The Cherriez on Top: Cali-Close and Fed Data Craters

Oh, besides California closing indoor theaters, restaurants and bars?  Worse than expected in the Fed’s Industrial Production and Capacity Utilization report just out.

See the business equipment line?  We hate mentioning this to our chi-touting readers, but where’s the growth in -27%?

As says the presser:

“Total industrial production increased 1.4 percent in May, as many factories resumed at least partial operations following suspensions related to COVID-19. Even so, total industrial production in May was 15.4 percent below its pre-pandemic level in February. Manufacturing output—which fell sharply in March and April—rose 3.8 percent in May; most major industries posted increases, with the largest gain registered by motor vehicles and parts. The indexes for mining and utilities declined 6.8 percent and 2.3 percent, respectively. At 92.6 percent of its 2012 average, the level of total industrial production was 15.3 percent lower in May than it was a year earlier. Capacity utilization for the industrial sector increased 0.8 percentage point to 64.8 percent in May, a rate that is 15.0 percentage points below its long-run (1972–2019) average and 1.9 percentage points below its trough during the Great Recession. “

Tell me again about how 1.4% is an increase when we’re down how much from year-ago?  Shots in the Kool-Aid.

Our balances are all up and the NASDAQ was down more than 150 points when I looked (before going to change my pants, lol!).

More in the morning.  We’re declaring this a “Double Brewski Day.”

Paint that Dow into the close, baby!

Write when you get rich,

4 thoughts on “The Cherriez on Top: Cali-Close and Fed Data Craters”

  1. The market will probably “sell the news” after the announcement of the next bailout.

    Congress is still out.

  2. Why did Trump hire a lifetime Democrat turned Republican of two months conversion as U.S. Secretary of Commerce who previously employed a post-President Clinton, invested in troubled assets of the New York bank handling Sleepy Joe’s 2020 run, and allegedly persuaded NOAA to mis-speak facts?

    • Mr. Trump has historically preferred advisors who’re ideologically opposed to him, because it presents an Administrator a much broader overview of a problem or issue, much more quickly than being surrounded by “yes men.” It is actually a very good policy procedure for decision-making (I have a hard-core Liberal friend who’s an advisor to a very conservative Senator — has been for years. He uses her counsel to buffer his speeches, but probably not his policy positions.)

      Where Trump has failed in this, is he has made some people, whose political ideology is more-paramount than their sworn duty, “Senior Advisors” instead of simply “Advisors.” This puts their mugs on the green-screen backdrop at CNN and MSNBC when they go on record opposing him, and also when he cans them for their inability to comprehend that the needs of the job and the Nation must come before their political biases.

      Bear in-mind, Ronald Reagan was a hard-core leftist Democrat, so was Charlton Heston, and so was Donald Trump. When Trump first contemplated a Presidential run (less than 15 years ago, mind you), he was a flaming Lib, a “media darling,” and couldn’t answer the question of which Party he would run as a representative.

      Then they grew up.

      Some people never do…

  3. Yada yada yada. Same old eh ? Big nite ussa. Maybe just more dead but that will push Dow and tesla

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