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Economy

Nasdaq 9,000 First Time Ever

Winning!

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The Nasdaq logged its tenth record in a row today and finished above 9,000 points for the first time ever. The index closed up 0.8%.

The Nasdaq (COMP) has gained some 36% in 2019, putting it on track to make 2019 its biggest year since 2013. Stocks rose across the board as investors were coming back from the Christmas holiday when markets were closed.

Breitbart:

Dec. 26 (UPI) — U.S. stocks surged higher Thursday as a year-end rally stoked by bullish economic news pushed the Nasdaq Composite index to 9,000 for the first time in its history.

Trending: Democrat Adam Schiff Tied to Companies Accused in Ukraine Corruption

The S&P 500 also posted a fresh all-time high at 3,235.46 in late morning trading while the Dow Jones Industrial Average rose about 77 points, reaching a peak of 28,596.22 before leveling off.

The rally has been gathering momentum as the year draws to a close and was pushed along Thursday on news that retail sales for the just concluded holiday season were 3.4 percent higher than 2018, including record online sales, which were up nearly 20 percent.

The late-year bull market has seen the S&P 500 rise by 2.9 percent in December and by 29 percent for the year, putting it on the verge of posting best annual performance since 1997.  More

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Economy

Illinois Joins Ten Other States in Legalizing Recreational Marijuana

Is a national end to pot prohibition right around the corner?

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Folks, the legalization of marijuana at the national level is fast approaching, and it would be a silly and futile waste of time to step in front of this economic train as it rolls down the tracks.

No, you don’t have to enjoy using the drug or its derivatives to benefit from its legalization, either.  The “side effects” of the end of pot prohibition have been studied in-depth in places like Colorado and Washington State, and the verdict is in:  Legal weed reduces opioid dependence, increases tax revenue, and creates an incredible amount of jobs.

Furthermore, with Canada and Mexico having legalized cannabis, this leaves only America ripe for the picking by domestic drug gangs and foreign cartels – something that the people of Chicago, Illinois know all too well.

But a law taking effect on the first day of 2020 may take a bite out of even the most savage of Chiraq’s ganja-slinging squads.

New Year’s Day, Illinois became the 11th state to legalize marijuana, prompting long lines to start forming at dispensaries before sunrise.

Dispensaries were allowed to begin selling cannabis at 6 a.m. but there was a delay in some sales due to a problem with the state database that will track all marijuana sales.

Illinois residents may possess up to 30 grams of the dried flower, five grams of cannabis concentrate and 500 milligrams of THC in edibles, while non-state residents may possess only half as much.

The move will also allow many Illinois residents to reagin their dignity as well.

The first day of legal sales follows Illinois Gov. J.B. Pritzker granting more than 11,000 pardons to people convicted of low-level marijuana convictions.

“The war on cannabis has destroyed families. It has filled jails and prisons with nonviolent offenders. It has disproportionately affected black and brown communities,” Pritzker said at a press conference Tuesday.

Well over thirty states have some form of legal, medical, or decriminalized marijuana laws, signaling that a national end to pot prohibition can’t be far off.

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Economy

‘Phase One’ China Trade Deal Scheduled for Early 2020 Signing Ceremony

American agriculturists are celebrating the breakthrough.

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It appears as though some much needed economic relief could be coming to American agriculturists early in 2020.

For months on end, a trade war between China and the United States has been raging as negotiations between the two economic powerhouses came to a chilly standstill.  President Trump believed that China was simply stymying the trade talks in order to wait out his first term, hoping then to be dealing with a much kinder, simpler Democratic President.

With Trump still very much a contender for 2020, however, the beancounters in Beijing have taken a new, more conciliatory approach, and the “Phase One” trade deal between these two nations is expected to be signed within weeks.

President Donald Trump said Tuesday that he plans to sign a preliminary trade deal with China on Jan. 15 in Washington and will travel to Beijing later in 2020 to begin talks on a phase two agreement.

“I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” Trump wrote on Twitter. “The ceremony will take place at the White House. High level representatives of China will be present. At a later date I will be going to Beijing where talks will begin on Phase Two!”

The two sides announced earlier this month they had reached a preliminary agreement on a raft of issues including financial services market openings, forced technology transfer, intellectual property protection and currency manipulation.

The deal stipulates that China will be purchasing $2 billion in US goods over the course of the next two years, with much of that money being spent on American crops and agricultural products.

Earlier in the trade negations, it became terribly obvious that American farmers in the midwest were being inordinately affected by the tariff tiff between the US and China – a scary proposition for President Trump as his team begins to court these all important, rural voting blocs.

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Economy

Liberal Vox Firing Hundreds of Freelancers Due to New California Employment Law

California’s nannystaters have destroyed even more jobs now that its new rules for freelancers have gone into effect.

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California’s nannystaters have destroyed even more jobs now that its new rules for freelancers have gone into effect and one of the first to fire hundreds of employees over the new law is left-wing Vox media.

According to a report at CNBC, Vox has told hundreds of its employees that work as freelancers that they are no longer going to get the contract work they used to do for the company.

The company’s SB Nation sports site will lose the most employees, according to CNBC.

“This is a bittersweet note of thanks to our California independent contractors,” John Ness, executive director of SB Nation, wrote in a post on Monday CNBC reported. “In 2020, we will move California’s team blogs from our established system with hundreds of contractors to a new one run by a team of new SB Nation employees.”

Ness also told the freelancers that some may be hired for a full-time job with Vox, and that they should all try applying for those limited number of positions that will be announced at a latter date.

Why has the left-wing website begun the mass firing? You can thank the leftists in the California state legislature for another nannystate policy that was meant to “protect” those who make a living off of “gigs,” or temporary jobs such as freelance writers, artists, musicians, and the like.

In September, the state legislature wholly controlled by Democrats passed Assembly Bill 5 which changed rules for such workers.

The left-wing legislature meant the bill as a way to attack companies like Uber and Lyft and hurt their ability to carry on like they do elsewhere. But the rules have had the unfortunate effect of destroying the jobs of hundreds of thousands of other workers.

For Vox employees, for instance, the new law prevents freelancers from being paid for a tiny 35 pieces per year. That completely destroys the careers of people who make a monthly living from freelancing.

The bill will likely destroy the livelihoods of up to one million California workers.

Thanks, Democrats.

Follow Warner Todd Huston on facebook.com/Warner.Todd.Huston.

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Economy

Ford Adding 3,000 Jobs in Detroit as Trump MAGA Economy Grows

Ford has announced that it is preparing to add 3,000 jobs as part of a $1.4 billion investment plan as the Trump economy continues to trundle along.

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Ford has announced that it is preparing to add 3,000 jobs as part of a $1.4 billion investment plan while the Trump economy continues to trundle along.

The auto giant is planning to ramp up its manufacture of pickup trucks, SUVs, and electric and autonomous vehicles at several Detroit facilities, Ford said in an announcement on Tuesday, the Associated Press reported.

As the AP noted:

The company said Tuesday that about $750 million will go the Michigan Assembly Plant in the Detroit suburb of Wayne, where 2,700 jobs will be added during the next three years. Another $700 million will be invested in the truck plant in Dearborn, where 300 new jobs will be added.

The car maker added that the job openings will be filled starting next year for positions that will pay on average about $61,000 a year.

Ford said that its new product lines are an attempt to re-capture some of the national marketshare in the U.S.A.

Some of the changes include:

The Wayne plant investment will be used to build the new Ford Bronco SUV, as well as an all-new Ranger small pickup truck. Investment at the plant also result in a new center to modify and support autonomous and other vehicles.

Ford says the Dearborn plant will get the next generation of the F-150, as well as hybrid and electric versions of the truck. The investment includes battery assembly for the electric trucks.

The F-150 is the top-selling vehicle in the U.S. and is Ford’s franchise, generating most of the company’s profits.

Once again, the Trump economy brings growth and success to the American economy.

MAGA, baby.

Follow Warner Todd Huston on facebook.com/Warner.Todd.Huston.

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Economy

MAGA: Dow Gains Its 10,000th Point Since Trump Came to White House

This week, the Dow gained its 10,000th point since election day 2016.

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Remember when Trump was elected, and every liberal said that the stock market would collapse if he won the election? Well, this week, the Dow gained its 10,000th point since election day 2016.

As Fox Business reported:

The Dow Jones Industrial Average crossed 28,332.74 on Monday, meaning it has rallied 10,000 points, or more than 54 percent, since Trump’s election victory on November 8, 2016. The benchmark S&P 500 has gained more than 46 percent.

“The rally has been driven by pro-growth measures, de-escalation of trade tensions, huge liquidity injections by central banks and a FOMO approach by investors worried about missing out on a remarkable U.S. market outperformance that has set one record high after the other.” said Mohamed El-Arian, chief economic adviser at Allianz.

Fox Business added:

By comparison, global exchanges such as Hong Kong’s Hang Seng and Britain’s FTSE have gained 20.4 percent and 6.4 percent, respectively, since Trump’s election win, while China’s Shanghai Composite has lost 7.2 percent, according to Dow Jones Market Data Group. Of the major global averages, only Japan’s Nikkei, up 44.1 percent, has come close to the gains of the U.S. markets.

This is a far cry from the early days of his presidency when leftists insisted if Donald Trump got elected the U.S. economy and the stock market was going to “tank.”

Take an October article by Politico, for instance. It was entitled, “Economists: A Trump win would tank the markets.

“Wall Street is set up for a major crash if Donald Trump shocks the world on Election Day and wins the White House.,” Politico absurdly wrote in the weeks before the 016 election.

Looks like the so-called “experts” had no clue whatever, doesn’t it?

The Trump economy has been the strongest recovery in decades.

Follow Warner Todd Huston on facebook.com/Warner.Todd.Huston.

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Economy

Trudeau’s Liberal Canada Lost 71,000 Jobs as Trump’s America Gains 200,000

It looks like Trump has gotten the last laugh this year, as Canada’s jobs market has crashed while America’s continues to grow.

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Canada’s left-wing Prime Minister constantly sneers at America, but it looks like Trump has gotten the last laugh this year, as Canada’s jobs market has crashed while America’s continues to grow.

The latest example of the black-face-wearing PM attacking America occurred during last week’s NATO summit where Canadian PM Justin Trudeau was heard attacking Trump.

But only days later, it was reported that Canada’s unemployment rose to 5.9 percent from the 5.5 percent recorded last month.

Canada’s jobs numbers crashed, too, of course. Manufacturing jobs fell by 27,500 in Canada, and in total our northern neighbor lost 71,200 jobs in the country’s last reporting period.

Meanwhile, in the U.S. times are more than good. They are excellent.

According to the latest report by the Bureau of Labor Statistics, November’s jobs numbers are the best in a year meaning that the left’s claim that the economy is slowing or even failing is a complete lie.

The number of new jobs in Donald Trump’s economy in November hit a one-year high making November the third time this year that more than 200,000 jobs were created in a single month.

The unemployment rate is still at rock bottom lows, but the civilian participation rate dropped a small amount.

One reason for the gain is the same reason that last month’s numbers were a bit lower than they might have been, and that is the auto worker’s strike. With the end of the strike, more jobs flooded into the growth column whereas the strike helped impede new job creation in October.

As the BLS reported:

Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in November. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (3.2 percent), adult women (3.2 percent), teenagers (12.0 percent), Whites (3.2 percent), Blacks (5.5 percent), Asians (2.6 percent), and Hispanics (4.2 percent) showed little or no change in November. (See tables A-1, A-2, and A-3.)

The BLS also noted that the number of long-term unemployed essentially stayed the same, and the labor participation rate was more or less statistically unchanged, though it went up a tad over October’s number.

Granted, some of this job creation was for seasonal jobs for the holidays. Still, the numbers add up to about 205,000 new jobs created each month during September, October, and November.

Average wages also crept upward a tick setting the annual wage growth to 3.1 percent thus far this year.

Finally, part-time jobs actually decreased while full-time jobs increased, shooting down another of the left’s talking points that part-time jobs are floating a false impression that the economy is good.

This is all positive growth nearly across every metric, folks. This is not the sign of a false economy, but a sign of a vibrant, and strong economy.

Follow Warner Todd Huston on facebook.com/Warner.Todd.Huston.

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Economy

Trump Economy Tackles Turkey Day as Holiday Hosts Revel in Stuffing Savings

Any excuse for more pumpkin pie is okay in my eyes.

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When the American people headed to the polls in November of 2016, they broke the mold.

Instead of sending yet another sneering and jeering politician to The Beltway, they sent a businessman.  They sent a CEO of considerable talent and success, and a man whose name is synonymous with wealth…at all costs.

This wasn’t because they wanted Trump to neatly and quietly slip into the West Wing and start snipping away at the purse strings.  No, they sent Trump to Pennsylvania Avenue as a wrecking ball, set to pick through the rubble of Washington DC to keep what pieces may still fit within the populist playbook.

Given Trump’s CEO-in-Chief emphasis, it came as no surprise that the economy would be one of the most positively affected aspects of our national outlook.  After all, this is the man who wrote The Art of The Deal.

And, of course, there are some major economic signals out there for us to judge his success on, including the stock market and its ever-higher highs.

But there are little things to be recognized too, including the cost of that Thanksgiving meal we’re all looking forward to later this week.

The cost of a traditional Thanksgiving feast for 10 will be $48.91, according to the American Farm Bureau’s annual survey of classic items found on the Thanksgiving Day dinner table. That’s up just one penny from last year’s average of $48.90.

“The average cost of this year’s Thanksgiving dinner is essentially unchanged from last year, after three years of decline since 2015,” said AFBF Chief Economist Dr. John Newton.

Adjusted for inflation, however, the cost of Thanksgiving is actually down to $19.13, the lowest level in more than a decade.

The price of Turkey is down 4 percent from last year, at $20.80 for a 16-pound bird. That’s the lowest since 2010.

In news near and dear to my own heart, the prices of both pumpkin pie and stuffing have declined as well, and any excuse for more pie is A-okay in my book.

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