1) Technology displacement is graphically illustrated by the print news media with over 2,000 newspapers having closed in the last fifteen years. Once among the largest employers in America, new technologies have continually reduced the work force of newspapers, especially after World War II with the rapid expansion of the electronic news media. Almost all the newspapers in America have financial troubles leaving their future in doubt. The electronic news media has also suffered massive loss of jobs over the decades as new technologies allow operations with fewer people.
2) Over production of eggs has created an oversupply of the food stuff, forcing prices down until producers are losing money. Exports have been down 12% further aggravating the oversupply situation, with the average cost for a dozen eggs now $1.20, which is 26% lower than a year ago. But experts consider the price has reached its low and will soon start creeping up.
3) California’s wine industry is suffering from the trade war with China imposing a 93% tariff on American wine products. This tariff has pushed the price of wine out of reach for most of China’s population, thus drastically reducing exports. This has dropped U.S. wine exports to China by 25% in 2018 with California accounting for more than 90% of America’s wine sales overseas. China is America’s fifth largest market.
4) Stock market closings for – 23 JUL 19:
Dow 27,349.19 up 177.29
Nasdaq 8,251.40 up 47.27
S&P 500 3,005.47 up 20.44
10 Year Yield: up at 2.07%
Oil: up at $57.17