford Monday Night Football after 2021. That will leave the self-described “Worldwide Leader in Sports,” without any broadcast partnership with the biggest sports league in the land. Put this together with ESPN’s daily dosage of liberal activism, their disastrous handling of the Jemele Hill controversy, the Robert Lee fiasco, coupled with the likelihood that NFL games might soon disappear from their network; and it’s very hard to see why anyone will be watching the network in the next few years. Of course, at the rate in which the NFL is alienating its fan base, there’s every chance that the NFL won’t be the biggest sport in the land in 2021. And that’s fine, ESPN and the NFL deserve each other.

Agreed…

Kudlow: Best Economy We’ve Had in 10 Years

The economy is now at its best in a decade, according to economist and CNBC regular Larry Kudlow. “The business side of the economy, the supply side, is doing very well,” Kudlow said Sunday on New York AM 970 radio’s “The Cats Roundtable.” “It’s the best showing we’ve seen — I don’t know, probably in over 10 years,” he added. “It’s as though businesses are sniffing out tax cuts, and they’re starting to pull the trigger on some investments. And that, of course, will lead to higher wages. I like that a lot because that’s been the worst area of the economy, business investments, and I think the stock market loves it.”

They absolutely do!  More great news in this Trump economy!    🙂