A Boeing worker is pictured in the wing system installation area at their factory in Renton, Washington, U.S., February 13, 2017. (Photo: Reuters)
U.S. durable goods orders increased $1.9 billion or 0.8% to $250 billion in December, missing the 1.4% consensus forecast.
This increase, up following two consecutive monthly decreases, followed a 4.3% October decrease.
Excluding transportation, new orders decreased 0.3%. Excluding defense, new orders decreased 0.1%. Transportation equipment, up three of the last four months, drove the increase, $2.5 billion or 2.9% to $87.0 billion.
Shipments of manufactured durable goods in November, up three of the last four months, increased $1.8 billion or 0.7% to $256.7 billion. This comes after a 0.4% decline in October.
Transportation equipment, also up three of the last four months, led the gain, rising $1.8 billion or 2.0% to $89.5 billion.
Revisions
Revised seasonally adjusted October figures for all manufacturing industries were: new orders, $502.7 billion (unchanged); shipments, $508.6 billion (revised from $508.4 billion); unfilled orders, $1,183.4 billion (revised from $1,183.6 billion) and total inventories, $682.1 billion (revised from $681.7 billion).
Mattis Resignation Letter Indicates a Difference of Opinion Key to Decision
President Donald Trump left, waves to the crowd as he is introduced by Defense Secretary James Mattis, right, aboard the nuclear aircraft carrier USS Gerald R. Ford for it’s commissioning at Naval Station Norfolk in Norfolk, Va., Saturday, July 22, 2017. (Photo: AP)
President Donald Trump announced General Jim Mattis will be retiring as Secretary of Defense at the end of February. The president praised and thanked him for his service to the country and in the administration.
General Jim Mattis will be retiring, with distinction, at the end of February, after having served my Administration as Secretary of Defense for the past two years. During Jim’s tenure, tremendous progress has been made, especially with respect to the purchase of new fighting….
“General Jim Mattis will be retiring, with distinction, at the end of February, after having served my Administration as Secretary of Defense for the past two years. During Jim’s tenure, tremendous progress has been made, especially with respect to the purchase of new fighting….” the president tweeted.
….equipment. General Mattis was a great help to me in getting allies and other countries to pay their share of military obligations. A new Secretary of Defense will be named shortly. I greatly thank Jim for his service!
“….equipment. General Mattis was a great help to me in getting allies and other countries to pay their share of military obligations. A new Secretary of Defense will be named shortly. I greatly thank Jim for his service!”
Secretary Mattis has outlasted other first-term, first-pick cabinet officials in the Trump Administration.
In his resignation letter, the general said that he was “proud of the progress we have made over the last two years,” but clearly indicated differences of opinion over the nation’s role and alliances abroad were key to his decision.
“Because you have the right to have a secretary of defense whose views better align with yours on these and other subjects, I believe it is right for me to step down from my position,” General Mattis wrote.
The Trump Administration has always been a push-and-pull between the more interventionist wing of the mainstream Republican establishment, and the “America First” wing represented by the president.
Eight months ago, the president told his national security team in the Situation Room U.S. troops must come home from the civil war in Syria. The primary objective, at least publicly, had been to defeat ISIS, or the Islamic State.
But the true objective for the hawkish wing is regime change, the removal of Syrian President Bashar al-Assad, who is backed by Russia and Iran.
Last Wednesday, the president declared the U.S. would withdraw the military from Syria, and he did so without the consent of his more hawkish advisors.
CNN reports the more hawkish faction more-closely aligned with Secretary Mattis are concerned a similar announcement regarding Afghanistan is imminent.
The longest war in U.S. history began in 2001 almost immediately after the attacks on September 11, 2001. President Trump has long-criticized continued U.S. involvement.
There are currently 14,000 U.S. troops serving in the country, most of whom part of the seemingly never-ending NATO-led mission to train, advise and assist Afghan forces.
It’s worth noting President Trump campaigned on defeating ISIS and scaling back on U.S. military action. The most recent estimates peg the number of remaining fighters from the former caliphate at only 2,000.
Reps. Mark Meadows, R-N.C., left, and Jim Jordan, R-Ohio, members of the House Freedom Caucus, talk before a House Oversight and Government Reform Committee hearing. (Photo: AP)
UPDATE: Donald Trump met with Republicans at the White House and reminded House Speaker Paul Ryan, R-Wis., of his pledge to fight for border wall funds now.
Original Story…
Rep. Mark Meadows, R-N.C, and the House Freedom Caucus are urging Republicans to fight for the border wall and calling on President Donald Trump to veto a short-term spending bill.
“Today we have an opportunity to show the American people who we are. Do we stand up and fight for their interests?” he tweeted. “Or do we surrender before the hard work even starts–all for the sake of political convenience?”
“No more excuses. No more games. Stand up and fight.”
Today we have an opportunity to show the American people who we are. Do we stand up and fight for their interests? Or do we surrender before the hard work even starts–all for the sake of political convenience?
No more excuses. No more games. Stand up and fight.
Chairman Meadows took to the floor of the U.S. House on Wednesday night, urging President Donald Trump to veto any bill that does not include border wall funding.
He slammed outgoing House Speaker Paul Ryan, R-Wis., for not keeping his promise during the last fight over a government shutdown. President Trump reluctantly signed a monstrous omnibus bill, without border wall funding.
But he vowed never to do so again, and Chairman Meadows reminded him of that promise on the floor.
“You know what, Mr. Speaker? It’s after the midterms,” he directed toward Speaker Ryan. “And we’re here to say that we’re ready to fight on behalf of all the freedom-loving Americans to make sure we have secure borders.”
“Mr. President, we’re going to back you up. If you veto this bill we’ll be there. But more importantly the American people will be there. They’ll be there to support you. Let’s build the wall and make sure that we do our job in Congress.”
The president was initially requesting the U.S. Congress appropriate $5 billion for construction of his promised border wall, something experts on the U.S. southern border have said they desperately need to stem the flow of illegal immigration.
Behind closed doors, the White House signaled the president would be willing to accept $1.7 billion, far less than what Mexico is slotted to receive to help their nation deal with illegal immigration.
Currently, the establishment in both parties have agreed to kick the can down the very short road to February 8, 2019. It doesn’t include any appropriations specifically marked for the construction of a border wall.
The 116th U.S. Congress will reflect a larger and more Trump-friendly Republican majority in the U.S. Senate, while control of the U.S. House will be turned over to the Democratic Party.
While the Republican conference will also be less moderate than the previous, it also overwhelmingly elected Kevin McCarthy, R-Calif., to be the next minority leader.
He was opposed by another prominent member of the more conservative Freedom Caucus, Rep. Jim Jordan, R-Ohio.
“Fool me once, shame on you. Fool me twice, shame on me,” Rep. Jordan said on the floor of the U.S. House.
“Fool the American people four times, shame on Congress.”
The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey weakened in the December headline even as new orders rose.
The diffusion index for current general activity fell from 12.9 in November to 9.4, its lowest reading since August 2016. More than 26% of the manufacturers reported increases in overall activity this month, while just 17% reported decreases.
The new orders index rose 5 points to 14.5, indicating growth in the near term. But the index still remains lower than its average reading for the year.
The current shipments index fell 12 points to 10.0, its lowest reading in 27 months.
Both the unfilled orders and delivery times indexes were positive this month, suggesting higher unfilled orders and slower delivery times.
The Philadelphia Manufacturing Outlook Survey follows its regional counterpart by the Federal Reserve Bank of New York.
Still, manufacturing firms continued to report higher employment levels in the Mid-Atlantic region, as they did in the Northeast.
More than 24% of the responding firms reported increases in employment this month, while just 6% of the firms reported decreases in employment.
The current employment index remained positive and ticked up 2 points to 18.3. The current workweek index fell 6 points to 0.5, its lowest reading in 26 months.
U.S. jobless claims graph on a tablet screen. (Photo: AdobeStock)
The Labor Department said initial jobless claims rose less than expected to only 214,000 for the week ending December 15, beating the forecast. The consensus forecast was for 220,000 jobless claims.
In November, jobless claims jumped somewhat. But data for December indicate the rise in the firing rate was likely temporary.
The 4-week moving average– which helps to iron out volatility –came in at 222,000, a decline of 2,750 from the previous week’s unrevised average of 224,750.
The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending December 8.
The advance number for seasonally adjusted insured unemployment during the week ending December 8 was 1,688,000, an increase of 27,000 from the previous week’s unrevised level of 1,661,000.
The 4-week moving average was 1,672,500, an increase of 6,750 from the previous week’s unrevised average of 1,665,750.
No state was triggered “on” the Extended Benefits program during the week ending December 1.
The highest insured unemployment rates in the week ending December 1 were in Alaska (3.1), New Jersey (2.1), California (1.9), Pennsylvania (1.9), Connecticut (1.8), Puerto Rico (1.8), Virgin Islands (1.8), Montana (1.7), Washington (1.7), Minnesota (1.6), and West Virginia (1.6).
The largest increases in initial claims for the week ending December 8 were in Massachusetts (+458), Colorado (+439), Idaho (+419), Nebraska (+281), and South Dakota (+133), while the largest decreases were in Pennsylvania (-10,609), New York (-8,993), California (-7,654), Georgia (-3,759), and Illinois (-3,189).
We review our predictions from January of 2018 in today’s show.
*McSally to the Senate *Prediction Part 1 *Prediction Part 2 *Final Thoughts
Bumper Music:
White Chistmas- Isla Roe White Chistmas- Ricardo and Lance Shake up Christmas- Helen Maria Silent Night – The Vamps
Closing Music http://www.hulkshare.com/praktikos/dark-nights-rise
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A under contract sign on a home previously for sale in Vienna, Va. (Photo: Reuters)
The National Association of Realtors (NAR) said Wednesday existing home sales gained for the second straight month, beating the consensus forecast.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.9% from October to a seasonally adjusted rate of 5.32 million in November.
Sales are still down 7.0% from a year ago (5.72 million in November 2017).
“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago,” said Lawrence Yun, NAR’s chief economist.
“Rising inventory is clearly taming home price appreciation.”
The median existing-home price for all housing types in November was $257,700, up 4.2% from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.
Current account balance concept: painted green text Current Account on digital data paper background with currency. (Photo: AdobeStock)
The U.S. current-account deficit rose to $124.8 billion in the third quarter (Q3) of 2018, up from $101.2 billion (revised) in Q2 2018, according to the preliminary estimate by the Bureau of Economic Analysis (BEA).
The deficit was 2.4% of current-dollar gross domestic product (GDP) in the third quarter, up from 2.0 percent in the second quarter. The $23.6 billion increase in the current-account deficit largely reflects a $24.0 billion increase in the deficit on goods.
Exports of goods and services and income receipts decreased $6.2 billion in the third quarter to $930.3 billion. Imports of goods and services and income payments increased $17.4 billion in the third quarter to $1,055.1 billion.
U.S. Congresswoman Martha McSally, R-Az., speaking with supporters at the announcement of her U.S. Senate campaign at the Swift Aviation Hangar in Phoenix, Arizona. (Photo: Please attribute to Gage Skidmore if used elsewhere.)
As expected and reported, Arizona Governor Doug Ducey appointed former Rep. Martha McSally to replace Senator Jon Kyl in the U.S. Senate.
Mr. Kyl, a former senator who served the Grand Canyon State for 18 years, was appointed by Governor Ducey to replace the late John McCain, whom he served with.
But in a hand-delivered letter dated December 12, Senator Kyl informed the governor he would resign from the U.S. Senate on December 31, detailing his reasons behind the resignation.
“Thank you for appointing me to the U.S. Senate to fill the vacancy created by John McCain’s death,” he wrote. “It has been an honor and a privilege to again serve the people of Arizona.”
“I have concluded that it would be best if I resign so that your new appointee can begin the new term with all other Senators in January 2019 and can serve a full two (potentially four) years.”
There had been a lot of pressure on Governor Ducey to choose former Rep. McSally to replace Senator Kyl. She was defeated by incoming Democratic Senator-elect Kyrsten Sinema in 2018.
A lengthy discussion on the implications of a shutdown, and a growing frustration with the mindless arguing from both sides of the aisle is on the docket today.
*Shutdown Seems Inevitable *Partisanship Seems Mindless *What Happens in Shutdown? *22 Trillion in Debt and No Wall *End of Year
Bumper Music:
All I Want for Christmas- Meghan Nicole Carol of the Bells Dubstep- Capitol Kings Carol of the Bells- The Piano Guys Jingle Bell Rock- Sophie Michelle Last Christmas- Jasmine Thompson Shake Up Christmas- Helen Maria
Closing Music http://www.hulkshare.com/praktikos/dark-nights-rise
The money pledged thru Patreon.com will go toward show costs such as advertising, server time, and broadcasting equipment. If we can get enough listeners, we will expand the show to two hours and hire additional staff.
To help our show out, please support us on Patreon: https://www.patreon.com/LibertyNeverSleeps
All bumper music and sound clips are not owned by the show, are commentary, and of educational purposes, or de minimus effect, and not for monetary gain.
No copyright is claimed in any use of such materials and to the extent that material may appear to be infringed, I assert that such alleged infringement is permissible under fair use principles in U.S. copyright laws. If you believe material has been used in an unauthorized manner, please contact the poster.
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