5 October 2020

1) Economic watchers were disappointed with the job reports for last month, with just 661,000 jobs added and the unemployment rate down to 7.9% from 8.4% in August. But this is because the labor force shrank by about 700,000. The job report is the last before the November elections and it shows a slowing recovery, thereby raising the specter of a gap that could take several years to close. The Nation has recovered a little over half the 22.1 million jobs lost at the start of the virus crisis. The job numbers fell short of the economic forecast of 850,000 new jobs and was the first month since April with a net job growth dropping below 1 million. September is the seventh month of the pandemic and the resulting crisis in American labor.
2) Some good news for California and its plague of wild fires- two of the largest fires are now fully contained. But still, several others threaten life and property, with weather forecast into next week not providing much hope from the threat of fires. The heat is expected to continue in Southern California with strong winds and dry conditions making for elevated fire conditions. The two, now contained wild fires, have burned for more than six weeks charring an area about the size of Rhode Island. Mega fires have become the norm in California with today 10 fires that are 100,000 acres plus in size and one that is over 850,000 acres. Northen California, with its wine country, continues to struggle with large fires, with the Glass Fire in Napa County being only about 5% contained and the Zogg Fire in Shasta County at 26% contained. All of California is fighting 24 major fires burning in California.
3) There is growing evidence that nearly 4 million American jobs have vanished forever because of the pandemic. This means that many initially lost jobs, which were hoped to be furloughs or temporary job losses, are becoming permanent as businesses shut down and cut costs. Technology displacement plays a major part in permanently shedding jobs by allowing combining job functions or outright replacement of people with machines. Each week, more companies announce thousands of layoffs as they struggle to survive in an ever changing business world and hostile economic environment. Those able to integrate technology and AI (Artificial Intelligence) into their operations are the ones most likely to survive, and that translates into permanently lost jobs.
4) Stock market closings for – 2 OCT 20:
Dow 27,682.81 down 134.09
Nasdaq 11,075.02 down 251.49
S&P 500 3,348.44 down 32.36
10 Year Yield: up at 0.70%
Oil: down at $37.01

23 September 2020

1) After Amazon’s Prime Day was postponed by the virus in July, it was tentatively reset for the fourth quarter. Amazon didn’t want their Prime Day to overlap with Black Friday, which set an upper limit to the date, so now the company is planning for the 13th and 14th of October. Prime Day is a very big retail day for Amazon, with their 2019 Prime Day grossing about $6 billion dollars in sales.

2) Another round of stimulus still remains on the burner and with the fall elections now closing in, both sides are saying they want a new stimulus bill with a second direct payment to the people. But the bill remains in limbo with no agreement on the details of the bill. The question on everyone’s minds is the direct payment checks to the people and how much they will be. No settlement on that question, but the rumors are this one will be based on each person’s income instead of the single lump sum of last time, with an upper limit of $1,200 per individuals. Only time will tell how much, or even if there is a personal payment, because if not passed before the elections, the possibility of passing will rapidly decrease.

3) The coronavirus has been a big stimulus for e-commerce from the stay at home shopping it stimulated, but surprisingly the home shopping boom has also been a boom for the shipping industry. Those huge ocean going ships stacked high with intermodal containers, their transpacific sea freight shipping rates have been sent to the highest on record, helping the container shipping industry in Asia. Household appliances imports have jumped 51% in August from last year, climbing for a third consecutive month. Shipments of computers, notebooks and other associated electronic gadgets has soared 169%. This increase consumer demand has shipping rates almost triple from this year’s low in March, when the pandemic led to border closures and a near halt in economic activity. With much of the world’s people housebound, the demand for electronic goods and do-it-yourself items has skyrocketed. There is also the coming Christmas holidays and therefore the stocking up in anticipation of sales.

4) Stock market closings for – 22 SEP 20:

Dow 27,288.18 up 140.48
Nasdaq 10,963.64 up 184.84
S&P 500 3,315.57 up 34.51

10 Year Yield: down at 0.66%

Oil: down at $39.55

SENATOR KAMALA HARRIS CHOSEN AS JOE BIDEN’S VP CANDIDATE!!!!!!!!

By: Economic & Finance Report

Former Vice President Joe Biden has chosen California Senator Kamala Harris as his Vice Presidential candidate. Senator Harris was a presidential candidate during the 2020 Democratic primaries but fell short in clinching the nomination, which eventually went to VP Joe Biden.

Senator Harris will be the first woman of color on a major presidential ticket in US history. She will be the third woman on a major presidential ticket in US history. Ms. Harris is of Indian and Jamaican decent. Her mother is Indian and her father is from Jamaica.

Before becoming a VP prospect, she is currently one of the two senators representing California in the US Senate; prior to that Ms. Harris was California’s AG, and early on in the beginnings of her political career; she was San Francisco California’s AG. Senator Harris is currently married with two step children. -SB

Image Credit: www.wikipedia.org

THE EFR PODCAST EP. #31: #NIGERIADECIDES2019 PRESIDENTIAL & NATIONAL ASSEMBLY ELECTIONS

We’re back for another episode. Sammy BE @EcoFireTV, James, Lyman & Jon Don Sterling “On The Boards” @TheDramaBlock.

The trio had the pleasure to interview Nigeria’s media platform ObjecTvMedia’s Shomade Olwaaegun @Objectvmedia. He was able to describe what was going on the ground, in the recent Presidential/National Assembly elections in Nigeria.

Shomade was able to give a detailed account and opinion on the respective candidates for the Nigerian presidency and what the two major parties APC & PDP were doing to court youth voters, and what INEC was doing to make sure that elections throughout the country was free, fair and credible.

This is a must listen to episode, in its truest form.

As always #BEBless #StayBless #GODBLESS #RealRecognizeDeal

Check Out Our Online Platforms:

1) www.instagram.com/EcoFireTV (Sammy BE)
www.twitter.com/EcoFireTV

3) www.EconomicandFinanceReport.com (Economic & Finance Blog)

4) www.soundcloud.com/Economic-FinanceReport (Podcast/Online Show)

5)www.youtube.com/channel/UCWZo5bug…Nlb2VRfDCQ/videos

(EFR.Tv Youtube)

6)www.SammyBuysHomes.com (Real Estate Investment)

7) www.TraderSoul.com (Financial Trading Website)

#NIGERIADECIDES: BABA MUHAMMADU BUHARI REELECTED AS NIGERIA’S PREZ.

President Muhammadu Buhari

By: Economic & Finance Report

President Muhammadu Buhari has won reelection for the presidency of the Federal Republic of Nigeria. He won with over 3.9 million popular votes.

President Buhari the incumbent, won the majority of the North East, North West, and South West states, he also took home the majority of the middle belt states.

The former Vice President Alhaji Atiku Ababakar, the oppositional presidential candidate won South South, South East majority states.

This was a well contested election with many analysts & spectators citing President Buhari having a tough battle winning reelection.

It seems that the President Buhari had managed to beat the odds overall. International observers indicated there was an increase of violence during the campaigns and as it became closer to the presidential/national assembly elections, but during the election day votes seemed to be collated orderly. -SB

8 November 2018

1) Russia stands to be the beneficiary of the Iran oil ban from newly imposed sanctions, with Moscow taking over Iran’s customers while defying sanctions to import Iranian oil.  Although Russia-Iran trade will be by barter only, there will still be high profits for Russia.

2) The Democrats taking control of the House probably means no new consumer legislation because of expected ‘grid lock’ of the legislative branch, meaning little to no new regulation of lending, student loan debt, service and financial protection.  No new taxes are expected by business, which should therefore continue economic stimulation.

3) Price of oil sinks from the swelling of US oil inventories. There is too much supply with more oil coming into the market too fast.

4) 7 NOV 18    Stock market closings:   The Dow exploded over Tuesday’s election results.

Dow                          26,180.30     up    545.29
Nasdaq                       7,570.75     up    194.79
S&P 500                       2,813.89    up       58.44

10 Year Yield:       down   at    3.21%

Oil:     down   at    $61.73

POUND STERLING EXUDES VOLATILITY AS UK GENERAL ELECTIONS NEAR!!!!!!!!

By: Economic & Finance Report

UK elections are drawing closer, and the British pound is very volatile as the elections progress in the country.  The pound sterling dissipated this past Friday, (May 26th, 2017) as new election polling data from the United Kingdom, showed that Prime Minister Theresa May was in the forefront of the general elections by a mere 5 points.  During the course of 2017, Prime Minister May had been leading her challengers by over 20 points. The drop has been placing the sterling silver on a roller coaster ride.

May who has a majority currently in national parliament and local branches of government, is now seen as not being able to hold a wider majority throughout the country as anticipated. If this becomes a reality then the Torres (Prime Minister May’s party) will have a smaller faction, then they had in 2015-2016 elections; which can then translate in a downward trend for the currency. -SB

PRESIDENT ELECT DONALD J. TRUMP IS OUR NEXT PRESIDENT!!!!!! YES HE DID!!!!!!!!

president-donald-j-trump

By: Economic & Finance Report

President-Elect Donald J. Trump, is the 45th President of the USA….. All votes counted, he won fair and square. It is what it is, a divided country must now unite behind our President and more importantly we must UNITE AS A WHOLE!!!!!!!

Best country on the face of the Earth!!!!! LET FREEDOM RINGGGGG

-SB

THE EFR PODCAST EPISODE 9: ELECTION 2016 ON SOUNDCLOUD……..

soundcloud pic

By: Economic & Finance Report

Check out Businessman Bassey and his co host James Lymon & Kyle Harper, interviewing a prominent political science expert (Dr. Helmut Norpoth). He has predicted the last 5 presidential elections correctly and who has also indicated with his data & analytical model, Donald Trump will come out as being the next president of the United States of America.

*Special Side Note: The interview with Dr. Helmut Norpoth was taped a day before the elections. It was recorded on November 8, 2016 (Tuesday).

He was one of the few people who predicted a Trump victory, along with David Lauter from the USC/LA Times “DayBreak” Tracking Poll, and Professor Allan Lichtman of American University (Though in the coming days before the presidential election, Dr. Lichtman did double down on Trump victory).

Check out the interview below!!!!!!!!!!!

BOFA ANALYTS BELIEVE A CORRECTION IN THE STOCK MARKET CAN EMERGE: FROM THE 2016 US PRESIDENTIAL ELECTION

2016 US elections

By: Economic & Finance Report

BOFA Merrill Lynch analysts have warned of a correction in the stock market because of the high risks presented in this year US presidential election.  Wall Street has its bets on former Secretary of State; Hillary Rodham Clinton. Wall St. believes Secretary Clinton will be the next president of the United States, but nothing has been characterized as a sure thing, as uncertainty is still present.

Don’t count the Republican challenger, Donald J. Trump out the mix.  Trump is still in contention for the presidency, as some stats have him only trailing by 4-5% behind Clinton. With news emerging on Clinton’s foundation connections recently, with heads of state of other countries and Mr. Trumps miscalculations and flubs, both candidates are not a shoe in by many voters this cycle. This seems to have an effect on the stock market and strategists believe that it is placing the stock market on edge.

Analysts and strategists particularly from banking giant BOFA Merrill Lynch, have indicated a strong correction and slowing down of new investment and businesses this cycle; because of how the election this year is progressing. The presidential election has left the domestic markets in unease and in tumult. Nothing is ever definite in the global markets but all eyes are watching to see the effect the elections present to US and global financial markets. -SB