1 00:00:10,960 --> 00:00:13,800 Speaker 1: This is America's trunck and Network with Kevin Gordon. 2 00:00:15,880 --> 00:00:19,760 Speaker 2: Welcome aboard, Thanks for tuning in on this Thanksgiving Eve. 3 00:00:20,680 --> 00:00:23,640 Speaker 2: There is a lot of economic news that it was 4 00:00:23,800 --> 00:00:26,520 Speaker 2: dumped on us over the last couple of days, which 5 00:00:26,560 --> 00:00:30,080 Speaker 2: is kind of as a result of the shut down 6 00:00:30,560 --> 00:00:34,240 Speaker 2: and some of these reports being delayed in the tract 7 00:00:34,320 --> 00:00:36,919 Speaker 2: on which they normally come out has been pushed up 8 00:00:37,040 --> 00:00:40,239 Speaker 2: or pushed back, depending upon what report it is, and 9 00:00:40,280 --> 00:00:43,400 Speaker 2: so we got a lot of these reports now. The 10 00:00:43,440 --> 00:00:47,880 Speaker 2: American Transportation Research Institute a couple months ago, actually actually 11 00:00:48,120 --> 00:00:51,159 Speaker 2: I think last month published a report talking about what 12 00:00:51,240 --> 00:00:53,120 Speaker 2: was the most important thing as far as the truck's 13 00:00:53,440 --> 00:00:57,360 Speaker 2: trucking industry is concerned. And of course from the owner 14 00:00:57,400 --> 00:01:01,480 Speaker 2: operator standpoint is different from the truck drive themselves versus 15 00:01:01,560 --> 00:01:04,840 Speaker 2: the trucking executives. But as far as the trucking people 16 00:01:05,000 --> 00:01:07,559 Speaker 2: out there, you out in the public that out there 17 00:01:07,560 --> 00:01:09,520 Speaker 2: on the road on a day to day basis, the 18 00:01:09,600 --> 00:01:13,120 Speaker 2: number one thing on your mind is the economy. And 19 00:01:13,160 --> 00:01:15,040 Speaker 2: that's one of the reasons why I spend a lot 20 00:01:15,040 --> 00:01:18,880 Speaker 2: of time talking about the economy, because again, what we 21 00:01:19,000 --> 00:01:22,720 Speaker 2: are hearing from the spoon fed regurgitators in the mainstream media, 22 00:01:22,800 --> 00:01:26,039 Speaker 2: and what we're hearing in terms of these numbers, in 23 00:01:26,120 --> 00:01:30,720 Speaker 2: terms of the headlines, even the difference in the headlines 24 00:01:31,040 --> 00:01:33,880 Speaker 2: for the same story when you go from one report 25 00:01:33,920 --> 00:01:36,000 Speaker 2: to another is just incredible. 26 00:01:36,120 --> 00:01:37,520 Speaker 1: Let me give you an example here. 27 00:01:37,840 --> 00:01:41,640 Speaker 2: All right, three separate companies are three separate reporting agencies. 28 00:01:42,160 --> 00:01:46,760 Speaker 2: Core wholesale prices rose lesson expected in September, which is good, 29 00:01:46,920 --> 00:01:51,320 Speaker 2: right now, that's the NBC from Reuters rising energy costs 30 00:01:51,440 --> 00:01:56,240 Speaker 2: lift producer prices, lift producer prices in September. That would 31 00:01:56,280 --> 00:01:58,800 Speaker 2: say that, okay, well, gee, whiz prices are going up. 32 00:01:59,160 --> 00:02:04,600 Speaker 2: According to another I think this is ap producer price 33 00:02:04,640 --> 00:02:09,600 Speaker 2: to climb in September as gasoline costs surge, wholesale goods 34 00:02:09,720 --> 00:02:14,119 Speaker 2: lead inflation, while service prices hold steady. Now, during those 35 00:02:14,160 --> 00:02:17,920 Speaker 2: three different headlines, you get three different impressions of what's 36 00:02:18,000 --> 00:02:21,240 Speaker 2: going on. Let's start off with c NBC Producer price 37 00:02:21,280 --> 00:02:25,359 Speaker 2: index increase they seasonally adjusted point three percent for September, 38 00:02:25,720 --> 00:02:30,519 Speaker 2: in line with the Dow Jones consensus estment. However, excluding 39 00:02:30,800 --> 00:02:34,240 Speaker 2: energy and food, the index rows just zero point one 40 00:02:34,400 --> 00:02:39,440 Speaker 2: percent below the point two percent estimate. Retail sales increase 41 00:02:39,520 --> 00:02:43,440 Speaker 2: point two percent in September a bit softer than the 42 00:02:43,520 --> 00:02:48,360 Speaker 2: point three percent forecast. However, sales excluding autos rowse point 43 00:02:48,400 --> 00:02:51,280 Speaker 2: three percent. Basically to cut through all the crap there 44 00:02:51,280 --> 00:02:53,600 Speaker 2: in terms of what they're saying, is that the bottom 45 00:02:53,680 --> 00:02:56,000 Speaker 2: line as far as what inflation is doing. As far 46 00:02:56,040 --> 00:02:58,840 Speaker 2: as the producer price index, now this is different than 47 00:02:58,880 --> 00:03:02,680 Speaker 2: the consumer price index. Producer price index. The amount is 48 00:03:02,720 --> 00:03:07,640 Speaker 2: the prices going into these different wholesalers, the manufacturers, etc. 49 00:03:08,160 --> 00:03:13,520 Speaker 2: Going into the production of these items, and then on 50 00:03:13,560 --> 00:03:15,800 Speaker 2: the other end, when that goes out to the consumer, 51 00:03:16,040 --> 00:03:19,560 Speaker 2: that would be those price increases there. So this is 52 00:03:19,639 --> 00:03:24,120 Speaker 2: the increase in prices going to the actual assembly or 53 00:03:24,200 --> 00:03:28,560 Speaker 2: the actual wholesale prices that are affecting the wholesale prices, 54 00:03:29,000 --> 00:03:31,760 Speaker 2: and so when you see those prices go up, that's. 55 00:03:31,600 --> 00:03:34,079 Speaker 1: Kind of an indicator, a leading indicator. 56 00:03:33,560 --> 00:03:36,640 Speaker 2: Of what you're going to expect as far as consumer prices. 57 00:03:36,680 --> 00:03:39,680 Speaker 2: On the other end, but every one of these things, 58 00:03:39,680 --> 00:03:44,800 Speaker 2: they talk about energy costs, they talk about rising gasoline prices. Now, 59 00:03:45,040 --> 00:03:48,960 Speaker 2: the gasoline prices you would expect again during the summer 60 00:03:49,080 --> 00:03:52,840 Speaker 2: driving season, during the tail end when people are on vacation, 61 00:03:53,160 --> 00:03:54,680 Speaker 2: you're going to have a lot of people out on 62 00:03:54,720 --> 00:03:56,880 Speaker 2: the road, And what happens when you have a lot 63 00:03:56,880 --> 00:03:59,600 Speaker 2: of consumers out there, when you have a lot of demand, 64 00:04:00,120 --> 00:04:03,000 Speaker 2: you have the normal amount of supply, you're going to 65 00:04:03,080 --> 00:04:06,520 Speaker 2: have rising prices. Now, if you notice going into this 66 00:04:06,600 --> 00:04:11,240 Speaker 2: Thanksgiving season, they're talking about gasoline prices being the lowest 67 00:04:11,240 --> 00:04:13,920 Speaker 2: they've been in a very long time. As a matter 68 00:04:13,960 --> 00:04:17,440 Speaker 2: of fact, national average for gasoline prices right now well 69 00:04:17,480 --> 00:04:20,640 Speaker 2: as of today, was three dollars and six cents, which 70 00:04:20,680 --> 00:04:23,000 Speaker 2: is a little bit below of where it was a 71 00:04:23,080 --> 00:04:25,600 Speaker 2: year ago, and a couple of pennies below where it 72 00:04:25,680 --> 00:04:28,280 Speaker 2: was a week ago or so. But when you're looking 73 00:04:28,320 --> 00:04:31,120 Speaker 2: at these prices, and again, if you're looking at gasoline prices, 74 00:04:31,279 --> 00:04:34,400 Speaker 2: the same gasoline prices, if they're even within a couple 75 00:04:34,400 --> 00:04:38,200 Speaker 2: of pennies of last year, basically indicates no inflation in 76 00:04:38,279 --> 00:04:41,120 Speaker 2: those prices over that period of time. But if you're 77 00:04:41,160 --> 00:04:44,960 Speaker 2: focusing just on the month of the particular month, especially 78 00:04:45,120 --> 00:04:47,640 Speaker 2: during the summer driving season, when you've got a lot 79 00:04:47,680 --> 00:04:49,880 Speaker 2: of people out there on the road and a lot 80 00:04:49,880 --> 00:04:54,440 Speaker 2: of consumption, you're going to have rising up prices. And 81 00:04:54,480 --> 00:04:57,200 Speaker 2: when you look back over the years, that generally is 82 00:04:59,000 --> 00:05:01,880 Speaker 2: the latter part of and then in August, when people 83 00:05:01,960 --> 00:05:04,800 Speaker 2: are mostly on vacation, is when you see gas prices 84 00:05:04,839 --> 00:05:07,400 Speaker 2: going up during the summer. And then of course at 85 00:05:07,440 --> 00:05:10,400 Speaker 2: the end of the summer there you start switching away 86 00:05:10,760 --> 00:05:14,160 Speaker 2: and some of these refining refineries shut down a little 87 00:05:14,160 --> 00:05:17,200 Speaker 2: bit or closed down for maintenance because they're converting from 88 00:05:17,240 --> 00:05:20,440 Speaker 2: the summer blends to the winter blends. And so when 89 00:05:20,440 --> 00:05:23,880 Speaker 2: you've got that going into it, that shouldn't be a 90 00:05:23,920 --> 00:05:26,919 Speaker 2: situation where people are hitting the panic button. That is 91 00:05:26,920 --> 00:05:29,720 Speaker 2: the seasonality type of thing, and it's a typical thing 92 00:05:29,720 --> 00:05:32,680 Speaker 2: on a regular basis, But in so many instances, the 93 00:05:32,760 --> 00:05:36,280 Speaker 2: spoon fed regurgitators in the mainstream media just can't help 94 00:05:36,320 --> 00:05:41,400 Speaker 2: themselves that they want to portray this economy as terrible 95 00:05:41,720 --> 00:05:45,080 Speaker 2: and that prices are rising, that people are panicking because 96 00:05:45,080 --> 00:05:48,040 Speaker 2: of inflation. As we talked about yesterday, we were talking 97 00:05:48,040 --> 00:05:51,480 Speaker 2: about this story, and in the story itself, they said 98 00:05:51,960 --> 00:05:59,560 Speaker 2: people are frustrated after more than five years of increase inflation. Okay, 99 00:06:00,080 --> 00:06:03,520 Speaker 2: where was the panic four years ago? Where was the 100 00:06:03,560 --> 00:06:07,520 Speaker 2: panic three years ago? Where were these stories two years ago? 101 00:06:07,960 --> 00:06:11,800 Speaker 2: Where were these stories a year ago? But we want 102 00:06:11,800 --> 00:06:15,360 Speaker 2: to focus on the last eleven months because somebody can't 103 00:06:15,400 --> 00:06:20,320 Speaker 2: wave a magic wand and bring prices down considerably. You know, 104 00:06:20,400 --> 00:06:23,920 Speaker 2: we've talked in terms of every time they've talked about tariffs, 105 00:06:23,960 --> 00:06:26,680 Speaker 2: the tariffs are going to rise and raise inflation, that 106 00:06:26,720 --> 00:06:29,200 Speaker 2: they're going to add to inflation, and yet we don't 107 00:06:29,200 --> 00:06:30,160 Speaker 2: see it in the numbers. 108 00:06:30,240 --> 00:06:31,880 Speaker 1: It's not reflected in the numbers. 109 00:06:32,440 --> 00:06:35,560 Speaker 2: And then when we looked at the individual costs behind 110 00:06:35,600 --> 00:06:38,359 Speaker 2: these things, one of the things too, let me step 111 00:06:38,400 --> 00:06:40,640 Speaker 2: back a minute, and as far as these gasoline prices 112 00:06:40,680 --> 00:06:44,560 Speaker 2: are concerned, let's not forget the heavy hand of government. 113 00:06:45,000 --> 00:06:47,400 Speaker 2: There have been we've reported on here a couple of 114 00:06:47,400 --> 00:06:50,600 Speaker 2: times over the summer that as of July or as 115 00:06:50,680 --> 00:06:53,880 Speaker 2: of a certain period of time, the gasoline tax from 116 00:06:53,920 --> 00:06:57,080 Speaker 2: these individual states have gone up. So if you take 117 00:06:57,120 --> 00:07:00,760 Speaker 2: a if you take a three dollars gallon of gasoline 118 00:07:01,120 --> 00:07:03,880 Speaker 2: and you add a state sales tax on that or 119 00:07:03,920 --> 00:07:07,080 Speaker 2: a gasoline tax on that from a state of three cents, 120 00:07:07,760 --> 00:07:11,720 Speaker 2: that's basically a one percent increase in that cost of gasoline. 121 00:07:11,880 --> 00:07:14,320 Speaker 2: But see, nobody ever wants to talk about, you know, 122 00:07:14,360 --> 00:07:18,040 Speaker 2: we always want to talk about how companies and the 123 00:07:18,080 --> 00:07:21,920 Speaker 2: corporations are ripping off the American public. That they're gouging 124 00:07:22,040 --> 00:07:25,240 Speaker 2: us as far as prices and concerned. Why doesn't anybody 125 00:07:25,280 --> 00:07:28,160 Speaker 2: ever concern themselves with the gouging that we get from 126 00:07:28,200 --> 00:07:31,360 Speaker 2: the federal government thirty nine percent top end of the 127 00:07:31,440 --> 00:07:36,520 Speaker 2: tax incre of taxes, sales taxes, seven percent, seven percent 128 00:07:36,560 --> 00:07:39,240 Speaker 2: in the state of Kentucky. I think in New York 129 00:07:39,360 --> 00:07:43,800 Speaker 2: or so it's like nine percent. Where is Why don't 130 00:07:43,800 --> 00:07:46,960 Speaker 2: people get concerned about the confiscation of our wealth from 131 00:07:47,000 --> 00:07:50,440 Speaker 2: the federal government or from these governmental agencies. Why don't 132 00:07:50,440 --> 00:07:54,440 Speaker 2: they talk about government greed in terms of wanting our money. 133 00:07:54,640 --> 00:07:57,120 Speaker 2: If you talk to some of these people in the government, 134 00:07:57,160 --> 00:07:59,880 Speaker 2: they will talk about, well, you know we let this, 135 00:08:00,080 --> 00:08:03,440 Speaker 2: you know we have this, we allow this deduction for people, 136 00:08:03,720 --> 00:08:06,760 Speaker 2: and that that really costs the federal I've actually heard 137 00:08:06,800 --> 00:08:09,440 Speaker 2: people talk in terms of the interest rate. You know, 138 00:08:09,480 --> 00:08:12,600 Speaker 2: when you get your taxes and you figure out your 139 00:08:12,640 --> 00:08:15,280 Speaker 2: mortgage and then the interest deduction that you get to 140 00:08:15,320 --> 00:08:18,160 Speaker 2: take on your mortgage, the interest that you get to 141 00:08:18,200 --> 00:08:20,040 Speaker 2: take in deduction from your taxes. 142 00:08:20,200 --> 00:08:21,480 Speaker 1: People talk in terms of that. 143 00:08:21,800 --> 00:08:25,880 Speaker 2: Do you realize that that interest rate deduction on your 144 00:08:25,880 --> 00:08:29,360 Speaker 2: income tax cost the federal government X number of dollars? 145 00:08:29,720 --> 00:08:32,319 Speaker 2: What do you mean you mean where the government has 146 00:08:32,360 --> 00:08:35,840 Speaker 2: to send us back that money or where we reduct 147 00:08:36,160 --> 00:08:40,640 Speaker 2: we deduct that from our taxes. We pay attention to 148 00:08:40,880 --> 00:08:44,280 Speaker 2: what the laws have been created by Congress, and we 149 00:08:44,320 --> 00:08:47,640 Speaker 2: take advantage of that in terms of reducing our taxes, 150 00:08:48,000 --> 00:08:54,080 Speaker 2: and that costs the government. See in that mentality, their 151 00:08:54,160 --> 00:08:58,360 Speaker 2: thought is is that every dime you earn is theirs. 152 00:08:58,840 --> 00:08:59,480 Speaker 1: They own. 153 00:08:59,679 --> 00:09:03,120 Speaker 2: Every dime you earn, what you take home, your take 154 00:09:03,120 --> 00:09:06,080 Speaker 2: home pay. That's not the amount of money that after 155 00:09:06,120 --> 00:09:09,480 Speaker 2: they confiscate your wealth, after they confiscate your taxes, that's 156 00:09:09,520 --> 00:09:12,240 Speaker 2: the money you're left with. No, that is the money 157 00:09:12,360 --> 00:09:15,920 Speaker 2: they let you keep. In their mind, all the money 158 00:09:15,960 --> 00:09:18,520 Speaker 2: you earn is actually theirs. And so when you hear 159 00:09:18,559 --> 00:09:20,840 Speaker 2: them talking about, well we need this for that and 160 00:09:20,840 --> 00:09:23,840 Speaker 2: all this sort of stuff. Again, why doesn't anybody ever 161 00:09:23,920 --> 00:09:28,560 Speaker 2: concentrate on or talk about the greed of government? Anyway, 162 00:09:28,559 --> 00:09:30,800 Speaker 2: we'll pick this story up coming up. I'm Kevin Gordon, 163 00:09:30,840 --> 00:09:39,040 Speaker 2: America's Trucking Network, seven hundred WLW. I'm Kevin Gordon, America'structing Network, 164 00:09:39,120 --> 00:09:43,000 Speaker 2: seven hundred WLW. Talking about these energy prices and talking 165 00:09:43,000 --> 00:09:45,920 Speaker 2: about the producer Price Index and so on and they're 166 00:09:45,960 --> 00:09:50,800 Speaker 2: talking about how energy prices are increasing and so on, Well. 167 00:09:50,760 --> 00:09:53,360 Speaker 1: Where are the tariffs? As far as that is concerned. 168 00:09:53,800 --> 00:09:56,360 Speaker 2: Aren't some of these energy prices as a result of 169 00:09:56,360 --> 00:10:00,160 Speaker 2: the regulations that the government has put on these and 170 00:10:00,200 --> 00:10:03,680 Speaker 2: the restrictions they put on that creates the tight supply. 171 00:10:04,320 --> 00:10:08,920 Speaker 2: The fact that we haven't built a new refinery in 172 00:10:08,960 --> 00:10:13,559 Speaker 2: the United States in over forty seven years. Forty seven years, 173 00:10:13,760 --> 00:10:16,360 Speaker 2: When was the last time you heard that? Oh, well, 174 00:10:16,720 --> 00:10:22,000 Speaker 2: any manufacturing company hasn't changed their manufacturing process in over 175 00:10:22,080 --> 00:10:24,920 Speaker 2: forty seven years. How many times have you heard that 176 00:10:26,000 --> 00:10:30,520 Speaker 2: a particular company hasn't expanded in forty seven years? Well, 177 00:10:30,640 --> 00:10:34,720 Speaker 2: the refining industry with and again when you look at 178 00:10:34,720 --> 00:10:37,920 Speaker 2: forty seven years, how our population has grown, how many 179 00:10:37,920 --> 00:10:40,560 Speaker 2: more people are out on the highways driving these days, 180 00:10:41,160 --> 00:10:45,400 Speaker 2: And the fact that we have our refining capabilities running 181 00:10:45,400 --> 00:10:48,400 Speaker 2: about ninety five ninety six percent. I don't know that 182 00:10:48,400 --> 00:10:51,080 Speaker 2: there's a business out there that runs at ninety six 183 00:10:51,120 --> 00:10:57,120 Speaker 2: percent efficiency. Now, well, accept americastructure network. We generally operate 184 00:10:57,160 --> 00:11:00,480 Speaker 2: around well, I'd say about ninety nine percent efficiency. But again, 185 00:11:01,120 --> 00:11:05,360 Speaker 2: when you look at different businesses, they don't operate that high. 186 00:11:05,440 --> 00:11:09,520 Speaker 2: And yet the petroleum industry, refining industry, they are operating 187 00:11:09,520 --> 00:11:14,240 Speaker 2: at ninety five ninety six percent capacity and efficiency. So 188 00:11:14,679 --> 00:11:17,280 Speaker 2: when you look at these energy prices, there's a reason 189 00:11:17,320 --> 00:11:19,520 Speaker 2: for them. We explain in the for a previous segment, 190 00:11:19,760 --> 00:11:22,200 Speaker 2: the fact that when you've got these summer blends that 191 00:11:22,200 --> 00:11:24,920 Speaker 2: are in there, they are called they cost more to produce. 192 00:11:25,080 --> 00:11:28,760 Speaker 2: They cost because there's more additives in there to reduce pollution, 193 00:11:29,200 --> 00:11:32,199 Speaker 2: especially during the summer months. So when those additives are 194 00:11:32,200 --> 00:11:35,160 Speaker 2: in there, that increases the cost of gasoline. And of 195 00:11:35,200 --> 00:11:38,240 Speaker 2: course during the summer driving season tail end of the 196 00:11:38,240 --> 00:11:40,640 Speaker 2: summer driving season, you're going to see more people out 197 00:11:40,679 --> 00:11:43,520 Speaker 2: on the road, more people having a vacation, more people 198 00:11:43,559 --> 00:11:46,680 Speaker 2: out there, which is a good sign for the economy, 199 00:11:47,160 --> 00:11:50,199 Speaker 2: which isn't a bad sign because if there's more consumption 200 00:11:50,800 --> 00:11:54,600 Speaker 2: and there's more more consuming of gasoline, that means people 201 00:11:54,640 --> 00:11:57,160 Speaker 2: are out there driving, That means that they're out having fun, 202 00:11:57,200 --> 00:12:01,000 Speaker 2: they're on vacation, they're spending money make keeping the wheels 203 00:12:01,000 --> 00:12:03,839 Speaker 2: of the economy moving along. The cost of energy in 204 00:12:03,920 --> 00:12:07,320 Speaker 2: terms of transportation, as far as diesel prices are concerned, 205 00:12:07,520 --> 00:12:11,880 Speaker 2: or the diesel amount that's consumed, those indicates that there's 206 00:12:11,920 --> 00:12:14,040 Speaker 2: more and more trucks on the road, more and more 207 00:12:14,040 --> 00:12:17,240 Speaker 2: stuff being delivered to stores, more and more stuff being 208 00:12:17,280 --> 00:12:19,800 Speaker 2: delivered all around the country, and so that would be 209 00:12:19,840 --> 00:12:23,679 Speaker 2: a good sign. But these are just seasonal types of things, 210 00:12:23,720 --> 00:12:25,720 Speaker 2: and it seems like as though that they want to 211 00:12:26,000 --> 00:12:28,720 Speaker 2: concentrate on that. And yet when they look at the 212 00:12:28,760 --> 00:12:33,200 Speaker 2: overall producer price index, it is basically unchanged from what 213 00:12:33,280 --> 00:12:36,120 Speaker 2: it was back in August. So when you look at that, 214 00:12:36,280 --> 00:12:38,480 Speaker 2: it's not going up, it may not be going down. 215 00:12:38,720 --> 00:12:42,000 Speaker 2: It's basically the same, and that is not a bad 216 00:12:42,080 --> 00:12:45,320 Speaker 2: thing in the overall context of everything. But I just 217 00:12:45,360 --> 00:12:47,760 Speaker 2: find it interesting when you look at the individual headlines 218 00:12:47,960 --> 00:12:51,880 Speaker 2: rising energy costs, lift producer prices or core or a 219 00:12:51,960 --> 00:12:58,199 Speaker 2: better summary core Core wholesale prices rose less than expected 220 00:12:58,240 --> 00:12:59,000 Speaker 2: in September. 221 00:12:59,360 --> 00:13:01,120 Speaker 1: Retail s also gain. 222 00:13:01,480 --> 00:13:06,240 Speaker 2: Now I saw another headline that people are encouraged or 223 00:13:06,760 --> 00:13:11,960 Speaker 2: talking about despite the tepid retail sales gains. Well, if 224 00:13:12,360 --> 00:13:16,040 Speaker 2: retail sales are going and again it depends on how. 225 00:13:15,800 --> 00:13:16,640 Speaker 1: They are viewing this. 226 00:13:16,920 --> 00:13:19,760 Speaker 2: Are they viewing this as a glass half empty or 227 00:13:19,800 --> 00:13:23,880 Speaker 2: a glass half full? It depends on the news agency. 228 00:13:24,160 --> 00:13:27,640 Speaker 2: When they're looking at the individual prices in terms of 229 00:13:27,880 --> 00:13:31,080 Speaker 2: retail sales and what's going on there. There's been some 230 00:13:31,160 --> 00:13:35,160 Speaker 2: good news there. Let's see core wholesale prices rose far 231 00:13:35,240 --> 00:13:39,400 Speaker 2: listening expected retail sales gain retail sales, I believe we're 232 00:13:39,480 --> 00:13:42,560 Speaker 2: up two tenths of a percentage point in September, a 233 00:13:42,600 --> 00:13:45,440 Speaker 2: bit softer than the three tenths of a percentage point 234 00:13:45,480 --> 00:13:50,360 Speaker 2: that they expected. However, sales excluding autos rose point three percent, 235 00:13:50,559 --> 00:13:54,480 Speaker 2: in line with estimates. Misscellaneous retailers saw a two point 236 00:13:54,640 --> 00:13:58,360 Speaker 2: nine percent increase on the month, while gas stations, owing 237 00:13:58,400 --> 00:14:02,840 Speaker 2: to the higher prices, increased two percent. Sporting goods, hobby 238 00:14:02,880 --> 00:14:06,200 Speaker 2: and music stores saw two point five percent decline, and 239 00:14:06,520 --> 00:14:09,880 Speaker 2: online sales were off by eight point seven percent. The 240 00:14:09,920 --> 00:14:13,640 Speaker 2: fact the gasoline prices that the gasoline stations are selling 241 00:14:13,640 --> 00:14:16,600 Speaker 2: more gasoline, that's a good indication in terms of the 242 00:14:16,600 --> 00:14:19,920 Speaker 2: strength of the economy. Sales at eating and drinking establishment 243 00:14:20,000 --> 00:14:24,400 Speaker 2: and indicator of discretionary spending, increased a solid point seven 244 00:14:24,480 --> 00:14:27,920 Speaker 2: percent on the month and were up six point seven 245 00:14:28,000 --> 00:14:31,640 Speaker 2: percent from a year ago. Retail sales, which are adjusted 246 00:14:31,680 --> 00:14:36,240 Speaker 2: for seasonality but not inflation, increased four point three percent 247 00:14:36,480 --> 00:14:39,960 Speaker 2: from a year ago, ahead of the three percent CPI 248 00:14:40,160 --> 00:14:44,640 Speaker 2: rate for the month. So the retail sales because of 249 00:14:44,680 --> 00:14:47,720 Speaker 2: that one number, because they were expecting it to go 250 00:14:47,840 --> 00:14:51,440 Speaker 2: up point three percent over all and it only went 251 00:14:51,520 --> 00:14:54,400 Speaker 2: up two point two percent, they were saying that there's 252 00:14:54,800 --> 00:14:59,200 Speaker 2: soft retail sales one tenth of a percentage point. In 253 00:14:59,320 --> 00:15:03,000 Speaker 2: terms of what the sales are versus what people are 254 00:15:03,040 --> 00:15:06,640 Speaker 2: anticipating in terms of an increase that is not that 255 00:15:06,800 --> 00:15:10,560 Speaker 2: far off, and to only concentrate on the negative is 256 00:15:10,640 --> 00:15:12,720 Speaker 2: one of the things that I talk about in terms 257 00:15:12,720 --> 00:15:16,440 Speaker 2: of how the spoon fed regurgitators in the mainstream media 258 00:15:16,520 --> 00:15:20,520 Speaker 2: are trying to manufacture a recession. They are trying to 259 00:15:20,720 --> 00:15:24,160 Speaker 2: downplay the economy. They're trying to put the idea in 260 00:15:24,200 --> 00:15:27,720 Speaker 2: people's head that things are worse than they actually are. 261 00:15:27,920 --> 00:15:28,200 Speaker 1: Now. 262 00:15:28,720 --> 00:15:32,240 Speaker 2: I know that on a regular basis, when you're talking 263 00:15:32,280 --> 00:15:37,000 Speaker 2: about lower income people, they are definitely affected more by 264 00:15:37,040 --> 00:15:40,560 Speaker 2: some of these rising prices. But if you're talking about 265 00:15:40,800 --> 00:15:47,320 Speaker 2: rising gasoline prices, when you're talking about increase regulatory mandates 266 00:15:47,320 --> 00:15:52,120 Speaker 2: on the energy production and that increases the cost, that 267 00:15:52,320 --> 00:15:54,760 Speaker 2: is some of the stuff that's affecting the lower end. 268 00:15:54,840 --> 00:15:57,800 Speaker 2: Because those people on the lower end of the scale 269 00:15:58,080 --> 00:16:00,480 Speaker 2: can't afford that. But when you look at the food 270 00:16:00,560 --> 00:16:03,440 Speaker 2: prices overall and what they're doing, and especially at this 271 00:16:03,520 --> 00:16:06,840 Speaker 2: time of the year, during the holidays and during Thanksgiving, 272 00:16:07,440 --> 00:16:09,520 Speaker 2: as I've said, I'm you know, being out in the 273 00:16:09,520 --> 00:16:12,360 Speaker 2: grocery stores and looking at the numbers from last year 274 00:16:12,640 --> 00:16:15,960 Speaker 2: that we spent in the Gordon household versus what we're 275 00:16:15,960 --> 00:16:19,240 Speaker 2: spending this year. We are below what we were spending 276 00:16:19,360 --> 00:16:22,520 Speaker 2: last year. We were a full seventy cents per pound 277 00:16:22,640 --> 00:16:25,680 Speaker 2: on the on the turkey that we bought, and instead 278 00:16:25,680 --> 00:16:29,040 Speaker 2: of a frozen turkey this year, we bought actually a 279 00:16:29,160 --> 00:16:34,600 Speaker 2: fresh organic turkey, which should have pushed that price higher. 280 00:16:34,880 --> 00:16:37,560 Speaker 2: But because of the turkey prices and the prices that 281 00:16:37,680 --> 00:16:41,400 Speaker 2: are being offered and trying to woo people into the stores, 282 00:16:41,520 --> 00:16:44,680 Speaker 2: these stores have actually been reducing their prices to try 283 00:16:44,680 --> 00:16:47,200 Speaker 2: to accommodate people in these in these times. And when 284 00:16:47,200 --> 00:16:50,640 Speaker 2: you look at Walmart's earnings being up, then you know, 285 00:16:50,840 --> 00:16:54,640 Speaker 2: is it, you know, if they're just trying to if 286 00:16:54,680 --> 00:16:57,360 Speaker 2: the thinking is is that any of the increases and 287 00:16:57,480 --> 00:17:01,720 Speaker 2: prices of stuff from Whole, from Walmart or some of 288 00:17:01,760 --> 00:17:05,680 Speaker 2: these retailers are to cover the increased prices to them 289 00:17:06,160 --> 00:17:10,480 Speaker 2: in terms of tariffs or increasing prices. Wouldn't you think 290 00:17:10,760 --> 00:17:16,040 Speaker 2: that their sales or that their revenue increases would be flat. 291 00:17:16,920 --> 00:17:20,359 Speaker 2: But if their prices are going up, that means that 292 00:17:20,400 --> 00:17:24,959 Speaker 2: they're charging more for their goods that they can Actually 293 00:17:24,960 --> 00:17:28,600 Speaker 2: they've got a bigger cushion because their sales are going up. 294 00:17:28,960 --> 00:17:31,160 Speaker 2: I don't know in terms of the number of items 295 00:17:31,160 --> 00:17:35,159 Speaker 2: that are being sold, but their retail sales are up significantly, 296 00:17:35,640 --> 00:17:38,840 Speaker 2: And so if they are raising their prices, are they 297 00:17:38,960 --> 00:17:42,280 Speaker 2: raising their prices as a result of saying that, Oh well, 298 00:17:42,320 --> 00:17:45,200 Speaker 2: you know, people are talking about terraffs, people are talking 299 00:17:45,240 --> 00:17:48,439 Speaker 2: about the possibility of inflation from that. So if we 300 00:17:48,560 --> 00:17:51,800 Speaker 2: increase prices and blame it on tariffs, we'll have some 301 00:17:51,880 --> 00:17:52,440 Speaker 2: cover there. 302 00:17:53,200 --> 00:17:54,640 Speaker 1: And I think that's what's going on. 303 00:17:55,200 --> 00:17:57,920 Speaker 2: You know, going back to the pandemic, there was things 304 00:17:57,960 --> 00:18:02,320 Speaker 2: going on in the food service industry and different businesses 305 00:18:02,440 --> 00:18:05,080 Speaker 2: where they were blaming things on the supply chain issues. 306 00:18:05,359 --> 00:18:08,400 Speaker 2: But it was a matter of basically not being able 307 00:18:08,440 --> 00:18:11,280 Speaker 2: to get the employees back from being laid off and 308 00:18:11,359 --> 00:18:14,960 Speaker 2: being terminated and so on building back the infrastructure there 309 00:18:15,000 --> 00:18:17,840 Speaker 2: as far as your employees, plus the fact of having 310 00:18:17,840 --> 00:18:21,600 Speaker 2: to retrain people in terms of doing the retail sales 311 00:18:21,640 --> 00:18:26,560 Speaker 2: and so on at being short short staffed, and the 312 00:18:26,640 --> 00:18:29,080 Speaker 2: fact that some of these items that you don't know 313 00:18:29,520 --> 00:18:31,760 Speaker 2: where how much volume were going to have, so you 314 00:18:31,840 --> 00:18:35,000 Speaker 2: didn't order enough, and so when you run out, blame 315 00:18:35,040 --> 00:18:38,000 Speaker 2: it on supply chain issues, when in fact it was. 316 00:18:38,000 --> 00:18:40,240 Speaker 1: Just well, we made a mistake, we didn't order enough. 317 00:18:40,520 --> 00:18:43,040 Speaker 2: And so this business of what I'm seeing in terms 318 00:18:43,080 --> 00:18:45,119 Speaker 2: of some of these profits and as far as some 319 00:18:45,160 --> 00:18:48,280 Speaker 2: of these companies are concerned, when they're talking about, oh, well, 320 00:18:48,320 --> 00:18:50,680 Speaker 2: we had to raise prices because of Terriff's, but they're 321 00:18:50,680 --> 00:18:53,240 Speaker 2: making more of a profit than they did last year, 322 00:18:53,440 --> 00:18:57,399 Speaker 2: that tells me that they're trying to sneak in some increases. 323 00:18:56,920 --> 00:18:59,600 Speaker 1: That aren't related to terroriffts and that aren't related to. 324 00:18:59,600 --> 00:19:03,159 Speaker 2: Inflation, that they're just artificially raising prices just for the 325 00:19:03,160 --> 00:19:06,200 Speaker 2: sake of raising prices. So anyway, that's my two cents worth. 326 00:19:06,280 --> 00:19:08,440 Speaker 2: I keep saying two cents worth, and I can't say 327 00:19:08,440 --> 00:19:11,720 Speaker 2: that anymore because you know, they stop printing pennings. I'm 328 00:19:11,760 --> 00:19:26,200 Speaker 2: Kevin Gordon, america'struck in network. Seven hundred WLW, seven hundred WLW. 329 00:19:26,280 --> 00:19:29,160 Speaker 2: I'm Kevin Gordon. This is America's truck in network. Missing 330 00:19:29,160 --> 00:19:31,280 Speaker 2: any part of our program, any part of our shows. 331 00:19:31,720 --> 00:19:34,400 Speaker 2: Hit up that iHeartRadio app and of course that's brought 332 00:19:34,440 --> 00:19:36,600 Speaker 2: to you by our friends at Rest Truck Center. Another 333 00:19:36,640 --> 00:19:40,240 Speaker 2: story that I just saw September retail sales rise despite 334 00:19:40,280 --> 00:19:45,560 Speaker 2: consumer caution. They talk about US retail sales rose modestly 335 00:19:45,600 --> 00:19:49,480 Speaker 2: in September, suggesting some consumers hit the pause button after 336 00:19:49,960 --> 00:19:55,720 Speaker 2: several months of robust spending. Sometimes, you know, when people 337 00:19:55,760 --> 00:19:59,239 Speaker 2: are spending money at certain times, they just hit the 338 00:19:59,320 --> 00:20:03,639 Speaker 2: pause button. And let's not forget that we just had 339 00:20:03,920 --> 00:20:08,959 Speaker 2: the back to school, back to school sales and the 340 00:20:09,000 --> 00:20:12,920 Speaker 2: back to school spending by people getting their kids back 341 00:20:12,960 --> 00:20:15,320 Speaker 2: to school. Let's not for I mean, if you're talking 342 00:20:15,320 --> 00:20:18,280 Speaker 2: about retail sales, if you're talking about luxury items, if 343 00:20:18,280 --> 00:20:23,159 Speaker 2: you're talking about what they call about income that you 344 00:20:23,280 --> 00:20:27,320 Speaker 2: have after you've paid all your discretionary income, the money 345 00:20:27,359 --> 00:20:29,520 Speaker 2: that you have left over, if you have any money 346 00:20:29,560 --> 00:20:32,720 Speaker 2: left over, have to pay all the requirements you spend 347 00:20:32,720 --> 00:20:35,000 Speaker 2: on leisure stuff as far as going out to dinner 348 00:20:35,080 --> 00:20:37,760 Speaker 2: or movies or any of those kinds of things. Well, 349 00:20:37,800 --> 00:20:40,360 Speaker 2: let's not forget the fact. And I'm not seeing any 350 00:20:40,400 --> 00:20:43,040 Speaker 2: of that reflected in these numbers, the fact that you 351 00:20:43,119 --> 00:20:46,920 Speaker 2: had back to school expenses coming into play. You had 352 00:20:47,080 --> 00:20:49,439 Speaker 2: new clothes for the kids, you had the backpacks, you 353 00:20:49,440 --> 00:20:52,320 Speaker 2: had the school supplies, you had the school fees, you 354 00:20:52,320 --> 00:20:54,440 Speaker 2: had some of these other things. You know, every time 355 00:20:54,800 --> 00:20:57,880 Speaker 2: I remember when our kids were young, when they were 356 00:20:57,880 --> 00:21:02,240 Speaker 2: in school, it would always surprise me every year that, Okay, 357 00:21:03,880 --> 00:21:07,399 Speaker 2: here are the school fees that come up that you 358 00:21:07,440 --> 00:21:09,920 Speaker 2: have to pay at the beginning of the year and thereabouts. 359 00:21:10,440 --> 00:21:13,720 Speaker 2: And I was always surprised at how much that went. 360 00:21:13,720 --> 00:21:15,560 Speaker 1: Up year after year after year. 361 00:21:16,200 --> 00:21:19,200 Speaker 2: And it's like you kind of expected, where are you 362 00:21:19,280 --> 00:21:21,399 Speaker 2: going to go to complain about it? What are the 363 00:21:21,400 --> 00:21:23,760 Speaker 2: fees for? What are they spent on any of this 364 00:21:23,880 --> 00:21:27,359 Speaker 2: type of thing. And again, it may be where they're 365 00:21:27,400 --> 00:21:32,840 Speaker 2: trying to because of maybe tax rates not going up 366 00:21:32,880 --> 00:21:35,280 Speaker 2: as much as they'd like them, or a school having 367 00:21:35,400 --> 00:21:38,159 Speaker 2: not being passed, so they're passing along this stuff to 368 00:21:38,200 --> 00:21:40,919 Speaker 2: the to the actual you know, the people that are 369 00:21:40,920 --> 00:21:43,520 Speaker 2: going to the schools, they pass that along to the parents. 370 00:21:43,880 --> 00:21:47,360 Speaker 2: But if going to the back to school and you're 371 00:21:47,440 --> 00:21:50,040 Speaker 2: paying all this stuff as far as again, all the 372 00:21:50,080 --> 00:21:52,879 Speaker 2: supplies going in, the new clothes, all that sort of 373 00:21:52,880 --> 00:21:56,040 Speaker 2: thing that's going to take away from other areas in 374 00:21:56,119 --> 00:21:58,960 Speaker 2: the economy where you would normally be spending your money. 375 00:21:59,240 --> 00:22:02,320 Speaker 2: So if they make a pause in terms of what 376 00:22:02,440 --> 00:22:06,120 Speaker 2: they're saying here, it may be just simply because it's 377 00:22:06,160 --> 00:22:07,520 Speaker 2: the back to school effect. 378 00:22:07,880 --> 00:22:08,240 Speaker 1: And so. 379 00:22:09,880 --> 00:22:12,359 Speaker 2: That's why it's so important to dig into these numbers 380 00:22:12,400 --> 00:22:15,320 Speaker 2: and explain them, because again, if you just go off 381 00:22:15,359 --> 00:22:18,520 Speaker 2: the headlines from the spoon fed regurgitators in the mainstream media, 382 00:22:18,920 --> 00:22:21,480 Speaker 2: I think you're getting a false sense of what's going 383 00:22:21,520 --> 00:22:24,359 Speaker 2: on as far as the economic data is concerned. And 384 00:22:24,400 --> 00:22:28,600 Speaker 2: I find that I find it, how should I say, 385 00:22:28,720 --> 00:22:32,919 Speaker 2: journalistic malpractice so to speak. One of the reports that 386 00:22:33,000 --> 00:22:35,920 Speaker 2: came out also with consumer confidence, and that was from 387 00:22:35,920 --> 00:22:40,760 Speaker 2: the Conference Board, which is the different from the consumer 388 00:22:40,840 --> 00:22:44,840 Speaker 2: Sentiment report we talked about yesterday from the University of Michigan. 389 00:22:45,400 --> 00:22:51,840 Speaker 2: Consumer confidence report comes from the Consumer Confidence Index comes 390 00:22:51,840 --> 00:22:55,520 Speaker 2: from this Census Bureau, and that is the arm of 391 00:22:55,560 --> 00:22:57,760 Speaker 2: the federal government and they come up with their own 392 00:22:57,960 --> 00:23:02,040 Speaker 2: idea in terms of consumer confidence and so on. So 393 00:23:02,320 --> 00:23:04,200 Speaker 2: the interesting thing here is that some of the key 394 00:23:04,200 --> 00:23:08,639 Speaker 2: pieces consumers soured on the current economy and their prospects 395 00:23:08,680 --> 00:23:11,800 Speaker 2: for future with worries growing over the ability to find 396 00:23:11,840 --> 00:23:15,560 Speaker 2: a job. According to the Conference Board survey released on Tuesday, 397 00:23:15,920 --> 00:23:19,760 Speaker 2: the Board's consumer confidence index for November slumped to eighty 398 00:23:19,760 --> 00:23:23,400 Speaker 2: eight point seven, a drop of six point eight points 399 00:23:23,520 --> 00:23:27,359 Speaker 2: from the prior month, for its lowest reading in seven months. Now, 400 00:23:27,680 --> 00:23:30,480 Speaker 2: why would that be, do you suppose could it possibly 401 00:23:30,480 --> 00:23:34,040 Speaker 2: have been this drum beat from the spoon federal gurgitators 402 00:23:34,040 --> 00:23:37,639 Speaker 2: in mainstream media when the Schumer shutdown was going on, 403 00:23:38,280 --> 00:23:42,359 Speaker 2: When this shutdown that should never have been in the 404 00:23:42,400 --> 00:23:45,600 Speaker 2: first place. But as we saw some of the Democrats 405 00:23:45,640 --> 00:23:48,879 Speaker 2: actually talking about this and saying, well, this is the 406 00:23:48,920 --> 00:23:53,960 Speaker 2: only leverage we've got in order to have our issues 407 00:23:54,080 --> 00:23:58,240 Speaker 2: paid attention to. So they admitted that they were causing 408 00:23:58,320 --> 00:24:02,159 Speaker 2: pain as far as some of these food stamp numbers, 409 00:24:02,160 --> 00:24:05,959 Speaker 2: the snap money going out, that they wanted to cause 410 00:24:06,080 --> 00:24:09,400 Speaker 2: pain with certain people, hoping that they wouldn't be blamed 411 00:24:09,400 --> 00:24:12,760 Speaker 2: for it, that they would blame the administration for that 412 00:24:13,160 --> 00:24:16,800 Speaker 2: and not Congress, that they wanted to make a point, 413 00:24:17,080 --> 00:24:20,119 Speaker 2: they wanted to show their leverage. Yes, it's going to 414 00:24:20,200 --> 00:24:23,399 Speaker 2: cause pain, but it's good for us. And as a 415 00:24:23,440 --> 00:24:26,359 Speaker 2: matter of fact, Chuck Show, wasn't it Chuck Schumer that said, 416 00:24:27,600 --> 00:24:31,720 Speaker 2: this shutdown is having a very we're winning on this, 417 00:24:31,960 --> 00:24:33,680 Speaker 2: We're it's having. 418 00:24:33,560 --> 00:24:35,240 Speaker 1: A positive effect on us. 419 00:24:35,520 --> 00:24:37,920 Speaker 2: So that the hell with you and me, the hell 420 00:24:37,960 --> 00:24:41,119 Speaker 2: with the people out there that depended on the snap benefits. 421 00:24:41,359 --> 00:24:44,320 Speaker 2: They wanted to make sure that whatever, and really it 422 00:24:44,359 --> 00:24:48,679 Speaker 2: boiled down to, they wanted one point five trillion dollars 423 00:24:48,680 --> 00:24:53,440 Speaker 2: of additional spending or spending in the budget to take 424 00:24:53,480 --> 00:24:58,439 Speaker 2: care of illegal immigrants and the illegal immigrants healthcare. Now, 425 00:24:58,760 --> 00:25:01,800 Speaker 2: if we are a U, a Senate, a US Congress, 426 00:25:02,000 --> 00:25:04,679 Speaker 2: wouldn't you think the priority would be the American people, 427 00:25:05,040 --> 00:25:08,000 Speaker 2: But instead they shut the federal government down for forty 428 00:25:08,040 --> 00:25:12,760 Speaker 2: three days, a record, I might add from just for 429 00:25:12,880 --> 00:25:16,440 Speaker 2: them to prove a point. Now, if with the constant 430 00:25:16,560 --> 00:25:20,359 Speaker 2: drum beat from the spoon feder regurgitators and mainstream media 431 00:25:20,600 --> 00:25:23,400 Speaker 2: talking about how this is going to affect families, how 432 00:25:23,400 --> 00:25:26,320 Speaker 2: this is going to change things over here, how this 433 00:25:26,400 --> 00:25:29,040 Speaker 2: is going to affect and especially when you hear about 434 00:25:29,359 --> 00:25:32,480 Speaker 2: air traffic controllers going to work and not getting a paycheck, 435 00:25:32,680 --> 00:25:35,720 Speaker 2: our military not getting a paycheck as a result of 436 00:25:35,720 --> 00:25:39,159 Speaker 2: the government shut down, The number of furloughed workers that 437 00:25:39,240 --> 00:25:41,680 Speaker 2: were out on this, you know that were laid off 438 00:25:41,760 --> 00:25:44,800 Speaker 2: during the government shutdown. You know, those are the things 439 00:25:44,800 --> 00:25:46,560 Speaker 2: that are going to be drawing on people's mind. And 440 00:25:46,560 --> 00:25:49,359 Speaker 2: of course their confidence in terms of the economy is 441 00:25:49,400 --> 00:25:52,920 Speaker 2: going to be going down, because again when they look 442 00:25:52,960 --> 00:25:55,840 Speaker 2: at that, and they constantly hear bad news from the 443 00:25:55,880 --> 00:25:59,520 Speaker 2: spoon federal regurgitators, of course they're going to have a 444 00:25:59,600 --> 00:26:02,639 Speaker 2: sour effect. When they looked at the numbers here, let 445 00:26:02,680 --> 00:26:05,920 Speaker 2: me see the slump to eighty seven eighty eight point 446 00:26:06,000 --> 00:26:08,800 Speaker 2: seven drop a point is six point eight percent points 447 00:26:08,800 --> 00:26:12,000 Speaker 2: from the prior month, lowest reading since April econdom a 448 00:26:12,119 --> 00:26:14,879 Speaker 2: survey by Dow Jones. We're looking for a reading of 449 00:26:15,160 --> 00:26:19,200 Speaker 2: ninety three point two. In addition, the expectations index tumbled 450 00:26:19,240 --> 00:26:22,720 Speaker 2: eight point six percent to sixty three point two, the 451 00:26:22,760 --> 00:26:25,600 Speaker 2: present situation index, and so on. They go on to 452 00:26:25,680 --> 00:26:28,520 Speaker 2: explain the numbers, where the numbers come from, and then 453 00:26:28,920 --> 00:26:32,760 Speaker 2: but also in here and I find this interesting that 454 00:26:32,800 --> 00:26:37,320 Speaker 2: they made a big deal about a job creation and 455 00:26:37,440 --> 00:26:42,640 Speaker 2: jobs going on. Looking at this, they were talking about 456 00:26:42,760 --> 00:26:49,000 Speaker 2: the ADP payrolls the private employers that those results, let 457 00:26:49,040 --> 00:26:51,639 Speaker 2: me see, talking about the share of workers and jobs 458 00:26:51,720 --> 00:26:55,119 Speaker 2: are plentiful, That number was down. People didn't think jobs 459 00:26:55,119 --> 00:26:58,440 Speaker 2: were plentiful. Well, again, they're not because we've been in 460 00:26:58,160 --> 00:27:02,560 Speaker 2: this situation for the last seven months where corporations are 461 00:27:02,600 --> 00:27:06,240 Speaker 2: not firing and they're not hiring, and that's been the case. 462 00:27:06,440 --> 00:27:09,320 Speaker 2: But we're not seeing big swings as far as unemployment 463 00:27:09,400 --> 00:27:12,720 Speaker 2: numbers on a weekly basis. But the ADP numbers came 464 00:27:12,760 --> 00:27:16,000 Speaker 2: out as far as jobs are concerned, the results come 465 00:27:16,040 --> 00:27:20,160 Speaker 2: in the same day that payrolls processing firm ADP reported 466 00:27:20,200 --> 00:27:23,800 Speaker 2: that private companies shed an average of thirteen thousand, five 467 00:27:23,880 --> 00:27:28,520 Speaker 2: hundred jobs over the last four weeks. So thirteen thousand, 468 00:27:28,640 --> 00:27:31,560 Speaker 2: five hundred jobs were lost over the last four weeks. Now, 469 00:27:32,160 --> 00:27:36,560 Speaker 2: every other month, when they talk about ADP and they 470 00:27:36,600 --> 00:27:39,399 Speaker 2: come out with those numbers, they'll say something to the 471 00:27:39,440 --> 00:27:43,960 Speaker 2: effect of, well, these numbers are what are being reported, 472 00:27:44,160 --> 00:27:46,840 Speaker 2: but they are not a good gauge to look on 473 00:27:47,000 --> 00:27:50,040 Speaker 2: because they have not been an indicator of what's going 474 00:27:50,080 --> 00:27:53,880 Speaker 2: on in the economy as much as the jobs report 475 00:27:54,000 --> 00:27:56,280 Speaker 2: that is going to be done the next day by 476 00:27:56,359 --> 00:27:59,760 Speaker 2: the federal government. But nowhere in here in this particular 477 00:27:59,760 --> 00:28:03,639 Speaker 2: story do they talk about that this is not a 478 00:28:03,760 --> 00:28:06,560 Speaker 2: reliable report in order to. 479 00:28:06,600 --> 00:28:08,359 Speaker 1: Gauge the strength of the economy. 480 00:28:08,600 --> 00:28:10,960 Speaker 2: Yet they'll throw it in here, they'll say that there's 481 00:28:11,040 --> 00:28:16,280 Speaker 2: thirteen thirteen, five hundred less jobs over the last four 482 00:28:16,320 --> 00:28:17,360 Speaker 2: weeks and just. 483 00:28:17,400 --> 00:28:18,000 Speaker 1: Leave it at that. 484 00:28:18,359 --> 00:28:20,960 Speaker 2: So what kind of impression does that leave in somebody's 485 00:28:21,000 --> 00:28:24,080 Speaker 2: mind when they're thinking about the economy and the strength 486 00:28:24,119 --> 00:28:29,359 Speaker 2: of the economy. This, again, in my opinion, is journalistic malpractice, 487 00:28:29,480 --> 00:28:32,679 Speaker 2: and it just infuriates me the fact that there are 488 00:28:32,720 --> 00:28:35,679 Speaker 2: people out there that will cause pain and suffering for 489 00:28:35,800 --> 00:28:40,239 Speaker 2: other people and worrisome for people that is unnecessary. I'm 490 00:28:40,320 --> 00:28:47,920 Speaker 2: Kevin Gordon, America's Trucking Network seven hundred WLW. This is 491 00:28:47,960 --> 00:28:52,280 Speaker 2: America's Trucking Networks seven hundred WLWI and Kevin Gordon one 492 00:28:52,320 --> 00:28:54,320 Speaker 2: of the other reports that came out the other day. 493 00:28:54,480 --> 00:28:58,600 Speaker 2: And it's interesting you go to some of these websites 494 00:28:58,640 --> 00:29:03,240 Speaker 2: that are towards the trucking industry and what they're talking 495 00:29:03,280 --> 00:29:06,360 Speaker 2: about on there. It's interesting that a lot of this 496 00:29:06,560 --> 00:29:09,840 Speaker 2: economic news is more and more being filtered through their 497 00:29:09,880 --> 00:29:14,040 Speaker 2: websites and being released in terms of their audience so 498 00:29:14,080 --> 00:29:17,400 Speaker 2: that people know what's going on. And I dig into 499 00:29:17,440 --> 00:29:20,960 Speaker 2: these numbers, I dig into the stuff behind the numbers, 500 00:29:21,320 --> 00:29:23,760 Speaker 2: I dig into to find the bits and pieces of 501 00:29:23,800 --> 00:29:26,840 Speaker 2: the stuff that they're leaving out of these stories that 502 00:29:27,000 --> 00:29:30,200 Speaker 2: really kind of either change what the headline is saying 503 00:29:30,600 --> 00:29:35,360 Speaker 2: or that makes that headline meaningless. And so many times 504 00:29:35,400 --> 00:29:37,840 Speaker 2: what we've done over the last several months is looking 505 00:29:37,840 --> 00:29:40,440 Speaker 2: at some of these stories and some of the headlines 506 00:29:40,480 --> 00:29:43,440 Speaker 2: just don't match the story. And I can't emphasize that enough. 507 00:29:44,040 --> 00:29:46,760 Speaker 2: I was looking at this one particular report today. It 508 00:29:46,840 --> 00:29:52,760 Speaker 2: talked about home prices. They were talking about the national 509 00:29:52,960 --> 00:29:57,200 Speaker 2: growth and home values continues to accelerate, but in some 510 00:29:57,240 --> 00:30:00,440 Speaker 2: of these areas, all they did was focus on home 511 00:30:00,480 --> 00:30:03,920 Speaker 2: prices go up one point three percent. That was their 512 00:30:03,960 --> 00:30:07,520 Speaker 2: big headline, the headline. And what was interesting is, as 513 00:30:07,560 --> 00:30:09,959 Speaker 2: I was looking through this, I thought, well, you know what, 514 00:30:10,680 --> 00:30:14,360 Speaker 2: I wonder what the realtor dot com or what the 515 00:30:14,480 --> 00:30:16,400 Speaker 2: National Association Realtors. 516 00:30:16,680 --> 00:30:18,280 Speaker 1: Because if you're. 517 00:30:18,000 --> 00:30:22,120 Speaker 2: Depending upon Bloomberg Er, you're depending upon Reuters or AP, 518 00:30:22,880 --> 00:30:26,280 Speaker 2: Fox Business or any of these, they are interpreting the 519 00:30:26,360 --> 00:30:30,560 Speaker 2: news themselves. But when you're looking at something like home 520 00:30:30,640 --> 00:30:34,360 Speaker 2: sale prices, go to the source in terms of the realtors, 521 00:30:34,600 --> 00:30:37,560 Speaker 2: because they're the ones that are seeing on a regular basis, 522 00:30:37,800 --> 00:30:40,880 Speaker 2: and they will indicate what's a problem and what's not 523 00:30:40,960 --> 00:30:44,400 Speaker 2: necessarily a problem. So, going through this particular story from 524 00:30:44,400 --> 00:30:48,360 Speaker 2: realtor dot com, national growth and home sales continues to accelerate, 525 00:30:49,320 --> 00:30:52,640 Speaker 2: with prices now falling in more than half of the 526 00:30:52,680 --> 00:30:56,680 Speaker 2: twenty metro areas tracked by a key index. Now, what 527 00:30:56,760 --> 00:30:59,440 Speaker 2: do we keep hearing about over and all, over and over. 528 00:30:59,800 --> 00:31:02,240 Speaker 2: We have seen and we talked about this last week 529 00:31:03,200 --> 00:31:07,440 Speaker 2: one of the sales reports, one of the stories focusing 530 00:31:07,480 --> 00:31:11,240 Speaker 2: on the housing sector. The fact that where you saw 531 00:31:11,400 --> 00:31:14,440 Speaker 2: after the pandemic, or as I call it, the plandemic, 532 00:31:14,920 --> 00:31:17,680 Speaker 2: how you saw some of these cities that are in 533 00:31:17,720 --> 00:31:22,280 Speaker 2: the South that people move there because during the pandemic, 534 00:31:22,680 --> 00:31:26,200 Speaker 2: if people could work remotely and weren't going to be 535 00:31:26,280 --> 00:31:29,280 Speaker 2: called back into the office, they could work from anywhere, 536 00:31:29,600 --> 00:31:32,200 Speaker 2: and so they decided that, well, rather than living in 537 00:31:32,240 --> 00:31:35,480 Speaker 2: an area that's extremely cold, will move to a southern 538 00:31:35,760 --> 00:31:39,280 Speaker 2: climate or to a more of a resort area such 539 00:31:39,320 --> 00:31:42,400 Speaker 2: as Denver or something. So you saw this big influx 540 00:31:42,440 --> 00:31:46,680 Speaker 2: of people going into those particular markets, and those markets 541 00:31:46,720 --> 00:31:50,840 Speaker 2: were rising five, ten, fifteen percent on a yearly basis 542 00:31:51,080 --> 00:31:54,560 Speaker 2: because of all the people coming in. Again, a situation 543 00:31:54,680 --> 00:31:57,400 Speaker 2: a supply and demand. You have only a certain number 544 00:31:57,440 --> 00:31:59,960 Speaker 2: of houses that are available, you have a bigger amount 545 00:31:59,960 --> 00:32:02,520 Speaker 2: of demand for that. So those prices are going to 546 00:32:02,520 --> 00:32:05,640 Speaker 2: go up tremendously, and then after a while, those prices 547 00:32:05,680 --> 00:32:07,840 Speaker 2: are going to come down. The story we had last 548 00:32:07,920 --> 00:32:11,520 Speaker 2: week that showed that since the last time a person 549 00:32:11,600 --> 00:32:14,640 Speaker 2: sold a house, they had seen a sixty seven percent 550 00:32:14,800 --> 00:32:19,560 Speaker 2: increase in their home value. Now they were talking about 551 00:32:19,600 --> 00:32:23,040 Speaker 2: in that same story, and the big headline was nationally, 552 00:32:24,240 --> 00:32:28,840 Speaker 2: home sales or home prices are down in nearly fifty 553 00:32:28,920 --> 00:32:32,200 Speaker 2: three percent of all the more than fifty three percent 554 00:32:32,240 --> 00:32:34,800 Speaker 2: of all homes are now worth less than they were 555 00:32:34,840 --> 00:32:38,400 Speaker 2: a couple of months ago. Again, a correction or return, 556 00:32:38,520 --> 00:32:42,360 Speaker 2: as somebody pointed out in that article, a return to normalization. 557 00:32:42,840 --> 00:32:47,000 Speaker 2: When you have, as I said, into these individual cities 558 00:32:47,160 --> 00:32:49,960 Speaker 2: that were very popular during the pandemic and people were 559 00:32:50,000 --> 00:32:55,280 Speaker 2: working from home, they were working remotely and weren't working 560 00:32:55,360 --> 00:32:58,160 Speaker 2: in the office. They could work from anywhere. So again, 561 00:32:58,480 --> 00:33:00,880 Speaker 2: if they move into these areas and those home prices 562 00:33:00,920 --> 00:33:03,760 Speaker 2: go up tremendously, at some point in time they're going 563 00:33:03,800 --> 00:33:05,800 Speaker 2: to come back down. There's going to be, you know, 564 00:33:05,880 --> 00:33:09,840 Speaker 2: basically a market correction like we see in the stock 565 00:33:09,920 --> 00:33:13,400 Speaker 2: market from time to time. Sometimes the stock market just 566 00:33:13,440 --> 00:33:15,640 Speaker 2: gets hot and people just jump in there because they're 567 00:33:15,840 --> 00:33:18,040 Speaker 2: making money and they think we'll shoot. Everybody's got to 568 00:33:18,080 --> 00:33:20,600 Speaker 2: jump in here. And then those prices go up, and 569 00:33:20,680 --> 00:33:23,160 Speaker 2: at some point in time they level off. People take 570 00:33:23,200 --> 00:33:25,680 Speaker 2: some of their earnings off the table, they sell some 571 00:33:25,760 --> 00:33:28,239 Speaker 2: of the stock, which then reduces the price, and then 572 00:33:28,280 --> 00:33:30,680 Speaker 2: you see a market correction. You're seeing that in the 573 00:33:30,720 --> 00:33:33,640 Speaker 2: housing industry. So where you see the single family home 574 00:33:33,880 --> 00:33:36,560 Speaker 2: going down in value in some of these cities, it's 575 00:33:36,600 --> 00:33:40,720 Speaker 2: because of the rapid increase. And as that story pointed 576 00:33:40,720 --> 00:33:44,200 Speaker 2: out last week, the fact that these home values have 577 00:33:44,240 --> 00:33:47,080 Speaker 2: gone up about one hundred and sixty seven percent since 578 00:33:47,120 --> 00:33:51,280 Speaker 2: the I'm sorry, sixty seven percent since the last time 579 00:33:51,320 --> 00:33:54,200 Speaker 2: that home has been sold, and that if the price 580 00:33:54,320 --> 00:33:58,000 Speaker 2: reduced by five to seven percent, people are. 581 00:33:58,040 --> 00:34:00,800 Speaker 1: Still way ahead of where they were before. 582 00:34:00,960 --> 00:34:04,480 Speaker 2: So it's not time to be as they kept stressing 583 00:34:04,760 --> 00:34:07,200 Speaker 2: in that story, it's not a matter of a panic. 584 00:34:07,440 --> 00:34:11,040 Speaker 2: It's not a matter of going back to the housing 585 00:34:11,040 --> 00:34:13,239 Speaker 2: crisis like we saw back in two thousand and eight, 586 00:34:13,480 --> 00:34:16,600 Speaker 2: two thousand and nine. This is a normalization of what's 587 00:34:16,640 --> 00:34:19,480 Speaker 2: going on in the market value single family homes the 588 00:34:19,600 --> 00:34:23,440 Speaker 2: US as a measure of repeat transaction rose one point 589 00:34:23,440 --> 00:34:26,720 Speaker 2: three percent in September compared to a year earlier. According 590 00:34:26,719 --> 00:34:32,120 Speaker 2: to the data from S and P Coe Tilly Cooda 591 00:34:32,200 --> 00:34:38,040 Speaker 2: Lidy Case Shiller Index. It marked the weakest annual gain 592 00:34:38,239 --> 00:34:41,719 Speaker 2: in home prices since mid twenty twenty three, and was 593 00:34:41,840 --> 00:34:46,080 Speaker 2: down from the one point four percent annual gain recorded 594 00:34:46,120 --> 00:34:49,240 Speaker 2: in August. So they went up one point three percent 595 00:34:49,480 --> 00:34:54,239 Speaker 2: from last from the previous period, but was down one 596 00:34:54,680 --> 00:34:58,120 Speaker 2: tenth of a percent from the increase that they had expected. 597 00:34:58,480 --> 00:35:01,640 Speaker 2: That is not an in casion the roof is caving 598 00:35:01,719 --> 00:35:04,880 Speaker 2: in or the sky is falling. Among the twenty major 599 00:35:04,920 --> 00:35:09,400 Speaker 2: metro areas tracked by Case Shiller, home prices fell on 600 00:35:09,440 --> 00:35:14,120 Speaker 2: an annual basis in eleven. In eleven, all located in 601 00:35:14,160 --> 00:35:18,120 Speaker 2: the south and west. Tampa, Florida. Phoenix continued to see 602 00:35:18,120 --> 00:35:22,279 Speaker 2: the largest ever year over year declines in homes prices, 603 00:35:22,440 --> 00:35:27,560 Speaker 2: with prices falling four point one four percent. Again, you 604 00:35:27,640 --> 00:35:31,520 Speaker 2: have these areas Tampa Phoenix, where people flocked to during 605 00:35:31,520 --> 00:35:36,600 Speaker 2: the pandemic. Prices rose exponentially there, way above what the 606 00:35:36,600 --> 00:35:39,840 Speaker 2: industry average was at the time, and now there's a 607 00:35:39,880 --> 00:35:43,120 Speaker 2: certain amount of correction coming into the play, had nothing 608 00:35:43,160 --> 00:35:45,880 Speaker 2: to panic about. And of course, if you bought that 609 00:35:45,960 --> 00:35:48,880 Speaker 2: home last year and you now are finding in that 610 00:35:48,960 --> 00:35:52,200 Speaker 2: it's four percent less than what it was last year 611 00:35:52,320 --> 00:35:56,720 Speaker 2: in terms of value, again it's a matter of well, 612 00:35:57,000 --> 00:35:59,440 Speaker 2: when you bought the home, you know, you watch these 613 00:35:59,480 --> 00:36:01,480 Speaker 2: shows from time to time and you see these people 614 00:36:01,520 --> 00:36:06,040 Speaker 2: going in and you've got the asking price, and then 615 00:36:06,400 --> 00:36:10,560 Speaker 2: because there's such a demand that they actually get over 616 00:36:10,640 --> 00:36:14,040 Speaker 2: the asking price for that home. Well, if you're getting me, 617 00:36:14,120 --> 00:36:16,680 Speaker 2: and generally the home is valued when they put the 618 00:36:17,040 --> 00:36:19,680 Speaker 2: house on the market at what the comps are going 619 00:36:19,760 --> 00:36:22,880 Speaker 2: to say that that house is worth. And then because 620 00:36:22,960 --> 00:36:25,319 Speaker 2: of people being in a bidding war, they drive that 621 00:36:25,400 --> 00:36:27,759 Speaker 2: price up. And if people can afford that, you know, 622 00:36:27,760 --> 00:36:30,120 Speaker 2: if they've got the amount of down payment, because it 623 00:36:30,160 --> 00:36:32,920 Speaker 2: all is all based on you know, the banks looking 624 00:36:32,920 --> 00:36:35,200 Speaker 2: at it and appraising it for what it's worth. And 625 00:36:35,239 --> 00:36:38,839 Speaker 2: then you know, if people are bidding that up and 626 00:36:38,880 --> 00:36:41,600 Speaker 2: having to pay more for it, they're paying an inflated 627 00:36:41,640 --> 00:36:44,560 Speaker 2: amount for that item. But it's simply because of something 628 00:36:44,600 --> 00:36:47,400 Speaker 2: they want. And unless you're planning on selling that house 629 00:36:47,400 --> 00:36:50,520 Speaker 2: you bought last year, right now, you're going to be 630 00:36:50,560 --> 00:36:53,279 Speaker 2: in good shape going forward because eventually this price is 631 00:36:53,320 --> 00:36:56,319 Speaker 2: going to come back up. So this report, you know, 632 00:36:57,280 --> 00:37:01,279 Speaker 2: the way they indicated, at least as far as on 633 00:37:01,320 --> 00:37:03,360 Speaker 2: some of the websites that I was looking at, it 634 00:37:03,400 --> 00:37:05,960 Speaker 2: was almost like, oh, you know, there's a real panic 635 00:37:06,040 --> 00:37:10,480 Speaker 2: going on now again. Tampa is down four percent, Phoenix 636 00:37:10,560 --> 00:37:15,760 Speaker 2: is down two percent. But you have certain areas like Minneapolis, Cleveland, Boston, 637 00:37:16,160 --> 00:37:20,959 Speaker 2: New York, and Chicago those prices are up. So again, overall, 638 00:37:21,239 --> 00:37:25,000 Speaker 2: it seems like things are balancing out. Things are moving 639 00:37:25,040 --> 00:37:28,000 Speaker 2: along in the way that they do seasonally within these 640 00:37:28,040 --> 00:37:31,040 Speaker 2: certain areas. And because the influx in some of these 641 00:37:31,160 --> 00:37:35,040 Speaker 2: more populated areas, more popular areas I should say, during 642 00:37:35,040 --> 00:37:38,640 Speaker 2: the pandemic and because of remote work, those things are 643 00:37:38,719 --> 00:37:42,439 Speaker 2: leveling off. So again, nothing too much to panic about there. 644 00:37:42,960 --> 00:37:45,800 Speaker 2: Gas prices, oil prices, and gas prices. As I said, 645 00:37:46,080 --> 00:37:50,239 Speaker 2: going into this holiday season, current average current average of 646 00:37:50,480 --> 00:37:53,080 Speaker 2: gasoline is about three dollars and six cents a gallon. 647 00:37:53,160 --> 00:37:56,200 Speaker 2: Diesel is at three dollars and seventy nine cents a gallon. 648 00:37:56,440 --> 00:38:00,200 Speaker 2: When you look at the last year, diesel prices are 649 00:38:00,200 --> 00:38:03,279 Speaker 2: actually up about twenty five cents from this time last year, 650 00:38:03,640 --> 00:38:07,960 Speaker 2: while gasoline prices are down about a penny and a half, 651 00:38:08,320 --> 00:38:11,200 Speaker 2: so overall they're pretty much the same as they were 652 00:38:11,280 --> 00:38:14,640 Speaker 2: last year. And I keep mentioning this the fact that 653 00:38:14,920 --> 00:38:18,200 Speaker 2: when you look at the petroleum prices, what is going 654 00:38:18,280 --> 00:38:24,160 Speaker 2: into the actual refineries. At the beginnings oil prices are down. 655 00:38:24,560 --> 00:38:27,920 Speaker 2: West Texas intermediate crud is down nineteen dollars and ten 656 00:38:28,040 --> 00:38:30,399 Speaker 2: cents from the beginning of the year, a twenty five 657 00:38:30,440 --> 00:38:34,720 Speaker 2: percent decrease. Brent crude is down seventeen dollars and sixty 658 00:38:34,760 --> 00:38:38,600 Speaker 2: cents a barrel, and that's down twenty two percent since 659 00:38:38,640 --> 00:38:40,839 Speaker 2: the beginning of the year. I wish some of those 660 00:38:40,920 --> 00:38:45,480 Speaker 2: energy costs were reflected into the gasoline prices and bring 661 00:38:45,480 --> 00:38:49,720 Speaker 2: those prices down. So again, a lot of economic news 662 00:38:49,719 --> 00:38:53,719 Speaker 2: out there, but sorting through it depending upon what the 663 00:38:53,760 --> 00:38:55,799 Speaker 2: headline is saying as opposed to