Economy

U.S. crude output at new record with oil at lowest price since March

The U.S. stockpile of commercial crude oil continued to rise with the country’s record oil production estimated at 11.6 million barrels a day, and domestic oil prices are now down to their lowest levels since March. The U.S. Energy Department said commercial crude inventories rose by 5.8 million barrels last week and gasoline stocks jumped by 1.9 million barrels. Total petroleum inventories increased by 4.8 million barrels, offset partially by a dip in distillate fuel oil, which is used to make diesel fuel and heating oils. Another rise in total stockpiles coincides with the recent free fall in U.S. oil prices from more than $76 a barrel in early October to below $62 a barrel Wednesday morning. The last time the U.S. oil benchmark settled below $62 per barrel was March 15. The rise in crude outputs from the world’s top three producers — the United States, Russia and Saudi Arabia — has pushed oil prices lower, and the decline was compounded by the Trump administration’s recent decision to soften sanctions on Iran by allowing waivers for several of the top buyers of Iranian oil, including China.

Great news!!    🙂

Dow Surges Nearly 550 Points

The Dow Jones Industrial Average surged nearly 550 points Wednesday as U.S. stocks extended a recent rebound, advancing as a congressional power divide eased worries about swift policy changes that could hurt large companies. Uncertainty about the elections was one factor driving October’s stock-market rout, with some investors anxious that radical economic policy changes could hurt corporations benefiting from tax reform and an emphasis on deregulation. Democrats claiming a majority in the House of Representatives and Republicans retaining control of the Senate soothed some of those fears, analysts said, sparking a broad-based market rally. Twenty-nine of the 30 Dow industrial stocks climbed, putting the blue-chip index about 2.5% off its October record. All 11 S&P 500 sectors posted gains, moving the benchmark roughly 4% off its record. Both indexes have risen in six of the past seven sessions, a quick turnaround from a brutal selloff that left the S&P 500 and Dow teetering on the edge of correction territory two weeks ago. While some sectors directly affected by Tuesday’s results such as health care led the indexes higher, a rally in recently battered technology and internet stocks was another sign of rejuvenated investor confidence.

 

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 country pumped 11.2 million barrels a day in August. OPEC reports Saudi Arabia pumped 10.4 million barrels a day. It’s the first time since 1973 that the U.S. leads the world in oil production. Several states hit record production in August including Texas, which accounts for about 40 percent of U.S. crude. The energy agency says pipeline bottlenecks in Texas and New Mexico are causing more use of trucks and rail cars to haul oil.

Excellent!!    🙂

156,562,000: Record Employment for 12th Time Under Trump

The economy is the second most important issue for registered voters as the midterm election nears, a new Gallup Poll says. And there was very good economic news on Friday, as the Labor Department’s Bureau of Labor Statistics rolled out the October employment report — the final one before next week’s midterm election. The number of employed Americans has never been higher. The 156,562,000 Americans employed in October is the twefth record set under President Donald Trump. In October, the number of employed men age 20 and up — 80,405,000 — set the 12th record since Trump took office; and likewise, for the 12th time, the number of employed women age 20 and up set a record, reaching 70,909,000 in October. The unemployment rate held at 3.7 percent, the same as September, which is the lowest it’s been in decades — since the end of 1969. And the Hispanic unemployment rate, 4.4 percent, has never been lower. The unemployment rate for African-Americans, 6.2 percent, remained near the all-time low of 5.9 percent set in May. On top of those numbers, the economy added a whopping 250,000 jobs last month. After revisions, job gains have averaged 218,000 over the past 3 months. (“Wow!” Trump tweeted on Friday morning. “The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!”) The number of Americans not in the labor force dipped to 95.8 million, down from last month’s record high; and the labor force participation rate increased two-tenths of a point to 62.9 percent, a move in the right direction. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.4 percent), teenagers (11.9 percent), Whites (3.3 percent), Blacks (6.2 percent), and Asians (3.2 percent) showed little or no change in October. In October, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent. In October, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,514,000. Of those, 162,637,000 participated in the labor force by either holding a job or actively seeking one. The 162,637,000 who participated in the labor force equaled 62.9 percent of the 258,514,000 civilian noninstitutionalized population, the same as August.

Wow!  More great news in this Trump economy!!  For more, click on the text above.   🙂

Congress to take up 10 percent tax cut for the middle class next year: Trump, Brady

President Trump and Rep. Kevin Brady said Wednesday that they intend to pursue an additional 10 percent tax cut for the middle class once the new Congress convenes in January. Mr. Trump had said earlier this month that he’d like to push for the additional tax cut in the coming weeks, and that he wanted Congress to vote on it after the midterm elections. But on Wednesday, the two leaders signaled the additional 10 percent cut won’t be in the cards for the post-election “lame duck” session of Congress. “We are committed to delivering an additional 10 percent tax cut to middle-class workers across the country. And we intend to take swift action on this legislation at the start of the 116th Congress,” said Mr. Trump and Mr. Brady, the House’s top tax-writer. The president and Mr. Brady also credited last year’s $1.5 trillion tax-cut package for juicing the U.S. economy, and pointed out that no Democrats voted for the legislation. “Together, the Trump administration and congressional Republicans are creating more economic opportunity for workers of all walks of life — especially for those hit hardest by the recession, who the previous administration left behind,” they said. The House also passed legislation recently that would make permanent the individual tax rate cuts in the law. The new law permanently lowered the corporate tax rate from 35 percent to 21 percent, but the individual rate cuts were written to expire after 2025 to comply with budget rules. Congressional Democrats have criticized the law as a giveaway to the rich, and have said they could seek to roll back parts of it if they retake control of at least one chamber of Congress.

…which is the #1 reason you need to get out and vote Republican next week (or NOW, if you have a mail-in ballot).  All the Dems want to do is raise your taxes, and waste the rest of their time investigating Trump and every single one of his nominees.  They have no intention of doing the work of the people; just try to be a thorn in Trump’s side.  Remember that.

U.S. Is World’s Most Competitive Economy for First Time in a Decade

The U.S. is back on top as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum, which said the country could still do better on social issues. America climbed one place in the rankings of 140 countries, with the top five rounded out by Singapore, Germany, Switzerland and Japan. All five countries’ scores rose from 2017, with the U.S. notching the second-biggest gain after Japan’s. The top spot hasn’t gone to the U.S. since the financial crisis stalled output and triggered a global economic slowdown. “Economic recovery is well underway, with the global economy projected to grow almost 4% in 2018 and 2019,” said the report, published Tuesday by the organization that produces the Davos conference on global politics and economics.

More great news in this Trump economy!  For more, click on the text above.    🙂

Opinion/Analysis: Trump has reversed every single failed economic policy of the Obama era – Here’s what must happen next

Friday was a great day for America’s economy and the American people under the leadership of President Trump, as the Labor Department reported our nation’s unemployment rate fell to just 3.7 percent – the lowest level since 1969. Millions of us have never seen an unemployment this low in our entire lives. There is simply no denying the overwhelming success of the Trump economy. Need more evidence? Hispanic and black unemployment are at historic lows, while female unemployment has reached a 50-year low. Meanwhile, wages are increasing at the fastest pace in nearly a decade. Manufacturing jobs completely reversed course. In the final year of President Obama’s term, the manufacturing sector lost 16,000 jobs. In the first year of the Trump administration, there was a gain of 196,000 manufacturing jobs. Accordingly, and perhaps unsurprisingly, “American manufacturers are on track for their most optimistic year in at least two decades,” according to the National Association of Manufacturers. For nearly a decade before President Trump was elected in November 2016, Americans suffered through the worst economic recovery since World War II. Because of the disastrous Obama-era failed liberal policies, manufacturing jobs fled, wages were flat, and millennials lost access to the job market. Everything changed when America elected a businessman and a job creator to be president of the United States. Immediately upon taking office, President Trump set out to cure the ills of the ailing U.S. economy. Recognizing the intuitive truism that overregulation and over-taxation put a chokehold on the free market by depressing wages and destroying jobs, our new president reversed course. President Trump has slashed burdensome regulations at a record rate, cutting 22 regulations for every one implemented. And the Trump tax cuts not only gave $2,059 back to the average American family, but also had the added benefit of reducing the corporate tax rate – once the highest in the industrial world – resulting in job creation and higher wages and bonuses. It’s no wonder that President Obama is desperately trying to lay claim to the Trump economy. But his efforts to do so fly in the face of logic, intuition and fact. The Wall Street Journal surveyed economists and found that a big majority credited President Trump’s policies as a catalyst for economic growth. Moreover, in the same survey, “more than 90% of economists said the tax cuts would increase GDP growth over the next two years.” The truth is that President Trump has reversed every single failed economic policy of the Obama era. With that welcome move came a sea change in results. Jobs grew at historic rates. Wages finally began to climb. And consumer confidence, alongside the stock market, rose to record highs. Though the Great Recession had run its course, workers still felt unsettled in 2016. It’s why a Deutsche Bank study found that workers felt more worried about losing their job in 2016 than they did in 2009 – at the height of the recession. Workers felt insecure for one simple reason: the Obama economy failed them, resulting in the worst economic recovery since World War II. Voters elected President Trump in 2016 because they believed he would rectify the wrongs of the Obama economy. He did just that – resoundingly! And if the American people vote to give Republicans continued majorities in the U.S. House and Senate in the Nov. 6 general election, the president and Congress will continue working together to build a stronger and more prosperous economy and make progress on many other fronts as well.

Agreed!  And well said,  Kayleigh.  Kayleigh McEnany is the author of the “New American Revolution: The Making of a Populist Movement.” She is the Republican National Committee’s National Spokesperson and a former CNN Commentator who received her JD from Harvard Law School.