Economy & Investments, Politics

October Jobs Report Big Hit Just in Time for Midterms

The Bureau of Labor Statistics (BLS) has released its October jobs report, and the numbers are record-setting with record unemployment among Hispanic workers and significant gains in the construction, manufacturing, transportation, and service industries. Some 250,000 nonfarm jobs were generated, exceeding predictions and the previous 12 months’ average of 211,000. Wages are also at their highest level in more than nine years, with wages rising 83 cents, or 3.1 percent, over the course of 2018. With all the booming, what’s to complain about on Election Day?

Here’s more from The Daily Wire…

The October jobs report has been released by the Bureau of Labor Statistics (BLS), and it’s a smash hit. All sorts of numbers testify to the effectiveness of President Trump’s effect on the economy, and here they are:

The economy, which is growing by leaps and bounds, generated 250,000 new non-farm jobs in October. That exceeded the forecast for October from MarketWatch, which had estimated that 208,000 new nonfarm jobs would be created. The October jobs gain followed an average monthly gain of 211,000 over the prior 12 months.

Health care added 36,000 jobs in October; in the last year, health care employment increased by 323,000. Manufacturing gained 32,000 jobs; over the last year that sector gained 296,000 jobs. Construction employment rose by 30,000 in October; in the last year, it has gained 330,000 jobs.

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Economy & Investments, Politics

President Trump’s Tariffs Rake in 4.4 Billion Plus

According to a Department of Homeland Security spokesman, importers owe the U.S. government $4.4 billion worth of duties on foreign steel and aluminum imports as well as a slew of goods from China, all of which is thanks to the tariffs passed by President Trump. And that’s just for those goods imported through Oct. 2. It is not clear how much has been collected or is still owed. This revenue stream is expected to continue to grow with a rise in tariffs – affecting about half of all goods imported from China – from 10% to 25% in January, i.e., unless China and the U.S. negotiate a trade deal in the meantime. But with the revised version of NAFTA, the Trump administration is showing no signs of backing down on its promise to promote trade with nations that prefer to do so fairly.

Here’s more from Washington Examiner…

The Trump administration has assessed $4.4 billion worth of duties on steel and aluminum imports and a range of goods from China under the tariffs it imposed in an effort to protect U.S. companies.

A spokesman for the Department of Homeland Security told the Washington Examiner that importers owe the federal government $4.4 billion for importing goods hit by the tariffs through Oct. 2, but said it was unclear how much of that total has been collected. The Treasury Department didn’t have details on what portion of the $4.4 billion had been collected, and how much was still owed.

Still, the assessments show that the tariffs are imposing a real cost to importers, who are responsible for paying the charge.

Trump got aggressive on trade earlier this year, when he hit all U.S. trading partners with a 25 percent tariff on their exported steel and a 10 percent tariff on aluminum.

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Economy & Investments, Politics

Trump Economics is Helping Women Win in the Workplace

Elaine Parker of Job Creators Network wrote in RealClearPolitics this week that women are winning in the current economy not only returning to the workforce in droves but also gaining more ground as small-business owners. Current female unemployment is at a 50-year low of 3.9 percent. Parker explained: By almost every economic measure, women are flourishing in today’s economy. Female unemployment is currently at a 50-year low of 3.9 percent, less than half the rate it was as recently as President Obama’s second term. This summer, the female unemployment rate reached its lowest level in 65 years. When you consider how small the female labor force was back then, it’s safe to say it’s never been easier for a woman to find a job than it is today. In other words, Trump is making America great again.

Here’s more from Breitbart…

Elaine Parker of Job Creators Network writes for RealClear Politics that women are hitting benchmarks in employment in the current economy and, owing to tax cuts, are also set to gain ground in the area of female entrepreneurship and small business ownership:

By almost every economic measure, women are flourishing in today’s economy. Female unemployment is currently at a 50-year low of 3.9 percent, less than half the rate it was as recently as President Obama’s second term. This summer, the female unemployment rate reached its lowest level in 65 years. When you consider how small the female labor force was back then, it’s safe to say it’s never been easier for a woman to find a job than it is today.

Women are also leaving the labor market sidelines to return to the workforce in droves. Prime-age female employment has increased by one million since November 2016. This year, the prime-age female employment rate finally returned to its pre-Great Recession level.

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Economy & Investments, Politics

Canada Joins “New NAFTA” After Trump Threatens

Following a weekend announcement of a new bilateral trade deal with Mexico following stalled talks with Canada, the Trudeau administration made an eleventh-hour deal to prevent being left out in the cold from the “U.S.-Mexico-Canada Agreement” (USMCA). The USMCA is set to replace the North American Free Trade Agreement (NAFTA) and specifically addresses intellectual property, rules of origin for the automobile industry, and labor requirements under the mantra of putting “America First.” According to U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland, USMCA will give “workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade, and robust economic growth in our region.” This is a very big deal in that it also strengthens North America against the trade imbalance with Asia, specifically with China.

Here’s more from Washington Examiner…

The U.S. and Canada forged an 11th hour trade deal late Sunday that will replace the three-nation framework of the original North American Free Trade Agreement.

The new deal, called the U.S.-Mexico-Canada Agreement, represented a “big win” for the White House and a “validation” of President Trump’s trade strategy, a senior Trump administration official told reporters on a call Sunday evening.

Another official touted the deal as a “great step” for North American relations, as well as its enforceability using measures under the pact and U.S. law before it is periodically reviewed.

The officials specifically promoted USMCA’s intellectual property provisions, new rules of origin for the automobile industry, and labor requirements as ways to encourage investment and production in the U.S. in a boon for the economy.

 

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Economy & Investments

Trump Economy Still Winning with 4.2% GDP Growth

According to the latest report from the U.S. Department of Commerce, the U.S. economy is still booming under President Trump, with 4.2 percent growth in the second quarter. It is on track with last month’s estimate though economists had predicted a slightly higher growth of 4.3 percent. The economy is expected to continue expanding through the third quarter. Once again, it’s a testament to how the free market reacts when the central government gets off its back. Expect more deregulation and pro-growth policies running up to 2020, which will make the Democrat nominee’s job rather difficult.

Here’s more from Breitbart…

The U.S. economy expanded at an annualized pace of 4.2 percent in the second quarter, the Commerce Department said Thursday.
That matched the agency’s estimate from a month ago. Economists had expected a slight upward revision to 4.3 percent.

The report confirmed that the economy grew at a robust pace in the April through June period. Economists expect the economy has continued to expand in the third quarter, although at a somewhat slower pace.

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Economy & Investments, Politics

Unemployment Plummets to Lowest Level in 49 Years

While President Trump is getting bashed left, right, and center, the U.S. economy is booming with the lowest level of unemployment benefit filings in 49 years. On Thursday, U.S. Labor Department numbers indicated the lowest numbers in such filings since 1969. The GDP also came in at 4.2% for the April-June quarter, the fastest growth rate since the third quarter of 2014, according to Reuters. Fewer Americans have also seen their hours cut to part-time. It’s all the promises Pres. Obama promised but never delivered. Now the fruit is finally on the tree.

Here’s more from The Daily Wire…

Donald Trump’s presidency may be marred by the seemingly never-ending investigation into alleged Russian collusion, deep state “resistance,” and a hostile media, but his leadership and the Republican control of the House and Senate are helping to spur an undeniable economic boom.

On Thursday, U.S. Labor Department numbers indicated a near 50-year low in workers’ unemployment benefit filings. The Hill reports:

Initial claims for state unemployment benefits fell to a seasonally adjusted 203,000 for the week ending Sept. 1, a drop of 10,000 from the previous week, the lowest level since December 1969, the Labor Department said on Thursday.

The four-week moving average, which is a better indicator of where the job market is headed, was 209,500, a decrease of 2,750 from the previous week, the lowest level for this average since Dec. 6, 1969 when it was 204,500.

The Trump administration ushered in a strong 4.2% GDP (gross domestic product) for the April-June quarter, the fastest rate since 2014’s third quarter, reported Reuters.

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Big govt, Economy & Investments

Trump Strikes “New” Trade Deal with Mexico

President Donald Trump is planning to ditch the existing North American Free Trade Agreement in favor of “one of the largest trade deals ever made” between the U.S. and Mexico. President Trump called it a “big day for trade,” saying “we’ll see” if Canada wants to get in on it or negotiate separately. Among the rules are requirements that 75% of auto-related manufacturing be done in the U.S. and Mexico. The key here is that Canada under liberal premier Trudeau will quickly be in a position to play ball or lose out on much-needed trade. This also puts significant pressure on China, as increasing outsourcing and imports are moving to Mexico.

Here’s more from Fox News…

President Trump on Monday said he plans to terminate the existing North American Free Trade Agreement, as he announced a new tentative agreement between the United States and Mexico that he described as “one of the largest trade deals ever made.”

“I’ll be terminating the existing deal and going into this deal,” the president said in the Oval Office, calling it a “big day for trade.”

But the president said Monday “we’ll see” if Canada can still be part of the trade pact, leaving open the possibility of separate agreements.

“We are starting negotiations with Canada pretty much immediately,” Trump said.

Trump, sitting at the Resolute Desk, put Mexican President Enrique Peña Nieto on his speaker phone as the press watched in the Oval Office. The Mexican president, speaking through a translator, congratulated the negotiators on both sides and expressed hope the United States and Canada would come to an agreement.

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Economy & Investments, Politics, States

Trump Bails Out Obamacare Victims

The Trump administration is allocating nearly 10 million in leftover funds available to 30 states and the District of Columbia to help them develop their healthcare markets so that they can meet coverage requirements per Affordable Care Act rules. According to a Washington Times report, the funds will be used for hiring, policy review, studies, and expanding healthcare plan options. As predicted, Obamacare has put state in a damn if you do or don’t situation in which compliance is the easier way out for many, despite that health insurance costs have spiked as a result and contrary to what Obama promised. Meanwhile, we’re still waiting for Congress to ‘repeal and replace’.

Here’s more from Washington Examiner…

The Trump administration is making $8.6 million in leftover funds available to states to help develop their Obamacare markets.

The Centers for Medicare and Medicaid Services awarded the grants to 30 states and the District of Columbia so they can meet the requirements set under Obamacare to make sure that plans cover a range of services. The funds are used for hiring, reviewing policies, developing studies, or expanding the number of health plans residents have available to them.

“These grants build on CMS’s ongoing efforts to give states the tools and flexibility they need to help people struggling to afford the year over year premium increases caused by Obamacare regulations,” CMS Administrator Seema Verma said in a statement. “We recognize that states are in the best position to assess the needs of their consumers and develop innovative measures to ensure access to affordable health coverage. These grants make yet another down payment on our work to enhance states’ ability to stabilize and improve their respective health insurance markets.”

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Economy & Investments, Politics

Trump’s CAFE Rollback a Win for Car Buyers

The Trump administration has proposed the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule to replace the Obama-era Corporate Average Fuel Economy (CAFE) standards, which mandated a fleetwide fuel economy average of 54.5 miles per gallon by 2025. Unintended consequences included higher prices for new cars and costly retooling of plants. Nevermind the innovation required to make it happen – an estimated cost of $6,800 MORE on the price tag of any new cars. Eliminating this aggressive policy is anticipated to save car buyers $7,200 per vehicle – a free market win for car buyers nationwide. Capitalism works every time it’s tried!

Here’s more from The Daily Signal… 

The Trump administration recently proposed the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule. The proposed rule offers modifications to Obama-era Corporate Average Fuel Economy (CAFE) standards with a “preferred alternative” for model years 2021 through 2026.

Without a doubt, the Trump administration’s proposed revision is a welcome victory for consumers’ wallets and for consumer choice.

The Obama administration implemented fuel-efficiency mandates that would force auto manufacturers to have a fleetwide fuel-economy average of 54.5 miles per gallon by 2025. The new rule’s “preferred” change would maintain the existing fuel-economy mandate through 2020 (increasing to 37 mpg) and keep the level at 37 mpg through 2025.

New fuel-efficiency standards create a number of unintended consequences, including higher prices for new cars and costly retooling of existing auto plants.

 

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Big govt, Economy & Investments, Politics

Trump to Freeze Obama Fuel Economy Standards

President Trump is continuing his forward march to roll back Obama-era regulations with his sights now set on freezing fuel economy standards implemented by Obama to “make vehicles safer” and “more affordable.” The fuel economy standards were slated to take effect after 2020, but Transportation Secretary Elaine Chao says, “More realistic standards will promote a healthy economy by bringing newer, safer, cleaner, and more fuel-efficient vehicles to U.S. roads, and we look forward to receiving input from the public.” The Trump administration also plans to crack down on states like California, which are trying to impose unrealistic regulations within their borders, often contrary to federal standards. Once upon a time, leftists railed against conservatives for defying Obama’s draconian edicts. Now the shoe’s on the other foot.

Here’s more from Fox News…

The Trump administration on Thursday moved to freeze fuel economy standards in what officials described as an effort to give drivers access to “safer” and “more affordable” vehicles, in the latest swipe at former President Barack Obama’s legacy.

The proposal comes just one day after the Trump administration announced major changes to health plans, providing consumers with more options to buy cheaper, short-term health insurance.

The Department of Transportation and Environmental Protection Agency proposed the vehicle change as the first formal step in setting new standards for model years 2021 through 2026. The plan would freeze the Obama-era requirements set to take effect after 2020.

“There are compelling reasons for a new rulemaking on fuel economy standards for 2021-2026,” Secretary of Transportation Elaine Chao said in a statement Thursday.

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