New Durable-Goods Orders Rise Again in June

New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.

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Armstrong Williams Commentary: It’s Time to Talk About Recession

Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point. 

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Tech Leads the Way as US Stocks Head for a Third Month of Gains

Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.

The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.

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Stock Indexes Move Higher on Wall Street After a Shaky Start

Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.

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Commentary: COVID-19 Proves America Needs Economic Nationalism

by Spencer P. Morrison   Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…

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Commentary: Export Bans and the Re-Emergence of the Nation-State

The COVID-19 pandemic has served to upend many long-held policy assumptions, but none so clearly as the theory that international trade rests purely on economic incentives, and that those economic incentives will always override a country’s more base instincts to act in its own interest because of the cost to global profits.

Responses from countries around the world to COVID-19 have significantly fractured this argument. It can no longer be said with unshakable confidence that nations will sidestep their own economic objectives, interests, and policies for the sake of a more profitable international economic integration.

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Mexican Protesters Block Border Traffic, Tell Americans to ‘Stay At Home’

In a seemingly-paradoxical turn of events, Mexican protesters on Wednesday blocked incoming traffic at the U.S. southern border, demanding their government do more to restrict American travel into their country.

A group of about a dozen protesters, holding signs and wearing face masks, used two vehicles to block southbound traffic coming out of a U.S.-Mexico port of entry near Nogales, Arizona, according to a report from the Arizona Republic. The protesters said their stunt was meant to highlight the dangers posed by incoming U.S. residents who may carry the coronavirus.

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Commentary: China’s Post-Virus Plan to Destroy America’s Economy

The virus that originated in Wuhan, China poses a double threat to America.

The first is to our health as the virus spreads through the U.S. population. The second is to our economy as more businesses, schools, and events shut down to slow the spread of the contagion.

We must not underestimate the economic threat because the Chinese Communist Party is using the pandemic to achieve its goal of supplanting the United States as the world’s leading economic, diplomatic, and military power.

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State Department Suspends Visa Services Across the World

The State Department is suspending visa services in most countries across the world, the Trump administration’s latest response to mitigating the spread of the coronavirus pandemic.

In a statement released late Wednesday, the State Department announced it’s cancelling all routine immigrant and nonimmigrant appoints at embassies and consulates in numerous countries. The suspensions became effective immediately, and no specific date was provided on when services would begin again.

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Commentary: Good Economic News Missing From the Mainstream Media Again

You didn’t see it on the front page of one of the establishment newspapers or in the lead segment on establishment TV, but Reuters reported the number of Americans filing applications for unemployment benefits unexpectedly fell last week, hitting their lowest level in seven months, indicating the labor market remains solid.

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Commentary: Dem Front Runner Warren Agrees With Trump on Trade and Middle East Wars

One of the more bizarre elements of last night’s Democratic presidential “debate” was how much the leading Democrat – Senator Elizabeth Warren – agrees with President Trump, especially on endless Middle East wars and the effects of trade on American workers.

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Commentary: With a Japan Trade Deal and a Strong U.S. Economy, Where Is the Trade Depression People Predicted?

Readers will recall that in the 2016 election and since then financial and political analysts were tripping over themselves to predict that if President Donald Trump won and implemented his planned trade agenda, which included tariffs, why, we’d have a global recession perhaps even as bad as the Great Depression.

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Commentary: Delaying Tariffs Is Not the Answer to China’s Trade Practices

For the past two years, President Donald Trump has argued that China was paying the cost of the trade war. Following a delay in some of the tariffs from the latest round in the dispute with China, however, the president has acknowledged for the first time that tariffs have an impact on American families.

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Forgotten Founder Pelatiah Webster: America’s First Economist

by Lawrence Reed   Everybody knows who America’s first president was, but can you identify the country’s first economist? If any man or woman deserves that description, it is surely the one who wrote this and so much more: I propose . . . to take off every restraint and…

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Commentary: From Currency Manipulation to Intellectual Theft and More, Always Remember China Cheats

by Rick Manning   China cheats. All of those who get worked up over negligible increases in U.S. tariffs on Chinese made goods, please remember this basic fact – China cheats. China manipulates their currency by artificially pegging it well below the dollar, and devaluing it further to offset tariff…

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