US Deficit $1.4 trillion in 2009 reduced to projected $468 billion in 2015

01/26/2015

CBO: Deficit Shrinks To Lowest Level Of Obama Presidency

The deficit was a whopping $1.4 trillion in fiscal year 2009, when Obama took office.

“The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018,” CBO concluded. “Beyond that point, however, the gap between spending and revenues is projected to grow, further increasing federal debt relative to the size of the economy—which is already historically high.”

The primary long-term fiscal challenges are spending under Social Security, Medicare, Medicaid, Obamacare and net interest costs, CBO said.

Under estimates based on current tax and spending laws, the budget office projects that the economy “will expand at a solid pace in 2015 and for the next few years.”

The CBO projected that Obamacare spending on coverage provisions will be 7 percent — or $101 billion — less over a decade than last April’s forecast. The federal government is projected to spend $76 billion in 2015 and $1.35 trillion from 2015 to 2024 under the health care law to broaden insurance coverage.

 13-drivers-of-long-term-deficits

9-causes-of-deficits-since-2001

 

Learn more about President Obama’s Plan for the US Economy:  http://www.whitehouse.gov/economy

Opportunity for All: The President’s Fiscal Year 2015 Budget Overview: http://www.whitehouse.gov/omb/overview

For more charts and graphs of the US Economy: https://www.cbo.gov/sites/default/files/cbofiles/attachments/49892-Outlook2015.pdf

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Call on Congress to pass the Healthy Families Act

01/15/2015

FACT SHEET: White House Unveils New Steps to Strengthen Working Families Across America

Tomorrow, the President will unveil new proposals to strengthen the middle class by giving working families the flexibility to balance their families and jobs and giving all Americans the opportunity to earn sick days.  Building on the steps the Administration announced last year during the first-ever White House Summit on Working Families, tomorrow’s announcement includes:

  • Calling on Congress, as well as States and cities, to pass legislation [The Healthy Families Act] that would allow millions of working Americans to earn up to seven days of paid sick time per year;
  • Proposing more than $2 billion in new funds to encourage states to develop paid family and medical leave programs and announcing that the Department of Labor will use $1 million in existing funds to help States and municipalities conduct feasibility studies; and
  • Modernizing the Federal workplace by signing a Presidential Memorandum directing agencies to advance up to six weeks of paid sick leave for parents with a new child and calling on Congress to pass legislation giving federal employees an additional six weeks of paid parental leave.

The challenge of balancing work and family has grown as families have shifted so that today in most families all parents work and all parents contribute to caregiving.  Across married and single parent families, all parents are working in more than 60 percent of households with children, up from 40 percent in 1965.  And today, more than 60 percent of women with children under the age of 5 participate in the labor force, compared with around 30 percent in the 1970s.  Yet the fundamental structure of work has not kept pace with the changing American family, and many families are struggling to balance obligations at home and on the job. In fact, the United States remains the only developed country in the world that does not offer paid maternity leave.

That is why the President is announcing additional efforts to help working families that build on the steps he announced at last June’s White House Summit, including support for states to design paid leave programs and a Presidential Memorandum that established a “right to request” flexible workplace arrangements for Federal workers and directed Federal agencies to expand flexible workplace policies to the maximum possible extent. The White House Council on Economic Advisers also released a report (http://www.whitehouse.gov/sites/default/files/docs/leave_report_final.pdf) last June on the economic benefits of paid leave. From increasing the minimum wage, to equal pay for women, to workplace flexibility, to child care, to paid leave – President Obama is taking action on issues that impact America’s working families.

For more: http://www.whitehouse.gov/the-press-office/2015/01/14/fact-sheet-white-house-unveils-new-steps-strengthen-working-families-acr

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Maternity Leave Law by Countries

The United States it the only developed country in the world that does not offer paid maternity leave.

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Pre-SOTU: Pres Obama on 21st Century Digital Infrastructure & Cybersecurity

01/10/2015

Cyber

President Obama recognizes that technology is an essential ingredient of economic growth and job creation. Ensuring America has 21st century digital infrastructure—such as high-speed broadband Internet access, fourth-generation (4G) wireless networks, new health care information technology and a modernized electrical grid—is critical to our long-term prosperity and competitiveness.

President Obama is committed to ensuring America has a thriving and growing Internet economy. The Internet has become a global platform for communication, commerce and individual expression, and now promises to support breakthroughs in important national priorities such as health care, education and energy. Additionally, the Internet and information technology can be applied to make government more effective, transparent and accessible to all Americans.

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FACT SHEET: Safeguarding American Consumers & Families

Today, President Obama will build on the steps he has taken to protect American companies, consumers, and infrastructure from cyber threats, while safeguarding privacy and civil liberties.  These actions have included the President’s 2012 comprehensive blueprint for consumer privacy, the BuySecure initiative—launched last year— to safeguard Americans’ financial security, and steps the President took earlier this year by creating a working group of senior administration officials to examine issues related to big data and privacy in public services and the commercial sector.

In an increasingly interconnected world, American companies are also leaders in protecting privacy, taking unprecedented steps to invest in cybersecurity and provide customers with precise control over the privacy of their online content.  But as cybersecurity threats and identity theft continue to rise, recent polls show that 9 in 10 Americans feel they have in some way lost control of their personal information — and that can lead to less interaction with technology, less innovation, and a less productive economy.

At the Federal Trade Commission offices today, President Obama will highlight measures he will discuss in the State of the Union and unveil the next steps in his comprehensive approach to enhancing consumers’ security, tackling identity theft, and improving privacy online and in the classroom.  These steps include:

President Obama Proposes that Congress passes into law:

Learn more:

“In this interconnected, digital world, there are going to be opportunities for hackers to engage in cyber assaults both in the private sector and the public sector.  Now, our first order of business is making sure that we do everything to harden sites and prevent those kinds of attacks from taking place…But even as we get better, the hackers are going to get better, too.  Some of them are going to be state actors; some of them are going to be non-state actors.  All of them are going to be sophisticated and many of them can do some damage.

This is part of the reason why it’s going to be so important for Congress to work with us and get an actual bill passed that allows for the kind of information-sharing we need.  Because if we don’t put in place the kind of architecture that can prevent these attacks from taking place, this is not just going to be affecting movies, this is going to be affecting our entire economy in ways that are extraordinarily significant.”

 – President Obama, December 19, 2014

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Monday, January 12
President Obama delivers remarks on tackling identity theft and improving consumer and student privacy
Federal Trade Commission, Washington DC

Tuesday, January 13
President Obama delivers remarks on cybersecurity, including ways of getting the private sector and federal government to voluntarily share more cybersecurity information.
National Cybersecurity and Communications Integration Center, Washington DC

Wednesday, January 14
President Obama delivers remarks on making affordable, high-speed Internet available nationwide
Cedar Falls Utilities, Cedar Falls, Iowa

Thursday, January 15
Vice President Biden holds a roundtable discussion on training Americans to join the cybersecurity workforce
Norfolk State University, Norfolk, Virginia

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Pres. Obama Pre-SOTU travel to Michigan, Arizona and Tennessee

01/06/2015

PBO Pre-SOTU travelRebuiling the Economy From Middle Class

Riding high on economic growth, Obama hits the road 

01/03/15 By Sarah Muller – msnbc

Riding high on the surge of recent economic growth, President Barack Obama plans to start the new year laying out a mix of executive actions and policy proposals on the economy, teeing up to the highly-anticipated State of the Union Address at the end of the month.

While a new GOP-controlled Congress reconvenes in Washington on Tuesday, the president will hit the road this week to highlight economic progress, building off the strong momentum of the latest GDP numbers which show the fastest U.S. growth in more than a decade. Obama is scheduled to travel to Detroit and Phoenix in the three weeks prior to delivering his State of the Union speech. He’ll also made a joint appearance with Vice President Joe Biden in Tennessee.

According to White House spokesperson Eric Schultz, Obama will address ways to help more Americans become homeowners and get college educations. The president also plans on discussing his plan to create more good-paying jobs.

The push begins Wednesday with the Detroit portion of his trip. While in the Motor City, he’ll focus on the automotive industry’s bounce back from the bailout, which has impacted more than one million jobs. The next day in Phoenix, an area with the housing sector on the mend, he will announce new measures to help more Americans achieve the dream of home-ownership. Obama plans to spotlight during his stop in Tennessee his administration’s efforts to create new manufacturing jobs.

“The President is eager to get to work, and looks forward to working with the new Congress on policies that will make sure middle class Americans are sharing in the economic recovery,” said Schultz. “There are a number of issues we could make progress on, but the President is clear that he will not let this Congress undo important protections gained — particularly in areas of health care, Wall Street reform and the environment.”

For more: http://www.msnbc.com/msnbc/riding-high-economic-growth-obama-hits-the-road

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United States of America Annual Gross Domestic Product

Year    U.S. GDP
2005  $13,093,700,000,000
2006  $13,855,900,000,000
2007  $14,477,600,000,000
2008  $14,718,600,000,000
2009  $14,418,700,000,000
2010  $14,964,400,000,000
2011  $15,517,900,000,000
2012  $16,163,200,000,000
2013  $16,768,100,000,000
2014  $17,555,000,000,000

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President Obama will travel to Detroit, Phoenix and Knoxville to preview his plans for the US to building on the economic gains of 2014

Wednesday, Jan 7

President Obama delivers remarks on the return of manufacturing jobs and his decision to bail out the auto industry
Ford Motor Company, Wayne, Michigan

Thursday, Jan 8

President Obama delivers remarks on new initiatives he will propose to help Americans buy a home
Central High School, Phoenix, Arizona

Friday, Jan 9

President Obama delivers remarks on new educational opportunity initiatives
Pellissippi State Community College, Knoxville, Tennessee

President Obama delivers remarks on Manufacturing Jobs
Techmer PM, Clinton, Tennessee

 

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2nd Annual U.S.-Mexico High Level Economic Dialogue

01/04/2015

Pres Obama pic Español

US Mexico flags

THE HIGH-LEVEL ECONOMIC DIALOGUE

In Mexico City in May 2013, President Barack Obama and President Enrique Peña Nieto announced the formation of the U.S.-Mexico High Level Economic Dialogue (HLED) to promote economic growth in the United States and Mexico, create jobs for citizens on both sides of the border, and ensure our nations can compete globally, making North America more competitive.

The HLED meet annually at the cabinet level and will build on and promote sustained progress in a range of existing successful bilateral dialogues and working groups. Mexico and the United States have developed a work plan laying out potential areas for cooperation under three broad pillars including: promoting competitiveness and connectivity; fostering economic growth, productivity, entrepreneurship, and innovation; and partnering for regional and global leadership.

The HLED is an annual meeting chaired by Vice President Biden and attended by cabinet secretaries from both countries to give strategic direction to initiatives designed to improve economic competitiveness.

FACT SHEET: U.S.–Mexico High Level Economic Dialogue

Joint Statement: United States-Mexico High Level Economic Dialogue

U.S.-Mexico Trade http://www.ustr.gov/countries-regions/americas/mexico

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January 6, 2015
Vice President Biden hosts the second United States-Mexico High-Level Economic Dialogue (HLED) meeting
White House

President Obama hosts bilateral meetings with Mexican President Enrique Peña Nieto 
White House

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President Obama 2014 Year In Review

12/18/2014

YEAR IN REVIEW: Creating Economic Opportunity for All Americans in 2014

December 18, 2014

WASHINGTON, DC – President Obama took office in the depths of the worst economic crisis since the Great Depression.  Six years later, thanks to the grit and determination of the American people, and the decisive actions he took early on – to bring the economy back from the brink, to save the auto industry, and to build a new foundation for middle-class growth – we’ve made real progress.

The economy grew at a combined 4.2% pace in the second and third quarters of this year, the strongest six-month period of growth in more than a decade.  American businesses have added new jobs for 57 consecutive months, the longest streak of private-sector job creation on record, for a total of 10.9 million new jobs. The pickup in the pace of job growth this year has come in industries with higher wages.  And wages across the economy are rising – a very welcome sign for millions of American families.

The U.S. economic recovery took a major step forward in 2014, achieving a number of important milestones:

The President pledged that 2014 would be a year of action and he has spent the last 12 months working with Congress where he could and taking action on his own where needed to revitalize the economy. He also worked closely with leaders from businesses, nonprofits, education, and communities to expand opportunity for more American families. These efforts have helped contribute to economic progress in a number of ways. Some critical efforts include:

Supporting Job Creation Through Manufacturing and Exports

Manufacturing job growth doubled this year – to about 15,000 jobs per month compared to 7,000 jobs per month last year. In total, since February 2010, the United States has directly added 764,000 manufacturing jobs, with the sector expanding employment at its fastest rate in nearly two decades. And the United States’ renewed competitiveness in manufacturing is bringing production back, with 54 percent of U.S.-based manufacturers surveyed by the Boston Consulting Group actively considering bringing production back from China to the United States, up from 37 percent only 18 months prior. The Administration has helped support these efforts by taking steps including:

  • Launching New Hubs as Part of a National Network for Manufacturing Innovation
  • Supporting Efforts to Foster Manufacturing Entrepreneurship and Investment in the United States
  • Growing Our Investments in Advanced Manufacturing Research
  • Another Year of Record-Breaking Exports
    • The Made in Rural America Initiative Leads to a Boost in Small Rural Manufacturing Exports and Other Companies
    • Intensifying and Broadening Our Export Promotion
    • The Advocacy Center at the Department of Commerce Enjoyed a Record-Breaking Year in Helping U.S. Firms Win Contracts Abroad to Create Jobs at Home

Taking Action to Raise the Minimum Wage

Following President Obama’s call on Congress to raise the national minimum wage to $10.10, states, cities and counties, and business leaders have taken action on their own to increase wages across the country. And on February 12, President Obama signed Executive Order 13658, requiring that workers on new Federal contracts be paid $10.10 an hour.

  • 14 States Passed Minimum Wage Increases – and 7 Million Workers Are Set to Benefit From Increases Passed Since the President’s Initial Call in 2013
  • Cities and Counties Have Also Taken Steps to Raise Wages
  • Businesses – Both Large and Small – Are Taking Action
  • President Obama’s Action will Ensure that All Employees of Federal Contractors are Paid at Least $10.10 an HourSupporting Job Skills and Employment Opportunities

Working with Congress, businesses, states and cities and non-profits, the President has taken action to make sure our job-training system is preparing and connecting Americans to the jobs that employers are looking to fill. From an across-the-board review of our job-training system to new grants that support apprenticeships and help connect the long-term unemployed to work, the President and his Administration have used every tool available to train Americans with the skills they need, and connect them with businesses that are looking for skilled workers.

  • Reforming Our Job-Training System to Make It Demand Driven
  • Passage of the Workforce Innovation and Opportunity Act
  • Getting Long-Term Unemployed Americans Back to Work: President Obama issued a three-part call to action – to employers, to communities across the country, and to federal agencies – to help Americans who are out of work, including the long-term unemployed, find jobs or get the skills they need so they can succeed in the labor force. Since that call to action, long-term unemployment has declined by 1.1 million and progress has been made on all three fronts, including:
    • $170 million in grants awarded in October to programs in 20 states and Puerto Rico to partnerships between non-profits, local government, and employers to train and match long-term unemployed job seekers for in-demand jobs.
    • A new set of best practices for hiring and recruiting the long-term unemployed signed by over 200 businesses – including 80 of the nation’s largest companies – to ensure that these candidates receive a fair shot during the hiring process.
    • Toolkits created by Deloitte Consulting in partnership with the Rockefeller Foundation and with the input of about 100 White House Best Practice signatories to help more employers implement the best practices.
    • Finally, following up on a Presidential Memorandum issued in January, the Office of Personnel Management (OPM) issued guidance to Federal agencies to ensure that individuals who are unemployed or have faced financial difficulties because of circumstances like job loss receive fair treatment and consideration for employment by Federal agencies.
  • $450 Million in Grants to Nearly 270 Community Colleges Partnering with More than 400 Employers Nationally
  • Investing in a Competitive Workforce Through Apprenticeships

Providing High-Quality Education to America’s Students

Ensuring that all Americans are prepared for the jobs of the future and strengthening middle-class security, starts with a strong education system.  The President has taken a number of steps over the past year to expand access to high-quality early childhood education, connect every student to high-speed Internet, and make college more affordable.

  • Committing to Affordable Higher Education
    • Expanding Pay As You Earn (PAYE)
    • The President and First Lady’s Call to Action on College Opportunity
    • Protecting Students from Unaffordable Debts at Career College Programs
  • Committing to Early Education: Throughout 2013 and 2014, the President challenged states, business leaders, and Congress to help more children gain access to the early education they need to succeed in school and in life.  On December 10, 2014, the President convened philanthropists, educators, community leaders and others to announce a collective investment of over $1 billion for early childhood education.  Federal commitments of $750 million will support early learning for over 63,000 children while corporate and philanthropic leaders’ independent commitments of $330 million will expand the reach and enhance the quality for thousands more.
  • ConnectED to the Future:  In June 2013, President Obama visited Mooresville, NC to announce the ConnectED Initiative, which aims to ensure 99% of American students will have access to next-generation broadband in the classroom by 2017, and called for private sector leaders and the FCC To help connect our students. Since that time, the FCC has taken steps to modernize the E-rate program to support high-speed connectivity for America’s schools and libraries, providing a $2 billion down payment and passing a proposal that provides recourses needed to meet the President’s ConnectED goals.  Additionally, private-sector companies have committed more than $2 billion in resources to schools to supplement federal actions and help support cutting-edge technologies across a greater number of schools and homes. On November 19, 2014, The President hosted school leaders and educators to push this effort forward and make all schools “Future Ready”.  More than 1,200 superintendents joined the Administrations Future Ready District Pledge to set a vision for digital learning across America.  Combined, this pledge will already reach 10 million students across 16,000 schools.

For the entire article: http://www.whitehouse.gov/the-press-office/2014/12/18/year-review-creating-economic-opportunity-all-americans-2014

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UPDATE:

12/23/14 Financial Headlines:

Dow Busts Through 18,000 on Hot GDP and a Patient Fed

FHFA House Price Index Up 0.6 Percent in October

Consumer Sentiment Ends 2014 at Seven-Year High in Michigan Poll

Economy Grows by 5% Most in a Decade on U.S. Consumer-Spending Gain

Pres Obama Year of Action

2014 the Year of Action

In his 2014 State of the Union, the President said that 2014 would be a “year of action” to ensure opportunity for all Americans. He’s making good on that promise (despite that Congress did not help, labeling them the ‘Worst Congress ever’.

What does a “year of action” mean, exactly?
The President will continue to work with Congress wherever he can to keep our economy moving forward and creating jobs. But in the meantime, he’s also going to do everything he can on his own to fight for middle-class families every single day.

And he’s been busy. Using his pen and his phone, the President has helped create new manufacturing jobs, expand apprenticeships, and job training, make student loan payments more affordable, support equal pay and workplace flexibility, cut carbon pollution, and rally support across the country while raising the minimum wage for all workers on new federal contracts. And that’s not all.

Here’s an update on the more than 40 actions he’s taken since January to do just that.

Learn more: http://www.whitehouse.gov/year-of-action

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List of President Obama’s 2014 Executive Actions to Help Americans – ProPresObama compilation

Pres Obama US - Cuba Relations

and on 12/17/14 President Obama Charts a New Course on US – Cuba Relations

Moving-America-Forward_Democrat-party

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Thanks to Pres Obama for US Economy Gains

12/11/2014

1989-2014 US Annual Job Totals

When the U.S. economy is the envy of the world 

12/08/14 04:58PM  By Steve Benen – maddowblog

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Right. In the public discourse, there’s often a temptation to compare the current economic recovery to other recoveries that followed modern downturns. There’s one glaring problem with this: the global crash in 2008 was the worst crisis the world has seen since the Great Depression. Comparing it to more routine, cyclical downturns is like comparing a twisted ankle to getting hit by a bus — they both hurt, but the scope and scale of the damage is qualitatively different.
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It’s smarter, then, to compare our economic recovery against other countries who dealt with similar circumstances. And on this front, as President Obama was eager to remind Americans in his weekly address, we’re the envy of the world:
“America, we still have a lot of work to do together. But we do have real, tangible evidence of our progress. 10.9 million new jobs. 10 million more Americans with health insurance. Manufacturing has grown. Our deficits have shrunk. Our dependence on foreign oil is down. Clean energy is up. More young Americans are graduating from high school and earning college degrees than ever before. Over the last four years, this country has put more people back to work than Europe, Japan, and every advanced economy combined.”
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That last point is no small detail. In the aftermath of the crash, advanced economies around the globe rushed to respond, with many adopting competing solutions. Many chose the kind of austerity measures Republicans hoped to impose on Americans.
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Fortunately for those who want to see the U.S. succeed, Republicans weren’t in a position of power in 2009.
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As a result, as Rachel noted on the show on Friday, American growth is “outperforming other economies.” Indeed, one of the more striking aspects of the recent upswing in the domestic economy is that “the U.S. remains a standout as the rest of the world struggles.”
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For more: http://www.msnbc.com/rachel-maddow-show/when-the-us-economy-the-envy-the-world

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Don’t look now, US economy booming!

12/05/14 08:59PM maddowblog

Rachel Maddow reports on the litany of positive economic indicators, including significant job growth, lower gas prices, higher wages, and a lower number of uninsured, and the difficulty Republicans are having formulating a response.

Republican Message Sinks In Even as Obama Economy Gains Strength

Dec 7, 2014 5:32 AM PT By Victoria Stilwell and Jonathan Allen – bloomberg

To hear Republicans tell it, President Barack Obama is the leader of a lackluster economy — and Americans believe them.

The only problem: That view is outdated.

Last week’s Labor Department report showed the economy added 321,000 jobs in November, marking 10 consecutive months in which the number has topped 200,000. Average hourly earnings rose 0.4 percent from a month earlier, the most since June of last year. At the same time, most Americans — 52 percent in a Gallup poll — said the economy was “getting worse” in November, echoing the Republican message.

“They’ve done a better job of saying, ‘The economy is not working as well as it should have and elect us and we’ll do a better job,’” said John Silvia, the chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina.

For years, House Speaker John Boehner, an Ohio Republican, repeated a simple mantra to needle Obama on the economy: “Where are the jobs?” To the dismay of some Democrats, the White House has avoided declaring victory in Washington’s rhetorical war over the economy because the slow pace of growth has frustrated those who haven’t felt the benefits of the recovery.

The jobs report “will have some impact on the public perception of the economy, as it should,” White House Press Secretary Josh Earnest said Dec. 5. “We certainly welcome those signs of strength. We want to make sure that — that working folks are experiencing those kinds of benefits, too.”

For more: http://www.bloomberg.com/news/2014-12-07/republican-message-sinks-in-even-as-obama-economy-gains-strength.html

 Biggest Payroll Gain in Almost Three Years Boosts U.S. Wages

Dec 5, 2014 6:27 AM PT By Victoria Stilwell – bloomberg

A broad-based November hiring surge ranging from factories to offices and retailers powered the U.S. economy to create the largest number of jobs in almost three years, triggering long-awaited wage gains.

The 321,000 advance in payrolls exceeded the most optimistic projection in a Bloomberg survey of economists and followed a 243,000 gain in October that was stronger than previously reported, figures from the Labor Department showed today in Washington. The jobless rate held at a six-year low of 5.8 percent. Average hourly earnings rose 0.4 percent, the most since June of last year.

Persistent job growth that’s generating income growth and stoking demand increases the likelihood of employment opportunities for even more Americans. Treasury yields rose as traders bet the improvement in the labor market will help assure Federal Reserve policy makers that the economy is strong enough to withstand an increase in borrowing costs next year.

“You’ve got this really nice dynamic going on in that there’s more jobs growth, more spending, stronger GDP growth, which in turn means more jobs being created,” said Nariman Behravesh, chief economist for IHS Inc. in Lexington, Massachusetts, and the second-best forecaster of payroll gains over the last two years, according to data compiled by Bloomberg. “It’s just a very good cycle to be in right now for the United States.”

For more: http://www.bloomberg.com/news/2014-12-05/payrolls-in-u-s-surge-by-most-since-early-2012-as-wages-pick-up.html

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Factories Keep Humming in U.S. Even Amid Global Slowing: Economy

Dec 1, 2014 9:08 AM PT By Victoria Stilwell – bloomberg

Manufacturing growth in the U.S. barely skipped a beat in November, holding near the strongest pace in three years, as the world’s largest economy rose above a global slowdown.

The Institute for Supply Management’s factory index was little changed at 58.7 last month, the second-strongest level since April 2011, compared with 59 in October, the Tempe, Arizona-based group reported today. Readings greater than 50 indicate expansion.

Orders over the past four months have been the strongest in a decade as growing demand from American clients makes up for any letdown among foreign customers. Figures yesterday showing retailers struggled to lure shoppers during the first weekend of the holiday season raise concern that the pace of growth will be difficult to sustain heading into 2015.

“Whatever is happening abroad, this sector seems to be shrugging it off,” said Guy Berger, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut, who projected a reading of 58.5. “There’s still a fair amount of momentum in the U.S. manufacturing sector.”

American producers keep powering ahead at the same time their global competitors slow. Manufacturing in Germany, France and Italy unexpectedly contracted last month, according to purchasing managers’ gauges. An index of Chinese manufacturing fell as mandatory plant shutdowns during the Asia-Pacific Economic Cooperation forum aggravated a pullback in the economy.

For more: http://www.bloomberg.com/news/2014-12-01/manufacturing-in-u-s-expanded-more-than-projected-in-november.html

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UPDATES: 

Dow Busts Through 18,000 on Hot GDP and a Patient Fed

Consumer Sentiment Ends 2014 at Seven-Year High in Michigan Poll

Economy Grows by 5% Most in a Decade on U.S. Consumer-Spending Gain

Personal Income increased 0.4% in November, Spending increased 0.6%
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GOP greets economic news with total silence

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Find Out What President Obama is  Doing to Improve Our Economyhttp://www.whitehouse.gov/economy
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