Wednesday , December 11 2019
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Trucks, Chemicals, Oil, Fed comments

Summary:
America’s largest truck-engine manufacturer just announced 2,000 layoffs — and it’s another sign of the trucking ‘bloodbath’ that’s slamming the 0 billion industry Volvo announces mass layoffs due to lack of demand for trucks US Chemical Output Slows in October As Manufacturing Cools Oil Drillers Continue to Remove Rigs From Permian Basin Total US Rig Count Declines: Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 803 in the week through Nov 22, lower than the prior-week count of 806. The current national rig count is also below the prior year’s 1079. US Refiners Reduce Crude Processing for First Time Since 2009 Fed’s Powell:However, Powell added that the Fed does see some risks, including: –Trade. “Business

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America’s largest truck-engine manufacturer just announced 2,000 layoffs — and it’s another sign of the trucking ‘bloodbath’ that’s slamming the $800 billion industry

Volvo announces mass layoffs due to lack of demand for trucks

US Chemical Output Slows in October As Manufacturing Cools

Oil Drillers Continue to Remove Rigs From Permian Basin

Total US Rig Count Declines: Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 803 in the week through Nov 22, lower than the prior-week count of 806. The current national rig count is also below the prior year’s 1079.

US Refiners Reduce Crude Processing for First Time Since 2009

Fed’s Powell:
However, Powell added that the Fed does see some risks, including: –Trade. “Business contacts around the country have been telling us that trade-related uncertainties are weighing on their decisions. These global developments have been holding back overall economic growth.”

–Manufacturing. Powell said that U.S. manufacturing output only recently surpassed its pre-recession levels and has since declined this year. He added that business investment “has also weakened.”

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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