Earlier the Huffington Post had reported that after a clean fast-track bill is passed and sent to the Senate, Senate Majority Leader Mitch McConnell (R-Ky) will then attach TAA to another bill, the African Growth and Opportunity Act — a separate trade bill involving African countries.
The Consumer Price Index increased 0.4% for May, as gasoline increases by 10.4%. Energy overall was up 4.3%. Inflation without food or energy prices considered increased 0.1% for the month and was the smallest increase since last December. Believe it or not, from a year ago overall inflation is unchanged.
The Federal Reserve Industrial Production & Capacity Utilization report shows industrial production decreased -0.3% as gas and oil well drilling continued to decline, abet at a slower pace. This is the seventh month in a row for no increase. Mining for the month declined -0.3% and the previous four months contracted an entire percentage point on average. Manufacturing also declined for the month.
After the U.S. House of Representatives voted last Friday to kill "fast-track" to give Obama authorization to pass a major and secretive trade agreement, presidential contender Hillary Clinton may yet have another opportunity to give the American people her open and honest opinion on the TPP trade agreement.
Instead of giving people a reason to die. e.g. Promising virgins or some other spiritual reward. Give them a reason to live. e.g. A life style sustaining job. Poor broke disheartened people are easy prey for any radical.
Money tends to solve problems. Jobs that can actually sustain life with a little extra discretionary cash would give people a reason to live and plan for the future. There are references to higher levels of crime and violence in low or no income neighborhoods. Eliminate those neighborhoods and there may be a drop in crime and violence.
The Transatlantic and Transpacific Trade and Investment Partnerships have nothing to do with free trade. “Free trade” is used as a disguise to hide the power these agreements give to corporations to use law suits to overturn sovereign laws of nations that regulate pollution, food safety, GMOs, and minimum wages.
The Manufacturers' Shipments, Inventories, and Orders report shows factory new orders declined by -0.4% for April. That's not a good start for the second quarter although March new factory orders was a blow out of 2.2%. Durable goods new orders doubled down on it's previously published decline and dropped by -1.0%.
The May ISM Manufacturing Survey shows nothing in manufacturing is shrinking again. The composite PMI grew to a now safe 52.8% after a 1.3 percentage point increase. Manufacturing employment came out of contraction as did inventories. Exports move to no change. Prices are still decreasing but not by much anymore. Overall the report is a relief that things are not so bad.
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