“Stocks traded mostly higher on Friday following the release of better-than-expected employment data and renewed optimism on trade, but sharp losses in Apple capped gains,” Fred Imbert reports for CNBC. “The Dow Jones Industrial Average rose 153 points, with Chevron and Caterpillar outperforming. The S&P 500 gained 0.4 percent, led by the energy and consumer discretionary sectors. The Nasdaq Composite was flat, however, as Apple shares dropped more than 5 percent.”
“The U.S. economy added 250,000 jobs last month, according to data released by the Labor Department,” Imbert reports. “Economists polled by Refinitiv expected an addition of 190,000. Wages, meanwhile, rose 3.1 percent on an annualized basis in October for the first time since the recession.”
“In corporate news, Apple fell after the company’s iPhone shipments for last quarter missed estimates. The company also offered light guidance and announced major changes to its reporting structure,” Imbert reports. “These were enough to overshadow stronger-than-expected earnings and revenue.”
Read more in the full article here.
MacDailyNews Take: Good news for the economy as a whole – full employment, rising wages – is excellent news for Apple, maker of coveted goods and services. A nice AAPL discount sale is icing on the cake!
SEE ALSO:
Apple’s decision to stop reporting unit sales of iPhones, Macs, and iPads is a ‘defining moment’ – November 2, 2018
Apple to stop reporting iPhone, Mac, and iPad quarterly unit sales – November 1, 2018
Apple tumbles 7% after reporting record-breaking quarterly earnings – November 1, 2018
Apple beats Street with another record-breaking quarter – November 1, 2018
Our economy is looking good because of massive government spending, a record-high trillion dollar deficit. All that money pumped into the economy is all on credit. At some point we’ll just have to declare bankruptcy and move on to another real-estate project, I mean another country.
John B and DavGreg,
As I posted earlier on another thread,
Haven’t you heard? Evidence is no longer a persuasive argument, at least on this side of the Atlantic. We have it on the highest authority that “There is no proof of anything.”
Policy—whether of a government or a business—need not be science-based, evidence-based, or fact-based, because there are no facts, only unprovable assertions of opinion masquerading as facts. For example, what distinguishes real and fake news for both the Left and Right is not facticity (there is no such thing), but adherence to the correct political position.
So don’t try to argue facts with this crowd. They have moved beyond such considerations into a world where the triumph of the will has transcended true or false, and has moved beyond good and evil.
We are in/entering a recession, but the stats usually lag what is happening on Main Street.
If one looks at Real Estate, you will see that prices are broadly plateauing or dropping even in the hottest markets. If you look at Cars, SUVs and Trucks you will see sales are not good and we are seeing cut rate financing and other incentives on 2019 model year stuff. There are plenty of other things pointing to a cool down in the economy.
If you want to be a real killjoy, interest rates are climbing and will continue to climb and that makes big ticket items more expensive for consumers. If those selling are using cut rate finance with higher Prime rates, it cuts into profit margin. It will also mean a use in credit card interest rates and most Americans are carrying substantial credit card debt.
Inflation at the consumer facing level continues despite the official figures. Anyone paying attention at the grocery or big box store knows that prices are and have been steadily marching higher. Higher wages in the retail sector will be passed on to consumers as much as demand destruction will allow, or it will eat up profit margins.
The current saying about the economy is that everyone can get a job, but nobody can get a raise. Flat wages, high personal debt, rising interest rates and consumer inflation do not add up to high consumer demand. As the Trump/GOP corporate and wealthy tax cut continues to drive Federal borrowing, expect other pressures on the markets and not in favor of a growing economy.
The bulk of the tax cut was wasted with stock buybacks which is a very inefficient way of building shareholder value or returning money to the consumer economy. Very few Americans directly own stock and buybacks do not move the prices up very much for their cost.
Finally, corporate debt levels are high and interest rates are moving up. The Federal Reserve has already telegraphed more hikes coming.
Remember, Wall Street is not the economy- it is a rigged casino and you are not the house.
Thank you, President Trump, for Making America Great Again, after many long years of malaise. No longer the doormat for the world, as it was under Obama, America thrives again!
Make America indebted again is more like it.
There will be a carnival in America regardless of who wins or loses next week. Bet on it.
You can blame the Carnival Barker with the bad orange comb over d.b.a. @RealDonaldTrump
DG, we may not agree on politics but I respect your opinion because you are a gentleman in your posts. Certainly not a personal attack insult specialist as we have read here today.
I don’t understand the concern lately over national debt. President Obama is the undisputed KING of national debt DOUBLING it during his term more than 43 presidents before him COMBINED.
Unless I missed it, do not recall the left having a problem with it until now under President Trump.
If the Democrats retake the House and Senate on Tuesday, which historically happens, do you seriously believe they will lower the national debt?
If the past eight years is any guide, they will ramp it up to historic levels and you and other leftists won’t utter a peep…
I should have said the Democrats will enact legislation to ramp up the debt by growing government. President Trump has veto power, so it won’t happen until Democrats regain the presidency…
How quickly you forget that Arbusto Bush signed 2 massive corporate welfare bills in October 2008, before Obama was elected. With full support of both parties.
And how quickly you forget that Bush spend $5 trillion and counting off budget for his wars. This was a blatant attempt to hide the true costs. Those hidden accounts were properly budgeted starting in 2009.
And then Goeb there is the little entitlement that republicans gleefully passed called Medicare Part D, also known as Big Pharma Kickback. Bush was so proud of protecting his elderly political base but it just slipped his mind to inform you that this is adding hundreds of billions of dollars to the federal deficit.
A drop in the bucket when compared to the undisputed KING of national debt, President Obama…
Goeb: please paste for us here the federal budgets. Prove your point if you are so certain who swiped the national credit card and when.
https://www.thebalance.com/us-deficit-by-year-3306306
You’re welcome.
The convenient trick that your russian handlers are using to distort your perceptions, Goeb, is that you actually think the president has budgetary power and instant impact. That is simply not the truth.
First, the budgetary process, as screwed up as it is, is a congressional action. The president can propose budgets in order to ask for funds, but it is up to congress to authorize it. The president essentially has no choice but to take it or shut down the government, which is costly to everyone.
Next, you seem not to understand the timeline for budgeting. When a president enters office on January 20, he inherits the budget of his predecessor.
Then the games start. Like a CEO, the president can play hide and seek with funds, robbing one agency of its unused budget or halting a project for which funds are earmarked in order to push the money into the president’s priority projects. This is done both on and off the books, making expenses appear years after they were incurred. No president wants to pay immediately for things that won’t excite his political base for months or years, especially when the payoff coincides with a president of the other party. Both corrupt parties play the games.
So when Bush spends $5 trillion on a foreign war, much of those costs budgeted in Obama’s administration, while Obama signs a bipartisan $787 million corporate welfare bill, you blame Obama on both counts.
When Trump takes the republican congress authorized, Obama-signed 2016 budget with its $585 billion deficit spending and then adds 3.4% the next year under a one-party-authorized $665 billion deficit, you have nothing to say.
Now on to the 2018 budget, the time completely and fully a republican project as the clueless democrats are not only out of office but also K Street lobbyists leaving town. This year’s budget deficit balloons another 4% to a projected $833 billion, spurred on by both rising spending and a crash in government revenue. What is your reaction? It’s Obama’s fault?
Desptie promising to cut debt by miraculously spurring 6% economic growth. That would be unlikely for a large nation with an aging population and hardened borders preventing young new workers from joining the labor force. The lies got him elected, and the 2017 GOP corporate tax gift gave the economy a short term bump , but the long term effects will be brutal. In addition to putting trade markets in turmoil and cratering the foreign sales of US agriculture that normally would be harvested right now, Trump is projected to preside over (GOP budget projection) a 2.4 to 2.9% GDP growth rate for 2019. But in so doing, the CBO projects it adds $8.3 trillion in federal debt over 4 years.
Trump peppered his pre-election stump speeches with self-aggrandizing business accolades, claiming he would “drain the swamp” and cut waste from government spending. Obama cut discretionary spending as little after the Great Recession economy stabilized. Trump’s idea of cuts is simply to not appoint leaders to his agencies. Trump asked for, and received, $40 billion increases to an already bloated and wasteful military budget.
Why does genius businessman Trump think he can run insane deficits? In his own words, ” if the economy crashed, you could make a deal …The United States will never default because you can print the money.”
The USA has a ~ $20 trillion GDP and $21 trillion debt.
My guess is that Goeb doesn’t carry a credit card debt that is as big as his annual income, and then choose to reduce his income and pay others in IOU self printed money to solve the problem. But he uses every opportunity to cheer for an orange haired idiot who does.
I just love the unhinged leftists!!! Selective cherry picked facts while ignoring the BIG PICTURE. That would be President Trump is a HUGE success with the economy in less than two years. The Obama joke was adored by the media, unlike unfair 92% criticism of Trump, for delivering what Democrats only DREAM ABOUT.
So as happens historically with midterm elections are you going to move the country forward or just be a pain in the ass denigrating President Trump for two years?!?…
Nice going Realist! You’re on a tear.
Goeb wounldn’t bother to read real data if you rubbed it on his Pinochio appendage, but the Congressional Budget Office has history and projections all in one convenient spot:
https://www.cbo.gov/about/products/budget-economic-data
Next, cue Goeb’s rejection, he will call the data fake and claim the CBO is partisan against his team.
Then he and Thelonius will take turns piling on the GOP talking points and accuse fiscally conservative people of being liberals or democrats…..
You see Goeb, while you are playing partisan games, the vast majority of the people here are disgusted with the hypocrisy and the waste. They call for honesty and responsibility and you play politics. Obama did as good as any human could when faced with the insane debts coming at him plus the biggest recesyin 3 generations. Trump inherited a growing economy and is in the process of trashing it with trade wars. He is the worst of all when it comes to fiscal management. Wake up.
“You see Goeb, while you are playing partisan games, the vast majority of the people here are disgusted with the hypocrisy and the waste.”
Shame on you. You should not talk about the Democratic Party that way…
Realist posts facts. I post facts. TxUser posts facts.
Goeb comes back with a weak underhanded partisan swipe — to a bunch of people who have never praised democrat’s stupid spending (other than the fact that domestic spending on stuff like healthcare and veterans benefits at home is infinitely better for making America great than blowing up the budget on foreign wars, keeping foreign military prison camps open, or hiring military contractors with no bidding process.
Cherry picked partisan facts, got it. The big picture and fair accounting alludes blind zealots like you and your buddies. Flail away all you want but here is one thing your links CANNOT CHANGE. The economy is roaring and thank you President Donald J. Trump!!!…
“The number of employed Americans has never been higher. The 156,562,000 Americans employed in October is the twefth record set under President Donald Trump.”
https://www.cnsnews.com/news/article/susan-jones/156562000-record-employment-12th-time-under-trump
Cry me a river Libtards User, Unreal, little Mikey… 😱😭
“The number of employed Americans has never been higher”.
Well bless my soul. The total number of Americans has never been higher. The amount of money in corporate bank accounts going into a holiday season at the end of a 9 year economic expansion has never been greater.
Practically every year since 2009 has seen job growth. Only now you choose to assign credit to a clueless president who promised a 6% economic expansion and is delivering less than half that — little more than the steady growth his predecessor accomplished.
“Cherry picked partisan facts”???
The deficit and debt numbers that Mike and I linked come ultimately from the Congressional Budget Office. Like every other Congressional committee or office, the CBO is run by managers selected by the majority party in each house (specifically, by the Senate Majority Leader and Speaker of the House). The worker bees answer to those political appointees and understand that the CBO is an office of the majority, by the majority, and for the majority.
To the extent that any information coming from the CBO since 2010 is partisan, the party is Republican.
So, these partisan Republican numbers show that the last four budgets with a surplus were adopted during Clinton’s second term. Then 9/11 and the subsequent wars happened, causing deficits to go on an upward trend. The deficit (and debt) went sky-high due to the decreased revenue and stimulus programs sparked by the 2007 crash. The deficit in the last G.W. Bush budget was 10 times higher than the deficit just two years before. The deficit went down by over $100 billion in the first Obama budget and continued a generally downward trend until it reached $665 billion in the last Obama budget.
The first budget adopted under Trump is estimated—by the Republican CBO—to have created a $833 billion deficit that (when combined with interest on existing debt) added $1271 billion to our national debt. That is more than in seven out of eight Obama budgets, the exception being in a year that a game of “Chicken” between Congress and the White House over the debt ceiling caused the interest rate on the debt to sharply rise.
The projected deficit In the second Trump budget, for the fiscal year that began Oct. 1, is $984 billion, more than in any other year ever, except for the four (one under Bush and three under Obama) that reflect the Great Recession.
That answers the questions you kept repeating above. It is not my fault if you do not like the partisan Republican answers. It is also not my fault if you think that anyone who thinks that budget deficits and rising national debt are bad for the country must be a Democrat.
All hail the Sycophant Lapdog GoeB
Watch your back…this one conceal carry’s. He’s got lots of nice big guns.
Hey brainless, what do you know about the guns I own, but more importantly, my intentions. I am law abiding and respectful of other opinions. Don’t run your mouth so carelessly…
…and I’ve got a feather duster so I should be ok. I know, I know…I’m a bit over-armed, but you can’t be too careful.
Well, well, well. The usual cabal of Leftists is rumbling again and running a high fever of Trump Derangement Syndrome lately at the mere mention of success. Great economic numbers for ALL citizens and all they have is HATE and DENIGRATION. It is what it is…
Normally i try to stay out of the political fights on this forum but I’ve just about had it.
Goeb: The “leftists” as you label them appear to consist of 90% of the spectrum while you soak in right wing propaganda. When anyone brings up deficits, you jump to defend Trump and incorrectly assign decades of debt to the immediate prior president of the other party on his first day in office. When anyone talks about violence, you play whatabout games. When asked why one-party DC can’t pass any legislation except tax cuts for their campaign funders, you issue personal insults or change the subject. When anyone proposes that the president should tone down his divisionist rhetoric or reference facts he should be using to base public policy, you immediately go on tirades against everyone, from past officials to the boogeyman media et al. When the revolving door of incompetent officials doesn’t accomplish anything but issue twitter releases to express what positive sentiments they had on phone calls with communist China or N. Korea or dictatorship Saudi Arabia or whatever, you heap endless praise on the feckless administration that has seen its executive spwnd more time on vacation, golfing, tweeting, and TV watching than any prior president.
Enough. If the president is so great he doesn’t need an attack dog like you to go after his critics. If the president is pursuing wise long term policy then we won’t just be seeing the annual holiday jobs bump, growth will keep going for the next 2 years. Why don’t you stop the online fighting and do something productive in the meantime? I am sick of MDN dangling out red meat for the pit bulls to pounce on day after day. This has nothing to do with Apple.
“Goeb: The “leftists” as you label them appear to consist of 90% of the spectrum while you soak in right wing propaganda.”
Two things, what spectrum? Are you referring to the 92% of the media that attacks the president daily since he was elected?
I got about half way through your post before I gave up on the left wing propaganda. But hey, thanks for playing…
One wonders…is the ‘bubble’ about to burst? The economy too?
Expect a slowdown about mid 2019. Recession? Only if Democrat’s dearest prayers are answered.
You are sick.
Nobody, including us independents, are praying for a recession. Stop with the bullshit.
It would be nice to see somebody lead the nation who actually pays his bills however. All we’ve seen is short term thinking, accelerating the path to becoming a deadbeat nation. From both corrupt parties.
It also depends on how midterms go.
If Dems win just one house, they will put the breaks on any additional pro-economy policies. Dems winning the house could take us back to everyone afraid to spend a dime waiting to see what nutcase crap they come up with.
If Republicans manage to shut the Dems out, we will experience more of the same at least until mid 2019 where there could be a slow down.
If Democrats win everything, back to the Obama days. I’ll be firing the two people I’ve got working for me, we will be edging back up to high unemployment numbers, economic confidence will drop to nothing.. you know.. 2008-2016. Their entire focus, instead of being on you and me, will be on LET’S FUCK TRUMP! LET’S INVESTIGATE THE RINGS IN HIS TOILETS! We will suffer the likes of Monster Maxine Waters, every day, insane immigration policy, and spending even more rampant than it is already.
Not to mention the kook sphere going hog wild with their hate.
Pulling more partisan shit from your wide butt, TheloniusWannabe?
Tell us precisely why a single-party rule with your red team in charge would preside over a slow down? Don’t you believe in infinite growth? You obviously didn’t read the cue cards carefully enough from your local GOP branch talking points meeting.
Spending is out of control and I doubt Republicans have the balls to stop it. They never have. They never will.
Finally something on which we can agree. Both corrupt parties are drunken sailors and it will cripple the nation in the foreseeable future. That is why we have to stop electing self-serving partisan idiots and install competent fiscally responsible representatives and executives into public office at all levels. Like I’ve been saying forever.
Well said and exactly what will happen theloniousmac.
I noticed Mike is particularly unhinged today with several personal attacks. He attacked me the other day for citing of all things personal attacks, ROTFL. The HYPOCRISY runs deep with the lunatic left.
Keep on keeping on… 👍🏻
Awww…poor GoeB. You can dish it out but….
So Sycophant Lapdog Snowflake it is then. Those subriquets are stacking up nicely.
You’re welcome.
Story is already old. Dow is down 190, may end the day even lower.
Oh no, its not old.
Wages Rise at Fastest Rate in Nearly a Decade as Hiring Jumps
Unemployment rate held at a 49-year low in October; wages increased 3.1%
https://www.wsj.com/articles/wages-rise-at-fastest-rate-in-nearly-a-decade-as-hiring-jumps-in-october-1541161920?mod=hp_lead_pos1&fbclid=IwAR1SXwJtbFvkayJ3ZQK-joFndyCkatJjCZXLES3eqXs2ZbHGVWDoWXjhBV0
#MAGA !!!!
You’re going to tout a rate of change as being a major accomplishment? If you bothered to look at the macro trend, it’s amazingly linear since Q1 2009. Barry issued corporate welfare and the Fed used QE to buoy corporations, now Trump issues massive deficit spending via corporate tax breaks and … the job trend continues on the same path.
https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm#
Come back again with your news update on jobs when the Trump tariffs start to bite next year.
Stocks lost the 150 reported in the story and ended down 100.
The market is not the economy.
Nevertheless:
https://www.marketwatch.com/investing/index/djia
The Dow peaked on 1/21/2018 at 26,616.71
When Obama inherited the full bore recession Jan 2009, the Dow was 8,239.70.
But the partisan hacks here give zero credit to anyone for the steady growth that occurred during that time period.
They are too busy gushing over the miraculous Trump accomplishment of the Dow plateauing (today at 25,201.39) and surprisingly volatile. Great accomplishment, Donny. You refunded multinational corporations $1.5 trillion in deficit spending and all they did was pocket 2/3 of the money. Will the Trumpanzees look at the data and admit that on Trump’s watch, growth in 2018 has actually slowed? No they could never admit reality. They are too far gone. They pay astroturfers instead to attack and accuse independents of being democrats. Keep shadowboxing, Trumpanzee cultists.