1) Estimates for National Employment Report forecast 140,000 new jobs, but private employers added just 102,000. This compares to 41,000 new jobs for the pervious month. This report comes ahead of the U.S. Labor Departments’s more comprehensive non-farm payrolls which includes both public and private sector employment.
2) Renown former Chrysler CEO Lee Iacocca, the man who put the Mustang in Ford’s lineup, has died at 94. Mr. Iacocca is also noted for creating the minivan and Chrysler K-cars in his 32 year career in Detroit. He’s best noted for his turn around of Chrysler corporation when in 1979 the company was floundering with $5 billion dollar debt turning out gas guzzler cars that people didn’t want. To save the company, he secured $1.5 billion dollar loan guarantees from the Federal Government which kept the company afloat until new fuel efficient cars could be produced.
3) The U.S. trade deficient surges to a five month high in May as imports of goods increased with businesses building up stock supplies to avoid tariffs. The trade deficit increased 8.4% to $55.5 billion dollars. The widening trade deficit adds to weak housing, manufacturing, business investment and slow consumer spending which may spell a lowering of the American economy. The trade deficit may be further aggravated with the suspension of Boeing’s 737 MAX deliveries.
4) Stock market closings for- 3 JUL 19: Stocks surged up on news of new U.S.- China talks.
Dow 26,966.00 up 179.32 Nasdaq 8,170.23 up 61.14 S&P 500 2,995.82 up 22.81
1) Reports are that China and the U.S. are nearing the conclusion of talks to overhaul their economic relationships. Talks are nearing a point where they will produce a deal or end with no agreement. These talks have been in progress for months and have included tariffs from both sides, and in the process have upset world markets. The biggest obstacle is agreeing on how to enforce an agreement.
2) This March, U.S. consumer spending has increased the most in nine years, driven by purchases of motor vehicles. However, fears of inflation remain mute, giving support to a stronger economic growth in the second quarter.
3) Corporate economists consider there will be slower U.S. growth in the future. They fear the tariffs recently imposed are a drag on growth. Still, they consider the economy will continue to expand, just not at a fast rate.
4) 29 APR 19 Stock market closings:
Dow 26,554.39 up 11.06 Nasdaq 8,161.85 up 15.45 S&P 500 2,943.03 up 3.15
1) China releases data showing a further slowdown of their economy, with consumer spending retreating as people buy less. They reduced their forecast for their 2019 GDP.
2) The British parliament voted to reject the Brexit plan by 432 to 202. With just ten weeks before Britain exits the EU, concerns for the British economy are growing. Britain exits the EU on 29th of March, with the exit agreement having taken two and a half years to negociate. Prime Minister May’s future is in doubt with an upcoming no confidence vote likely soon.
3) It’s estimated there is a 0.1% drop in the economy for every week of government shutdown. Job expansion is threaten as workers are dropped off the payrolls.
4) 15 JAN 19 Stock market closings: Netflix pushed the markets up with their announcement they are raising their rates.
Dow 24,065.59 up 155.75 Nasdaq 7,023.83 up 117.92 S&P 500 2,610.30 up 27.69