Job openings have fallen to the lowest level in several years at 9.6 million. The recent high was 10.3 million. The number of employees quitting jobs fell to 3.8 million from 4.1 million which is a further sign of the job market cooling.
Mr. Trump is reporting that his campaign finances are being drained by his legal costs. Apparently, in the most recent filing period he took in $53 million and spent $42 million, but at the same time he was seeking to recover from one of his packs money that had been transferred to it to the tune of $60 million. It may be that what causes the Trump train to derail will be lack of money, there is some irony there.
A few comments on China’s economy are worth noting. China is apparently moving into a period of deflation as prices are falling which is reflective of the overall slowdown in their economy, but at the same time, its debt continues to increase. On another economic front for China, its exports fell by 14.5% in July from a year earlier, while imports dropped to 12.4%. It is particularly worth noting that China’s exports to the US dropped by 23.1%, and to Europe by 20.6%, and interestingly enough, its imports from Russia fell 8.1%. Clearly, this has major potential ramifications for the US and the world economy. At the same time, it creates opportunity and we will have to carefully watch what the import/export situation is between the US and Europe and other parts of the world to determine if, in fact, the United States is picking up the slack, and whether any of the reshoring that has been talked about is actually occurring.
Canada’s trade deficit grew to 3.7 billion in June which, of course, is greatly impacted by oil and other natural resources. The US deficit, on the other hand, is narrowing, down 7.3 billion.
In Trump news, it was recently disclosed that a 2020 campaign memo details the steps to be taken to put false electors into the discussion in an attempt to overturn the real election results. This memo was not uncovered by the January 6 Committee’s investigation that may well be that smoking gun that everyone is always looking for.
In climate news, it appears that the Pacific Ocean off the coast of Ecuador is actually cooling, and has been for a number of years. The scientific analysis that has been done to date would indicate that this could be a substantial aid to reducing the overall warming trend, but the cause of it is still unclear, as well as the extent. Maybe mother nature has some surprises in store for us instead of moving into a hot age, we may be moving towards an ice age.
Mr. Trump put on display his juvenile antics when he taunted the US soccer team on its defeat, primarily because he doesn’t like Megan Rapinoe. Republicans appear to be silent on this issue, including the voice of our Congresswoman.
Rail freight from Canada to the US continues to drop as a result of the Canadian port strike. Given the fact that overall trade does not seem to be declining, that freight must be moving by truck or other means into the US.
Hunter Biden’s special prosecutor finds Republicans complaining about what they requested. A Republican US attorney was appointed. Hypocrisy reigns.
Bill Owens is a former member of Congress representing the New York 21st, a partner in Stafford, Owens, Piller, Murnane, Kelleher and Trombley in Plattsburgh, NY and a Strategic Advisor at Dentons to Washington, DC.
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