US Economy thread

[4everwarriors]

Keep drinkin' the Kool-Aid. Can't wait to hear all about the Buffoon's plan to retaliate against Iran. Probably gonna freeze more bread, aina?

[MU82]

82

Is it your SIL or BIL? Just curious.

Son in law.

And I do hope you note that it wasn't me who turned this new Economy thread, started by tower with best interests, into political theater.

Almost everybody, including you and I, have tried to keep it on topic.

IBTL

[Uncle Rico]

Keep drinkin' the Kool-Aid. Can't wait to hear all about the Buffoon's plan to retaliate against Iran. Probably gonna freeze more bread, aina?

https://www.rollingstone.com/politics/politics-features/donald-trump-more-popular-taylor-swift-maga-biden-1234956829/amp/

[MU82]

From the Sherwin-Williams earnings report:

"We expect to open 80 to 100 new stores in the U.S. and Canada in 2024. We'll also be focused on sales reps, capacity and productivity, system improvements and product innovation. Next month, at our Board of Directors meeting, we will recommend an annual dividend increase of 18.2% to $2.86 per share, up from $2.42 last year. If approved, this will mark the 46th consecutive year that we've increased our dividend."

Could have also gone in the Investing thread, but I thought this added a little information on the state of the economy.

[Goose]

82

Oops on the SIL. For some reason I thought you had mentioned a SIL or BIL in the past on a different topic. I guess I should have figured that out on my own.

As for making this political theater, I was surprised the Rico chose to respond to Doc's UPS layoff post in the manner he did.

[MU82]

82

Oops on the SIL. For some reason I thought you had mentioned a SIL or BIL in the past on a different topic. I guess I should have figured that out on my own.

As for making this political theater, I was surprised the Rico chose to respond to Doc's UPS layoff post in the manner he did.

You're right. It's been everyone other than Doc trying to turn this into politics.

Anyhoo ... how 'bout that economy?

[Uncle Rico]

You're right. It's been everyone other than Doc trying to turn this into politics.

Anyhoo ... how 'bout that economy?

It sucks.  We need to flip state houses and governorships to fix it.  Election Day can’t come soon enough because gas prices are up because of the green initiatives and no one wants to work but unemployment is up because of layoffs and Iran

[4everwarriors]

Must be the season, hey?


Charter Communications, which operates Spectrum cable TV and broadband services, is closing a residential retention call center.

[Uncle Rico]

Must be the season, hey?


Charter Communications, which operates Spectrum cable TV and broadband services, is closing a residential retention call center.

They should be able to find new jobs pretty easy since no one wants to work

[Pakuni]

Must be the season, hey?


Charter Communications, which operates Spectrum cable TV and broadband services, is closing a residential retention call center.

Since the beginning of 2022, construction spending on new factories has more than doubled, from an annualized rate of $91 billion in January 2022 to $189 billion in April 2023, the latest data available. That’s the biggest jump, by far, in data going back to 2002.

https://finance.yahoo.com/news/a-factory-boom-is-finally-happening-190048801.html

[TSmith34, Inc.]

It sucks.  We need to flip state houses and governorships to fix it.  Election Day can’t come soon enough because gas prices are up because of the green initiatives and no one wants to work but unemployment is up because of layoffs and Iran

'cause feebleminded Joe Biden is masterminding intricate global conspiracies. And the numbers showing higher than expected GDP, more job growth, and lower inflation are all fake. Also, the NFL is fixed so that Taylor Swift can crown Biden emperor at halftime of the Superbowl.

[Spotcheck Billy]

Must be the season, hey?


Charter Communications, which operates Spectrum cable TV and broadband services, is closing a residential retention call center.

Good on AI!

[Plaque Lives Matter!]

Wind energy orders are booming, a lot of them in the American south. Diversifying your power sources is good. Thanks IRA!

Nuclear is great until you have to run it in a for profit manner and realize its razor thin margins and decade plus to stand up at astronomical costs.

Unless we heavily subsidize but that’s worse than the fiery death of our planet to some.

[SoCalEagle]

It's not warehouse and delivery people getting laid off.  The holiday bump in workers are hired as temporary / part time.  This appears to be office people.


"The positions that would be eliminated this year are not union jobs, according to the Teamsters. The layoffs will instead affect managerial staff, “throughout the world and in all functions,” a statement by UPS said. The moves reflect a “change in the way we work,” Ms. Tomé said, and even if business rebounds, those jobs may not come back. Employees will also be expected to work from the office five days a week, she added."
https://www.nytimes.com/2024/01/30/business/ups-layoffs-rising-wages-union-contract.html

Did you see the part about it being 2%?

[4everwarriors]

Yeah, sum peepel wynn da lottery, aina?

[Uncle Rico]

Yeah, sum peepel wynn da lottery, aina?

Like protected class CEO’s

[Skatastrophy]

Yeah, sum peepel wynn da lottery, aina?

Megamillions is over $300MM right now

[The Lens]

Megamillions is over $300MM right now

But the taxes...

[dgies9156]

A couple of follow-up thoughts on the economy:

1) Inflation is largely under control. Whether you agree with the Federal Reserve or not, it's done a nice job of bringing inflation down to close to its target level. So much so, that the Fed is signaling rate cuts for this year.

2) But most people don't feel the benefit of a stronger economy -- yet! Think about it: Two years ago, you could borrow for a home at 3.0 percent and car loans were virtually interest free. Most personal purpose loans were so cheap banks were almost giving them away. Today, mortgages are in the 6 percent to 8 percent rate. Car loans aint cheap and banks are tightening credit. The little guy doesn't feel the benefit because his salary hasn't kept pace -- and won't for a few years -- and his cost of borrowing is sky high. Note that the folks today have no idea what we boomers had to pay in the 1980s for credit.

3) We all want a clean environment -- even Republicans do! But we don't want to live in caves, ride Amtrak everywhere we go and generally retreat to an 1890s lifestyle void of energy. I think most of us will make intelligent choices with our global environment in mind, up to a point. You try to take a Floridian's air conditioning away in July and watch a nasty that will make an alligator look like a house pet. You disallow gas use in new Chicago buildings and you've created a huge economic incentive for suburban communities and Indiana!

4) As for the comment that Nukes are coming back: Not in my lifetime. We haven't permitted a new nuclear plant in the United States since the 1970s. The last ones that came on line are Byron and Braidwood in Illinois in the early 1980s. If any utility wanted to build a nuclear power plant, the permitting, design, litigation, funds raising, construction, inspections and operating permit issuance likely would take at least 25 years, probably longer. I just don't see it and the reward to a private entity for a limited, regulated, return isn't worth the risk taken. Period. P.S. -- Chernobyl is real! My daughter is a Child of Chernobyl (she was born 75 miles north of Chernobyl in an area heavily bombarded by radiation). She was born six years after Chernobyl and there are certain tests she has done every year to make sure she's staying healthy.

I'm bullish on 2024 but overall scared for 2025. Given the choice we have for President -- between senility and insanity -- 2025 is going to be a rough year as the winners use legislation to take retribution on the losers. The economy will be the real loser. The best we can hope for is split government, regardless of who wins!

[tower912]

Dgies, you make rational points.
A note on nukes.  A nuke plant in Michigan that was decommissioned two years ago is likely going to reopen using different, new technology.   

[Jockey]

You try to take a Floridian's air conditioning away in July and watch a nasty that will make an alligator look like a house pet.

I'm bullish on 2024 but overall scared for 2025. Given the choice we have for President -- between senility and insanity -- 2025 is going to be a rough year as the winners use legislation to take retribution on the losers. The economy will be the real loser. The best we can hope for is split government, regardless of who wins!

While I agree with most of your long post, there are a couple areas that I disagree with.

1. Who is advocating for taking away air conditioning in Florida?

2. Biden is old and moves like it - but you're nuts if you think he is senile - or just maybe watched too much Fox. He has passed numerous important bills despite constant opposition. The economy is humming. +He is dealing with an entire party that has gone insane (i.e. Rs saying no money for Israel or Ukraine without money for the border. Biden and Ds say yes to money for the border and Rs say we won't pass ANY border legislation). These are not sane people.

[dgies9156]

While I agree with most of your long post, there are a couple areas that I disagree with.

1. Who is advocating for taking away air conditioning in Florida?

Fortunately, our state has an excellent and comparatively inexpensive electric utility — Florida Power and Light. We should be set for the next 10 years, assuming our state doesn’t balloon in population to 100 million.

The reason I made the comment is concern over whether we will have enough electricity to deal with the impending demand. States like California are banning sale of gasoline powered autos in the years ahead. If we ban gas as a heating and cooking fuel and more states outlaw sale of internal combustion engines, the question has to be asked, “Where is the power coming from?”

Building a new power plant, start to finish, is a 10+ year process. Renewables certainly will help but even in the Sunshine State, we will need natural gas and coal for the foreseeable future.

If we don’t build new capacity to keep up with demand for electricity, eventually we Floridians will be worried about our air conditioning!

For the record, California already is having electric blackout outs on hot summer days.

[Jay Bee]

Some of y’all are clueless

[MU Fan in Connecticut]

Georgia is building 2 nuclear reactors.  They are way behind schedule and way over budget but progressing.

Here in Connecticut, our remaining nuclear reactor was recently deemed clean energy and allowed a very long permit as well as other legalities to allow owner Old Dominion to build another nuclear plant on the same site (TBD).

[jesmu84]

A couple of follow-up thoughts on the economy:

2) But most people don't feel the benefit of a stronger economy -- yet! Think about it: Two years ago, you could borrow for a home at 3.0 percent and car loans were virtually interest free. Most personal purpose loans were so cheap banks were almost giving them away. Today, mortgages are in the 6 percent to 8 percent rate. Car loans aint cheap and banks are tightening credit. The little guy doesn't feel the benefit because his salary hasn't kept pace -- and won't for a few years -- and his cost of borrowing is sky high. Note that the folks today have no idea what we boomers had to pay in the 1980s for credit.

This sounds like "trickle down" economics. Is that what you're describing?