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The Morning Report — 3/29/24
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December 27, 2019
Economic News: Yuge. The Yugest.
The U.S. economy proved remarkably resilient in 2019, defying recession fears that dominated the headlines throughout the year. The economy has entered the longest expansion in American history, surpassing the economic boom of the 1990s. Although the economy slowed down some from 2018's great 3% growth rate, 2019 was marked by a global economic slowdown/recession, and the US "powered through" that, as they might say of Hillary Clinton having a seizure on the street. The United States "is the only Group of Seven countries that will post growth above 2 percent this year," they wrote in a Wall Street Journal op-ed, adding that tax reform boosted productivity and wages. I'm not a fan of Amazon or Jeff Bezos, but the huge sales the online giant recorded are bad news for Democrat Socialists (by which I mean, "Democrats") who want to claim that Trump's policies are hurting people. The bonanza lifted the NASDAQ above 9000 for the first time in history. Amazon's "record-breaking" holiday season drove the stock up 4.5% on Thursday and helped lift the Nasdaq composite index above 9,000 for the first time ever. All stocks indexes are up, bigly: Also joining in the fun was the S&P 500, which climbed 0.5%, to close at 3,239.91, after having touched a new high of 3,240.08 in intraday trading. The Dow Jones industrial average topped out at a record 28,624.10 before giving up a few points to close at 28,621.39 for a 0.4% gain. But is this just a "Good Economy for the 1%," as Democrats grouse? Nope! Not only is unemployment at 50 year lows -- nearly the lowest in all of human history -- but people are receiving higher wages. People were able to spend at that pace because incomes allegedly rose 0.5 percent in November, compared to expectations of just a 0.3 percent increase. And the zero gain in incomes in October was revised to an increase of 0.1 percent. The one possibly negative number the analyst cites there is that 55% of people earning $50,000 per year or more reported a wage increase, while only 43% of lower wage earners did. Still, that sounds not too bad to me. Only 36% of those making $30,000 or less reported a wage increase, but the analyst suspects this is just an error in the data. He figures that low wage earners should see higher wages due to many states jacking up the minimum wage. But then, a lot of people might have been laid off and forced to work part-time. Who knows, maybe self-destructive Democrat economic policies will achieve the only thing Democrats care about, increasing support for self-destructive economic policies. A more serious risk is that if people keep making higher and higher wages, the Fed will raise interest rates to stave off price inflation, the inevitable side-effect of wage inflation. Most of this via Instapundit. Instapundit also points out this bright indicator for the future: the oil glut is real, and it's going to stick around for a long time. Chevron's latest multi-billion dollar asset write down indicates one thing: that oil glut is real and will continue to affect oil prices (NYSEARCA:USO) in 2020. In fact, I won't be surprised if even other oil majors come up with similar write downs in near future. In my earlier article on oil, I had focused on the downward effects of rising global crude oil inventories on oil prices. The market is aware that the current spike in oil price is not related to supply-demand fundamentals, but on expectations that U.S. - China trade war has finally de-escalated. That analyst notes that OPEC is trying to push up the price of oil by throttling supply -- cutting 500,000 barrels of production -- but he does not expect that to have any long-term impact, as Middle East oil continues to fade in importance thanks to US fracking. Bonus: The global stock markets increased in value by $17 trillion in 2019. | Recent Comments
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The Morning Report — 3/29/24
Daily Tech News 29 March 2024 No, Children, You're Wrong. Once Upon A Time There Was An ONT Lovebomb Cafe The Feds Investigated James Biden's Americore Transactions NYC Begins Handing Out Free Cash Cards to Illegal Aliens, Worth $1200+ Every Month Fire Alarm Puller Jamaal Bowman, Who Has Previously Pushed "Bush Did 911" Trutherism Conspiracy Theories, Now Claims That Jews Are Fabricating Evidence About Hamas' Rape Teams Federal Appeals Court Rules that Pennsylania Must Verify Signatures for Mail-In Voting Jon Stewart Defrauded New York By Severely Undervaluing Home, Depriving New York of the Property Taxes It Deserved Democrat Mega-Donor Sam Bankman-Fried Sentenced to 25 Years for Swindling Billions from Customers Search
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