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Economy

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

The Institute for Supply Management (ISM) said the manufacturing index (PMI) registered 58.2%, a slight decrease in an otherwise extremely strong report. The headline number was weighed down by a welcomed improvement to delivery times in November, which were backed up during hurricane season.

  • The New Orders Index registered 64 percent, an increase of 0.6 percentage point from the October reading of 63.4 percent.
  • The Production Index registered 63.9 percent, a 2.9 percentage point increase compared to the October reading of 61 percent.
  • The Employment Index registered 59.7 percent, a decrease of 0.1 percentage point from the October reading of 59.8 percent.
  • The Supplier Deliveries Index registered 56.5 percent, a 4.9 percentage point decrease from the October reading of 61.4 percent.
  • The Inventories Index registered 47 percent, a decrease of 1 percentage point from the October reading of 48 percent.
  • The Prices Index registered 65.5 percent in November, a 3 percentage point decrease from the October level of 68.5, indicating higher raw materials prices for the 21st consecutive month.

“Comments from the panel reflect expanding business conditions, with New Orders and Production leading gains, employment expanding at a slower rate, order backlogs stable and expanding, and export orders all continuing to grow in November,” said Timothy R. Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee. “Supplier deliveries continued to slow (improving), but at slower rates, and inventories continued to contract during the period.”

Of the 18 manufacturing industries, 14 reported growth in November, in the following order: Paper Products; Machinery; Transportation Equipment; Computer & Electronic Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Printing & Related Support Activities; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Chemical Products; Furniture & Related Products; Fabricated Metal Products; Miscellaneous Manufacturing; and Primary Metals. Two industries reported contraction during the period: Wood Products; and Petroleum & Coal Products.

“Price increases continued, but at a slower rate. The Customers’ Inventories Index improved but remains at low levels,” Mr. Fiore said.

The Institute for Supply Management (ISM) said

Politics

National Security Adviser Michael Flynn puts Iran 'on notice' during a press conference in response to a missile launch. (Photo: AP)

National Security Adviser Michael Flynn puts Iran ‘on notice’ during a press conference in response to a missile launch. (Photo: AP)

DEVELOPING: Lt. General Michael Flynn has been charged with “willfully and knowingly” making false statements to the Federal Bureau of Investigation (FBI), People’s Pundit Daily (PPD) has learned.

The former Director of National Intelligence (DNI) under Barack Obama and national security advisor under President Donald Trump didn’t tell the truth about the content of a conversation he had with Russian Ambassador Sergey Kislyak.

On January 24, 2017, Lt. General Flynn told federal investigators he did not talk about sanctions during the conversation, but transcripts of the intercepted phone call show otherwise. It’s unclear whether the intercept was made as a result of a warrant under the Foreign Intelligence Surveillance Act (FISA). In December, he was traveling outside the country with his wife on vacation.

The charge is a single count under what is commonly referred to as “The Martha Stewart Statute.” According to the the court document, those false statements are as follows:

  • “On or about Dec 29, 2016, FLYNN did not ask the Government of Russia’s Ambassador to the United States (“Russian Ambassador”) to refrain from escalating situation in response to sanctions that the United States had imposed against Russia that same day; and FLYNN did not recall the Russian Ambassador subsequently telling him that Russia had chosen to moderate its response to those sanctions as a result of his request.”
  • “On or about December 22, 2016, FLYNN did not ask the Russian Ambassador to delay the vote on or defeat a pending United Nations Security Council resolution; and  that the Russian Ambassador subsequently never described to FLYNN Russia’ response to his request.”

Lt. Gen. Flynn was fired by the President Trump after it was revealed he misled Vice President Mike Pence about the conservation he had with the Russian ambassador.

He is expected to appear in court in the District of Columbia at 10:00 AM EST. The Associated Press (AP) reported he is also expected to plead guilty.

Worth noting, the charges are not related to his firm Flynn Intel Group.

Before Robert Mueller was appointed Special Counsel, the FBI was focused on the relationship between Lt. General Flynn and a Turkish businessman to determine whether it played any role in his decision-making during the brief time he served as President Trump’s national security advisor.

The firm received $530,000 from Inovo late last year to investigate Fethullah Gulen, the Turkish cleric with ties to Hillary Clinton currently residing in the United States. Turkish authorities claim he was behind the orchestration of a failed attempted coup against the government last year.

A grand jury subpoena issued by the U.S. Attorney’s Office for the Eastern District of Virginia to Ekim Alptekin, a business associate of Lt. General Flynn, shows that federal prosecutors are focusing on whether payments received influenced his decisions during the transition and his brief time as national security adviser.

Lt. General Flynn didn’t disclose the relationship in full until weeks after his resignation from the White House, and potentially wasn’t forthcoming with the FBI on the matter. Mr. Alptekin has claimed he hired Flynn Intel Group to improve relations between the U.S. and Turkey, but he arranged the Sept. 19 meeting in New York between him and Turkey’s minister of foreign affairs and minister of energy.

It was during that meeting that former Central Intelligence Agency Director James Woolsey claimed Mr. Flynn discussed removing Mr. Gulen from the U.S. and taking him to Turkey. His spokesman at the time refuted Mr. Woolsey’s account and said at no time did he discuss any illegal actions, including what would have been an illegal physical removal.

Lt. General Michael Flynn has been charged

Politics

Kate Steinle, right, was shot and killed on July 1, 2015 near San Francisco's Pier 14 by Juan Francisco Lopez-Sanchez, left, who had been deported and allowed to return to the sanctuary city multiple times.

Kate Steinle, right, was shot and killed on July 1, 2015 near San Francisco’s Pier 14 by Jose Garcia Zarate, left, who had been deported and allowed to return to the sanctuary city multiple times.

President Donald Trump and Attorney General Jeff Sessions slammed the “not guilty” jury verdict in the trial of the illegal immigrant who shot Kate Steinle. Jose Garcia Zarate, previously known as Juan Francisco Lopez Sanchez, was a multiple felon who had been deported numerous times taking “sanctuary” in San Francisco.

“A disgraceful verdict in the Kate Steinle case!” President Trump tweeted. “No wonder the people of our Country are so angry with Illegal Immigration.”

After six days of deliberations, Zarate was acquitted of first and second degree murder, as well as involuntary manslaughter and assault with a semi-automatic weapon. He was found guilty only of possessing a firearm by a felon.

Attorney General Sessions, who has been leading the efforts against so-called “sanctuary cities,” said Ms. Steinle’s death was on the city for implementing a policy that put their citizens at risk.

“When jurisdictions choose to return criminal aliens to the streets rather than turning them over to federal immigration authorities, they put the public’s safety at risk,” he said. “San Francisco’s decision to protect criminal aliens led to the preventable and heartbreaking death of Kate Steinle.”

Ms. Steinle was walking with her father and a family friend in July 2015 when she was shot, collapsing into her father’s arms and begging him for his help before she expired. Despite a federal detainer issued by the Immigration and Customs Enforcement (ICE), Zarate was released from a San Francisco jail about three months before the shooting.

Attorney General Sessions slammed San Francisco for not honoring the detainer from ICE.

“While the State of California sought a murder charge for the man who caused Ms. Steinle’s death—a man who would not have been on the streets of San Francisco if the city simply honored an ICE detainer—the people ultimately convicted him of felon in possession of a firearm,” he said.

The Trump Administration has been blocked by the courts for withholding funds to sanctuary cities, in a case that is ultimately headed to the U.S. Supreme Court. The slaying of Ms. Steinle sparked a controversial national debate over crime committed on U.S. citizens by illegal immigrants.

According to a recent poll, 58% want the federal government should cut off funds to cities that provide sanctuary for illegal immigrants, while just 32% disagreed and 10% said they were not sure. Further, 62% of likely voters said the Department of Justice (DOJ) should take legal action against cities that provide sanctuary for illegal immigrants.

Meanwhile, 53% of all voters–including 76% of Republicans–agree with President Trump that illegal immigration increases the level of serious crime in America.

ICE Deputy Director Tom Homan joined joined the attorney general in calling on officials who support and are responsible for sanctuary cities to reverse course. In a statement following the verdict, he vowed to deport Zarate.

“San Francisco’s policy of refusing to honor ICE detainers is a blatant threat to public safety and undermines the rule of law,” he said. “This tragedy could have been prevented if San Francisco had simply turned the alien over to ICE, as we requested, instead of releasing him back onto the streets.”

Worth noting, California lawmakers have since voted to make California a sanctuary state, a move Deputy Director Homan called “unconscionable.”

“It is unconscionable that politicians across this country continue to endanger the lives of Americans with sanctuary policies while ignoring the harm inflicted on their constituents. Following the conclusion of this case, ICE will work to take custody of Mr. Garcia Zarate and ultimately remove him from the country.”

President Donald Trump and Attorney General Jeff

Economy

SUV parts are fabricated in the stamping facility at the General Motors Assembly Plant on June 9, 2015. (Photo: Reuters)

SUV parts are fabricated in the stamping facility at the General Motors Assembly Plant on June 9, 2015. (Photo: Reuters)

The Institute for Supply Management (ISM) said the Chicago Business Barometer came in at 63.9, an ease that still slightly beat the 63.5 consensus forecast. The Chicago PMI has expanded for 21 straight months, three of which at a reading above 60, and is now poised to make 2017 the first full year of expansion in 36 months.

“Despite November’s fall, the MNI Chicago Business Barometer remains on track to deliver the first full year of expansion in three years,” said Jamie Satchi, Economist at MNI Indicators. “Firms seem to have navigated through the worst of the bad weather conditions in recent months, though supplier deliveries rising to a thirteen-year high and persistent, high input costs suggests the effects are yet to fully dissipate away.”

New orders eased in November but remained very strong. Backlogs, which hit a 43-year high in October, also pulled back but also remain strong.

The Chicago Business Barometer came in at

Politics

Sen. John McCain, R-Ariz., speaks to reporters at the U.S. Capitol in Washington, May 10, 2017. (Photo: AP)

Sen. John McCain, R-Ariz., speaks to reporters at the U.S. Capitol in Washington, May 10, 2017. (Photo: AP)

Senator John McCain, R-Ariz., said in a statement he will vote “Yes” on tax reform, making it much more likely President Donald Trump and Republicans clear the bar on the historic bill.

“After careful thought and consideration, I have decided to support the Senate tax reform bill,” Senator McCain said. “I believe this legislation, though far from perfect, would enhance American competitiveness. boost the economy, and provide long overdue tax relief for middle class families.”

The Arizona senator was one of a handful of Republicans uncertain about how they would vote. The president was in Missouri yesterday pushing his tax cut and tax reform agenda, a Red State represented by vulnerable incumbent Democratic Senator Claire McCaskill.

“If we do this, then America will win again like never before. A vote to cut taxes is a vote to put America first, again,” President Trump said. “It’s time to take care of our workers, to protect our communities and to rebuild our great country.”

Meanwhile, the markets are continuing to climb on overwhelmingly positive economic data and the potential for tax reform. The Dow Jones Industrial Average hit 24,000 for the first time ever, only days after the Bureau of Economic Analysis (BEA) earlier in the week revised gross domestic product (GDP) up to 3.3%.

If 4Q GDP forecasts hold, the first year under President Donald Trump will at least match the strongest year (2.7%) under Barack Obama. As People’s Pundit Daily (PPD) recently reported, it’s likely the first year under Mr. Trump will surpass the strongest year under Mr. Obama.

That’s also much more likely if Republicans send tax reform to President Trump to sign. It will be the first time the U.S. economy grew at 3% or higher for 3 consecutive quarters since 2004.

FULL STATEMENT BELOW

After careful thought and consideration, I have decided to support the Senate tax reform bill. I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.

For too long, hardworking people in Arizona and around the country have not seen a raise in their paychecks. This bill would directly benefit all Americans, allowing them to keep a higher percentage of what they earn. According to the non-partisan Joint Committee on Taxation, every income bracket would see tax relief under this bill. The child tax credit would be doubled to $2,000 per child and the tax code would be substantially simplified.

By lowering our high corporate tax rate to 20 percent, the bill would make our markets far more attractive for investment. It would also encourage American companies to repatriate assets now held overseas. Small businesses, which are vitally important to the dynamism of our economy, would also receive essential tax relief. Combined, these commonsense steps would promote economic growth and stimulate job creation here at home.

For months, I have called for a return to regular order, and I am pleased that this important bill was considered through the normal legislative processes, with several hearings and a thorough mark-up in the Senate Finance Committee during which more than 350 amendments were filed and 69 received a vote.

I have also argued that health care reform, which is important both to the well-being of our citizens and to the vitality of our economy, should proceed by regular order. This bill does not change that. As a matter of principle, I’ve always supported individual liberty and believe the federal government should not penalize Americans who cannot afford to purchase expensive health insurance. By repealing the individual mandate, this bill would eliminate an onerous tax that especially harms those from low-income brackets. In my home state of Arizona, 80 percent of people who currently pay the individual mandate penalty earn less than $50,000 per year.

Finally, I take seriously the concerns some of my Senate colleagues have raised about the impact of this bill on the deficit. However, it’s clear this bill’s net effect on our economy would be positive. This is not a perfect bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money.

Senator John McCain, R-Ariz., said in a

World

Russian President Vladimir Putin, right, with Defence Minister Sergei Shoigu, left, attend a meeting on Russian air force’s activity in Syria at the national defense control center in Moscow, Russia, November 17, 2015. (Photo: Reuters)

One of Russian President Vladimir Putin’s objectives has been to make the Russian Federation an influential player on the world stage after the collapse of the Soviet Union, which he so publicly lamented. This desire drove Russia’s action’s in Syria, to maintain Russian basing options in the Mediterranean and the Middle East.

Now that the Syrian conflict is winding down, and Russia’s vassal, Bashar Assad, looks to be safely ensconced in power for the time being, Putin is looking elsewhere for basing rights for Russian military forces.

Today, Russian Defense Minister Shoigu announced a five-year deal for Russian war planes to use Egyptian bases, and vice versa. The agreement is a rebuke to the United States who under the Obama administration pushed for the Muslim Brotherhood, an Islamist supremacy organization, to take power in the influential North African nation. The pro-Jihadi group was eventually removed by the Egyptian military.

“Russian Defense Minister Sergei Shoigu visited Cairo on Wednesday, noting that military cooperation between the two countries has increased recently as Egypt placed new orders for Russian weapons. “We are pleased to note stable positive dynamics in the military-technical sphere,” Shoigu was quoted as saying during meeting of an inter-government commission on military-technical cooperation,” reported Associated Press.

Russia To Cut Troops In Syria ‘Considerably’

The President of the Republic of the Sudan Omar Al-Bashir also recently met with Putin in Sochi, Russia and the issue of Russian basing rights in the country was discussed.

Putin Declares Syrian War Over

Russia also has inked a long-term basing deal with Syria for its facilities in the port of Tartus and several airfields, including the facility at Khmeimim near Latakia.

Putin has also shown an interest in Venezuela, where the socialist regime has destroyed one of the richest countries in the world, awash with hydrocarbons. Russia just kicked the can down the road on a debt restructuring with the Kremlin, where the payments are lumped at the end of a ten year period. The opportunity for Russia to establish a beach head for Russian forces in Latin America is attractive to Putin. Russia may very well negotiate basing rights as payment of monies owed for previous loans to Caracas.

This article first appeared on Tsarizm.com, where you can get “News you need to know RIGHT NOW about Russia, the former Soviet Union and Eastern Europe.”

Russian Defense Minister Shoigu announced a 5-year

Markets

Trader Greg Rowe reacts after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City, New York, U.S., October 27, 2017. (Photo: Reuters)

Trader Greg Rowe reacts after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City, New York, U.S., October 27, 2017. (Photo: Reuters)

The Dow Jones Industrial Average (INDEXDJX:.DJI) hit 24,000 for the first time ever, continuing to climb on overwhelmingly positive economic data and the potential for tax reform.

As of 9:38 AM EST, the Dow was up 128.40, or 0.54% to 24,069.08. UPDATE: As of 10:18AM EST, the Dow was up 136.90, or 0.57% to 24,077.58. SECOND UPDATE: As of 11:45AM EST, the Dow was up 193.18 points, or 0.81% to 24,133.86.

The U.S. economy grew at the fastest pace in more than 3 years in the third quarter (3Q) of 2017. The Bureau of Economic Analysis (BEA) earlier in the week revised gross domestic product (GDP) up to 3.3% and unemployment is at a 17-year low.

The Conference Board’s Consumer Confidence Index is now at a 17-year high and the Survey of Consumer shows consumer sentiment expects the second longest period of expansion since the 1800s.

If 4Q GDP forecasts hold, the first year under President Donald Trump will at least match the strongest year (2.7%) under Barack Obama. As People’s Pundit Daily (PPD) recently reported, it’s likely the first year under Mr. Trump will surpass the strongest year under Mr. Obama.

It will be the first time since 2004 that the U.S. economy grew at 3% or higher for 3 consecutive quarters since 2004.

Tim Anderson, analyst for TJM Investments, says the likelihood of a big correction as some have argued is very low “barring some monumental geopolitical event.”

“I don’t see the market taking a big hit in the first half of ’18,” Mr. Anderson said. “We could certainly have a correction, maybe 3 to 5 percent, that gets worked out somewhere in the first quarter as we saw a couple of years ago. But I just don’t see the market taking a big hit.”

In addition to GDP, the BEA also just released corporate profits for the 3Q and they back up much of the gains we’ve seen in the U.S. markets. Profits from current production — corporate profits with inventory valuation adjustment and capital consumption adjustment — rose $91.6 billion in the third quarter (3Q), compared with an increase of $14.4 billion in the second quarter (2Q).

The Dow Jones Industrial Average (INDEXDJX:.DJI) hits

Politics

Former Intelligence Community Inspector General Charles McCullough III said he’d “be sitting in Leavenworth right now” if he did what Hillary Clinton did. In a bombshell report by chief intelligence correspondent Catherine Herridge, Mr. McCullough said the Obama Administration knew about the classified emails and tried to sabotage the investigation.

He railed against the double standard.

“I’d be sitting in Leavenworth right now,” he said when asked if he did the same thing Mrs. Clinton did.

A recent poll found a near-supermajority (64%) thinks Mrs. Clinton is likely to have broken the law, including 44% who say it’s “Very Likely.” The latter includes 48% of white voters and 21% of black voters. Twenty-percent (20%) of white voters say it’s “Somewhat Likely” and another 32% of black voters agree.

Just 30% disagree overall and only 11% feel it’s “Not At All Likely.”

As People’s Pundit Daily (PPD) first reported in May, fired former FBI director James Comey prevented agents from properly investigating Mrs. Clinton over her improper use of a private email server to conduct official business at the Secretary Department. Then breaking news, all the bombshell claims in the PPD report have been substantiated by the congressional investigation, including the Justice Department (DOJ) under then-Attorney General Loretta Lynch pressuring Mr. Comey to steer the investigation to a favorable outcome to Mrs. Clinton.

Mr. Comey was fired by President Donald Trump on recommendations from Deputy Attorney General Rod Rosenstein.

Former Intelligence Community Inspector General Charles McCullough

Economy

Weekly Jobless Claims Graphic. Number of Americans applying for first-time jobless benefits.

Weekly Jobless Claims Graphic. Number of Americans applying for first-time jobless benefits.

The Labor Department said Thursday first-time jobless claims fell 2,000 to a seasonally adjusted 238,000 for the week ending November 25, beating the median forecast. The report shows demand for labor is at historic lows on several key measures.

The previous week’s level was revised up by 1,000 from 239,000 to 240,000.

The 4-week moving average came in at 242,250, an increase of 2,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 239,750 to 240,000.

Extended benefits were available in Alaska during the week ending November 11.

Data for lagging continuing claims were particularly positive. The advance unadjusted insured unemployment rate was 1.1% during the week ending November 18, a decrease of 0.1%. The advance unadjusted number for persons claiming UI benefits in state programs totaled 1,612,663, a decrease of 110,981 (or -6.4%) from the preceding week.

The seasonal factors had expected a decrease of 145,552 (or -8.4%) from the previous week. A year earlier the rate was 1.3% and the volume was 1,746,231.

The highest insured unemployment rates in the week ending November 11 were in the Virgin Islands (7.6), Puerto Rico (5.1), Alaska (3.4), New Jersey (2.2), California (2.0), Connecticut (1.9), Montana (1.8), Pennsylvania (1.8), Illinois (1.6), Massachusetts (1.6), Nevada (1.6), and Washington (1.6).

The largest increases in initial claims for the week ending November 18 were in California (+6,100), Missouri (+3,904), Illinois (+3,819), Pennsylvania (+2,510), and Michigan (+2,296), while the largest decreases were in Massachusetts (-725), Montana (-378), New York (-78), and Rhode Island (-60).

First-time jobless claims fell 2,000 to a

Economy

People count money at Macy's Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. (Photo: Reuters)

People count money at Macy’s Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) said personal income increased by 0.4%, or $65.1 billion in October, slightly beating the 0.3% median consensus forecast. Disposable personal income (DPI) increased $66.1 billion (0.5%) and personal consumption expenditures (PCE) increased $34.4 billion (0.3%).

The PCE is the gauge most-closely watched by the Federal Reserve Open Markets Committee (FOMC) when they weigh whether to increase interest rates. While the 1.6% year-over-year change is slightly better than the median consensus forecast, it’s likely not enough for the Fed to hike rates at a faster pace.

Real DPI increased 0.3% in October and Real PCE increased 0.1%. The PCE price index increased 0.1%. Excluding food and energy, known as the so-called core PCE, the index gained by 0.2%.

The $13.1 billion increase in real PCE in October was largely fueled by an increase of $11.4 billion in spending for goods and a $2.7 billion increase in spending for services.

The Bureau of Economic Analysis said personal

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