1 00:00:10,920 --> 00:00:13,760 Speaker 1: This is America's Trucking Network with Kevin Gordon. 2 00:00:16,079 --> 00:00:20,400 Speaker 2: Welcomeabre thanks for tuning in as we head into this 3 00:00:20,600 --> 00:00:24,560 Speaker 2: Turkey week here on America's struck A Network. Thursday night, 4 00:00:25,079 --> 00:00:27,720 Speaker 2: my wife and I went out and before you know 5 00:00:27,960 --> 00:00:30,320 Speaker 2: the show Friday morning, we went out and we got 6 00:00:30,360 --> 00:00:33,400 Speaker 2: our turkey. We got a couple of things because you know, 7 00:00:33,520 --> 00:00:37,879 Speaker 2: Thursday was thaw day, as we've mentioned, and we want 8 00:00:37,960 --> 00:00:40,160 Speaker 2: to make sure that we got a proper turkey. Now, 9 00:00:40,560 --> 00:00:43,120 Speaker 2: what we wound up doing is instead of getting a 10 00:00:43,159 --> 00:00:49,199 Speaker 2: frozen turkey, we actually found a fresh, organic turkey, and 11 00:00:49,320 --> 00:00:54,520 Speaker 2: we wound up spending seventy cents less per pound than 12 00:00:54,560 --> 00:00:58,360 Speaker 2: what we did for a frozen turkey the previous year. Now, 13 00:00:58,480 --> 00:01:01,360 Speaker 2: going out and looking at the various prices and stuff, 14 00:01:02,080 --> 00:01:05,280 Speaker 2: I was seeing prices as low as thirty three cents 15 00:01:05,280 --> 00:01:09,600 Speaker 2: a pound, some around fifty nine cents a pound. And 16 00:01:09,680 --> 00:01:12,400 Speaker 2: so the price of turkey is not going to break 17 00:01:12,440 --> 00:01:15,280 Speaker 2: the budget as far as your budget this year. As 18 00:01:15,319 --> 00:01:19,640 Speaker 2: far as Thanksgiving, we've also seen last week and the 19 00:01:19,680 --> 00:01:24,000 Speaker 2: week before where Walmart and Target have priced their fixings 20 00:01:24,040 --> 00:01:26,640 Speaker 2: and everything that goes with the meal down to where 21 00:01:26,680 --> 00:01:30,600 Speaker 2: it's actually four dollars I think the target was less 22 00:01:30,640 --> 00:01:34,600 Speaker 2: than around four dollars per person feeding a group of ten, 23 00:01:34,959 --> 00:01:39,000 Speaker 2: and Walmart was right within the same ballpark, So doing 24 00:01:39,080 --> 00:01:41,600 Speaker 2: it right and doing a little bit of shopping does 25 00:01:41,680 --> 00:01:44,440 Speaker 2: pay off. Now, what we did do, we did start 26 00:01:44,840 --> 00:01:48,720 Speaker 2: our preparation because there's a salt well, you know what, 27 00:01:48,960 --> 00:01:51,040 Speaker 2: I don't even know what to call it. My mom 28 00:01:51,160 --> 00:01:55,160 Speaker 2: used to call it cranberry sauce, But cranberry sauce is 29 00:01:55,200 --> 00:01:57,200 Speaker 2: basically what you get out of the can and so on, 30 00:01:57,240 --> 00:02:01,960 Speaker 2: and maybe some orange in it. But this concoction is 31 00:02:02,880 --> 00:02:06,920 Speaker 2: jello and it's got apples and celery and pecans in 32 00:02:06,960 --> 00:02:11,520 Speaker 2: it and firms up pretty good. But I find it 33 00:02:11,560 --> 00:02:14,000 Speaker 2: absolutely delicious. Now, we did tweak it a little bit 34 00:02:14,040 --> 00:02:16,400 Speaker 2: this year with adding a little bit of cherry juice 35 00:02:16,440 --> 00:02:19,560 Speaker 2: to it instead of just plain water, and it does 36 00:02:19,600 --> 00:02:22,560 Speaker 2: make it a little tarder, but we did that over 37 00:02:22,600 --> 00:02:24,160 Speaker 2: the weekend. As a matter of fact, we did that 38 00:02:24,240 --> 00:02:27,600 Speaker 2: on Sunday, and actually it usually takes a couple of 39 00:02:27,680 --> 00:02:29,640 Speaker 2: days for that to firm up, but it's firming up 40 00:02:29,639 --> 00:02:32,480 Speaker 2: pretty good, I think simply because we reduced the amount 41 00:02:32,520 --> 00:02:33,200 Speaker 2: of liquid to. 42 00:02:33,160 --> 00:02:35,480 Speaker 1: It, so together we were able to do this. 43 00:02:36,600 --> 00:02:42,240 Speaker 2: We of course, we used fresh cranberries, organic cranberries in it, 44 00:02:42,720 --> 00:02:47,600 Speaker 2: and so we were preparing this and you got to 45 00:02:48,000 --> 00:02:50,200 Speaker 2: do the cranberries and boil them and that sort of thing. 46 00:02:50,240 --> 00:02:53,799 Speaker 2: Then added sugar and jello and then chop up all 47 00:02:53,800 --> 00:02:56,400 Speaker 2: the stuff that goes into it. And of course, based 48 00:02:56,440 --> 00:02:59,160 Speaker 2: on the recipe that my mom had that passed down, 49 00:02:59,480 --> 00:03:02,280 Speaker 2: i'mult played that by five because you know, I want 50 00:03:02,320 --> 00:03:03,880 Speaker 2: to make sure that we have plenty left over. 51 00:03:04,200 --> 00:03:05,359 Speaker 1: But anyway, it was. 52 00:03:05,280 --> 00:03:08,480 Speaker 2: A lot of fun watching the Hallmark movies and Christmas 53 00:03:08,480 --> 00:03:12,720 Speaker 2: movies and so on. But it was interesting the way 54 00:03:12,840 --> 00:03:16,400 Speaker 2: it came together, having to, you know, do this and 55 00:03:16,919 --> 00:03:19,880 Speaker 2: get it all together. So we are on our way now. 56 00:03:20,919 --> 00:03:24,560 Speaker 2: This afternoon, my wife began making some she was gonna 57 00:03:24,560 --> 00:03:28,560 Speaker 2: make a I think a pumpkin pie, and I think 58 00:03:28,600 --> 00:03:32,600 Speaker 2: she made a I don't think, or maybe that's tomorrow 59 00:03:32,639 --> 00:03:36,840 Speaker 2: she's gonna make this flowerless chocolate cake. So she's experimenting 60 00:03:36,880 --> 00:03:41,280 Speaker 2: with the various deserts, so to speak. So we're having 61 00:03:41,280 --> 00:03:43,840 Speaker 2: a lot of fun. We're getting all ready for Thanksgiving 62 00:03:43,880 --> 00:03:46,040 Speaker 2: and really looking forward to the day. We're going to 63 00:03:46,120 --> 00:03:49,480 Speaker 2: have about ten people here at the well there at 64 00:03:49,520 --> 00:03:53,920 Speaker 2: the house, and so Anyway, it's gonna be a lot 65 00:03:53,920 --> 00:03:56,480 Speaker 2: of fun, and I'm looking forward to it. And I'm 66 00:03:56,960 --> 00:03:59,600 Speaker 2: I got to tell you from what I'm seeing, because 67 00:04:00,720 --> 00:04:03,280 Speaker 2: you know, as a recovering accountant, you know, I got 68 00:04:03,280 --> 00:04:07,040 Speaker 2: to figure things out. And I will keep receipts from 69 00:04:07,160 --> 00:04:11,119 Speaker 2: around Thanksgiving, you know, when we buy the stuff for Thanksgiving, 70 00:04:12,040 --> 00:04:16,680 Speaker 2: and then going forward up until about Christmas. And I've 71 00:04:16,760 --> 00:04:22,479 Speaker 2: kept receipts from probably and certain numbers for probably the 72 00:04:22,560 --> 00:04:26,880 Speaker 2: last thirty four years that we've been doing Thanksgiving. And 73 00:04:27,160 --> 00:04:30,280 Speaker 2: if I can remember, sometimes I'll write all the different 74 00:04:30,440 --> 00:04:33,200 Speaker 2: components down and put the prices next to it and 75 00:04:33,240 --> 00:04:35,720 Speaker 2: so on. But there's been a couple of years that 76 00:04:35,760 --> 00:04:38,919 Speaker 2: I've skipped. But overall, looking at the prices from this 77 00:04:39,040 --> 00:04:43,080 Speaker 2: year versus last year, I haven't noticed a huge difference 78 00:04:43,480 --> 00:04:46,080 Speaker 2: now getting into some of the numbers that I'm seeing. 79 00:04:46,120 --> 00:04:48,880 Speaker 2: And we had some of the reports last week. We'll 80 00:04:48,880 --> 00:04:55,760 Speaker 2: talk about consumer sentiment and the jobs report. But it's 81 00:04:55,960 --> 00:05:00,640 Speaker 2: interesting that what it appears to me what is happening 82 00:05:01,360 --> 00:05:04,920 Speaker 2: is that the spoon fed regurgitators in the mainstream media 83 00:05:05,200 --> 00:05:08,640 Speaker 2: are having way too much influence on what people are 84 00:05:08,680 --> 00:05:14,479 Speaker 2: thinking because of them talking about inflation because of them 85 00:05:14,600 --> 00:05:21,640 Speaker 2: talking about difficulties or spiking prices or whatever. It's almost 86 00:05:21,640 --> 00:05:25,239 Speaker 2: a self fulfilling prophecy, because when you look at food 87 00:05:25,320 --> 00:05:29,400 Speaker 2: prices this year versus last year, they're relatively the same. 88 00:05:29,480 --> 00:05:31,120 Speaker 1: Anyway, we'll get into that coming up. 89 00:05:31,680 --> 00:05:34,800 Speaker 2: Let's say a look at the consumer sentiment according to 90 00:05:34,839 --> 00:05:39,839 Speaker 2: the Survey Michigan Survey University of Michigan. Consumer sentiment fell 91 00:05:39,920 --> 00:05:44,520 Speaker 2: in November. According to the Michigan Survey, the survey's headline 92 00:05:44,560 --> 00:05:48,560 Speaker 2: index dropped to fifty one, hovering near one of the 93 00:05:48,640 --> 00:05:52,640 Speaker 2: lowest levels in the month's pole month poll's history. The 94 00:05:52,720 --> 00:05:56,839 Speaker 2: final reading was up a hair from the preliminary November 95 00:05:56,880 --> 00:06:00,520 Speaker 2: figure of fifty point three published two weeks weeks ago, 96 00:06:00,800 --> 00:06:04,080 Speaker 2: but down from fifty three point six recorded in October, 97 00:06:04,400 --> 00:06:07,160 Speaker 2: and it was in line with the number that economists 98 00:06:07,279 --> 00:06:10,919 Speaker 2: polled by The Wall Street Journal had forecasts. Now getting 99 00:06:11,000 --> 00:06:14,960 Speaker 2: into the numbers and digging into them, consumers who have 100 00:06:15,000 --> 00:06:18,880 Speaker 2: faced above trend inflation for nearly half a decade. 101 00:06:19,200 --> 00:06:22,040 Speaker 1: Let's back up here a second. That's a key phrase. 102 00:06:22,680 --> 00:06:25,279 Speaker 2: And by the way, if my voice sounds a little hoarse, 103 00:06:26,120 --> 00:06:27,960 Speaker 2: I don't know what's going on. I don't know if 104 00:06:27,960 --> 00:06:31,760 Speaker 2: it's seasonal allergies or what's going on. But it's a 105 00:06:31,800 --> 00:06:34,240 Speaker 2: little strain back there, not a sore throat, but just 106 00:06:34,279 --> 00:06:38,720 Speaker 2: a little strain. Anyway, consumers are faced above trend inflation 107 00:06:39,000 --> 00:06:43,839 Speaker 2: for nearly half a decade. Okay, a half a decade 108 00:06:44,279 --> 00:06:48,560 Speaker 2: is five years, my friends. And so the Trump administration 109 00:06:48,920 --> 00:06:53,040 Speaker 2: has been in office since January the twentieth. So this 110 00:06:53,240 --> 00:06:58,239 Speaker 2: above the trend inflation has been going on well before 111 00:06:58,320 --> 00:07:00,880 Speaker 2: Donald Trump came into office. And if you look at 112 00:07:00,880 --> 00:07:05,080 Speaker 2: the trend, the actual trend is dipping below what it 113 00:07:05,200 --> 00:07:11,640 Speaker 2: was during the Biden administration. Now, some of the boastful prognostications, 114 00:07:11,680 --> 00:07:14,680 Speaker 2: if you will, from Trump that these prices are going 115 00:07:14,760 --> 00:07:18,600 Speaker 2: to come down tremendously. Turkey prices have come down, price 116 00:07:18,600 --> 00:07:21,480 Speaker 2: of eggs have come down, and a lot of these 117 00:07:21,520 --> 00:07:24,880 Speaker 2: things are not related to tariffs. A lot of them 118 00:07:24,920 --> 00:07:29,680 Speaker 2: are not related to increased prices. What it is is 119 00:07:30,480 --> 00:07:34,520 Speaker 2: having to do with shortages, droughts. As far as beef 120 00:07:34,600 --> 00:07:37,760 Speaker 2: is concerned, the bird flu having gone through some of 121 00:07:37,800 --> 00:07:40,440 Speaker 2: these flocks and raised you know, when you have to 122 00:07:40,520 --> 00:07:43,200 Speaker 2: kill off your flocks, you're not going to producing much eggs. 123 00:07:43,320 --> 00:07:46,280 Speaker 2: So of course the demand is there. The supply is low, 124 00:07:46,480 --> 00:07:49,000 Speaker 2: so the prices are high. So when you see some 125 00:07:49,080 --> 00:07:51,640 Speaker 2: of those factors coming into play, those are some of 126 00:07:51,640 --> 00:07:54,120 Speaker 2: the things that are throwing these numbers off. But when 127 00:07:54,160 --> 00:07:58,320 Speaker 2: you compare as you know, Target did, as Walmart did 128 00:07:58,560 --> 00:08:02,840 Speaker 2: with their basket of stuff for Thanksgiving, their prices are down. 129 00:08:02,960 --> 00:08:05,560 Speaker 2: As a matter of fact, I think Walmart said that 130 00:08:05,600 --> 00:08:08,560 Speaker 2: their prices this year are lower than they were in 131 00:08:08,640 --> 00:08:12,160 Speaker 2: twenty nineteen, so that is a huge drop. 132 00:08:12,720 --> 00:08:15,920 Speaker 1: And as I keep pointing out, when you go. 133 00:08:15,920 --> 00:08:19,640 Speaker 2: To the grocery store, plan ahead, do a little bit 134 00:08:19,680 --> 00:08:20,760 Speaker 2: of online research. 135 00:08:20,960 --> 00:08:24,000 Speaker 1: You know, people do. 136 00:08:23,440 --> 00:08:26,840 Speaker 2: You know people are thumbing through their phones on a 137 00:08:26,880 --> 00:08:29,920 Speaker 2: regular basis, and you see them sitting around just scrolling 138 00:08:29,960 --> 00:08:33,640 Speaker 2: and entertaining themselves with stupid videos and stuff like that. 139 00:08:34,080 --> 00:08:36,360 Speaker 2: And that's all well and good. But when you could 140 00:08:36,400 --> 00:08:40,000 Speaker 2: spend that amount of time maybe checking with different stores 141 00:08:40,000 --> 00:08:42,240 Speaker 2: in your area and planning your purchase. 142 00:08:42,400 --> 00:08:43,800 Speaker 1: And I'm not talking about. 143 00:08:43,720 --> 00:08:46,439 Speaker 2: Running over here and running over there and running all 144 00:08:46,480 --> 00:08:50,599 Speaker 2: over town and everything. You can plot your like logistics, 145 00:08:50,640 --> 00:08:52,320 Speaker 2: I mean like you have to do. 146 00:08:52,400 --> 00:08:54,520 Speaker 1: In the trucking industry. You have to. 147 00:08:54,840 --> 00:08:57,120 Speaker 2: It doesn't make any sense for you to, you know, 148 00:08:58,559 --> 00:09:01,640 Speaker 2: take you know, being the greatest in saying northern Kentucky 149 00:09:01,679 --> 00:09:05,439 Speaker 2: area and do a trip down to Texas and then 150 00:09:05,679 --> 00:09:08,280 Speaker 2: do a trip back to Arkansas, and then do a 151 00:09:08,280 --> 00:09:11,400 Speaker 2: trip over to Nebraska and then find your way home. No, 152 00:09:11,640 --> 00:09:14,920 Speaker 2: you generally find that route that shortens the distance between 153 00:09:14,960 --> 00:09:18,200 Speaker 2: those points and you do it in a situation where 154 00:09:18,200 --> 00:09:21,040 Speaker 2: it takes less mileage. So you know, if you're in 155 00:09:21,040 --> 00:09:23,000 Speaker 2: the process, it's kind of getting late in the game 156 00:09:23,040 --> 00:09:25,720 Speaker 2: in terms of buying your stuff for Thanksgiving. But in 157 00:09:25,760 --> 00:09:28,880 Speaker 2: the future, if you're looking at stuff, you can say, well, Okay, 158 00:09:28,920 --> 00:09:30,720 Speaker 2: I'm going to be over in this neighborhood and such 159 00:09:30,720 --> 00:09:33,520 Speaker 2: and such, and I'm closer to this particular store. I 160 00:09:33,559 --> 00:09:35,480 Speaker 2: can swing by there and pick up a couple items, 161 00:09:35,520 --> 00:09:37,880 Speaker 2: and swing over here on my way back home and 162 00:09:37,920 --> 00:09:39,760 Speaker 2: pick up a couple items, and that sort of thing. 163 00:09:40,080 --> 00:09:42,720 Speaker 2: And it's amazing how much you can cut your grocery 164 00:09:42,720 --> 00:09:45,840 Speaker 2: bill just by hitting those sales and making sure that 165 00:09:45,880 --> 00:09:49,080 Speaker 2: you're taking advantage of what they're offering as far as 166 00:09:49,120 --> 00:09:50,360 Speaker 2: the grocery stores are concerned. 167 00:09:50,440 --> 00:09:52,120 Speaker 1: We'll pick this up a little bit coming up. 168 00:09:52,160 --> 00:09:56,199 Speaker 2: I'm Kevin Gordon, America Struck a Network seven hundred WLW. 169 00:10:00,679 --> 00:10:05,880 Speaker 2: Kevin Gordon America Constructing Network seven hundred WLW, continuing the 170 00:10:05,960 --> 00:10:10,160 Speaker 2: story on consumer sentiment, again reading between the lines. If 171 00:10:10,200 --> 00:10:13,840 Speaker 2: you learn readjust the headline, you'll get a completely different 172 00:10:13,920 --> 00:10:16,560 Speaker 2: feeling as far as the story is concerned. All right, 173 00:10:16,800 --> 00:10:21,360 Speaker 2: we left off with consumers who have faced above trend 174 00:10:21,520 --> 00:10:27,120 Speaker 2: inflation for nearly half a decade, remained frustrated with high 175 00:10:27,200 --> 00:10:32,880 Speaker 2: prices and rising prices. Survey director Joanne Sue said, though 176 00:10:32,960 --> 00:10:35,960 Speaker 2: the first part of November they were also contending with 177 00:10:36,080 --> 00:10:41,840 Speaker 2: a record long government shutdown which disrupted food aid, air travel, 178 00:10:41,960 --> 00:10:46,280 Speaker 2: and many workers' paychecks, and many federal workers paychecks. Now, 179 00:10:46,640 --> 00:10:50,080 Speaker 2: as far as this consumer sentiment report is concerned, is 180 00:10:50,120 --> 00:10:54,200 Speaker 2: that the only people that they identified that they specifically 181 00:10:54,280 --> 00:10:57,880 Speaker 2: picked out the federal workers, people with disrupted food aid, 182 00:10:58,280 --> 00:11:00,000 Speaker 2: or people that are air trains. 183 00:11:00,640 --> 00:11:02,120 Speaker 1: Was it across the board? 184 00:11:02,480 --> 00:11:07,920 Speaker 2: How many Conservatives, how many Liberals, how many Republicans, Democrats, whatever, 185 00:11:08,240 --> 00:11:11,560 Speaker 2: how many affected class versus the unaffected class. We don't 186 00:11:11,640 --> 00:11:14,120 Speaker 2: know these numbers. All we know is that they go 187 00:11:14,160 --> 00:11:16,680 Speaker 2: out and do the survey and report the numbers. But 188 00:11:16,760 --> 00:11:20,520 Speaker 2: when they say that people who have experienced above trend 189 00:11:20,520 --> 00:11:24,400 Speaker 2: inflation for nearly half a decade, over that's five years 190 00:11:24,440 --> 00:11:28,239 Speaker 2: folks that now just now they're starting to get frustrated 191 00:11:28,559 --> 00:11:32,040 Speaker 2: with high prices and higher prices. No, the prices are 192 00:11:32,200 --> 00:11:35,800 Speaker 2: relatively flat and in some cases coming down, and we'll 193 00:11:35,840 --> 00:11:39,640 Speaker 2: see that coming up in the near future and even lower. 194 00:11:39,920 --> 00:11:44,040 Speaker 2: Economic concerns also extended to the job market, which logged 195 00:11:44,120 --> 00:11:47,200 Speaker 2: a rise in unemployment to four point four percent in 196 00:11:47,240 --> 00:11:51,360 Speaker 2: September despite a net job creation of one hundred and 197 00:11:51,440 --> 00:11:55,160 Speaker 2: nineteen thousand. Now, which is interesting that we'll get too 198 00:11:55,280 --> 00:11:59,080 Speaker 2: later on, But if the one hundred and nineteen thousand 199 00:11:59,280 --> 00:12:04,040 Speaker 2: jobs that were created in that month is high, how 200 00:12:04,200 --> 00:12:07,959 Speaker 2: is the unemployment rate going up? Because in this next 201 00:12:08,120 --> 00:12:12,600 Speaker 2: story that I'll be covering talking about the jobs created, 202 00:12:13,080 --> 00:12:18,280 Speaker 2: it states in there about how people, how the extended, 203 00:12:18,720 --> 00:12:21,880 Speaker 2: the labor participation rate and some of these things that 204 00:12:21,920 --> 00:12:28,040 Speaker 2: affect the overall unemployment have come down. So how can 205 00:12:28,480 --> 00:12:32,440 Speaker 2: unemployment go from four point two percent up to four 206 00:12:32,480 --> 00:12:35,680 Speaker 2: point three and up to four point four percent when 207 00:12:35,840 --> 00:12:40,520 Speaker 2: the labor participation rate is up, the overall unemployment number 208 00:12:40,679 --> 00:12:44,920 Speaker 2: is down, and the weekly jobless claims are down. As 209 00:12:44,960 --> 00:12:48,360 Speaker 2: we talked about last week, just kind of refresh your 210 00:12:48,400 --> 00:12:51,400 Speaker 2: memory last week, they came up with the weekly jobless 211 00:12:51,440 --> 00:12:54,800 Speaker 2: claims or unemployment rates for the first week, you know, 212 00:12:55,240 --> 00:12:58,160 Speaker 2: the initial jobless claims for the week, and they came 213 00:12:58,200 --> 00:13:00,600 Speaker 2: in at two hundred and twenty thousand, which was an 214 00:13:00,600 --> 00:13:04,760 Speaker 2: eight down eight thousand unemployed people from the previous week. 215 00:13:05,000 --> 00:13:08,319 Speaker 2: The government estimates or the economist estimates had estimated that 216 00:13:08,360 --> 00:13:11,400 Speaker 2: two hundred and thirty thousand people would have been unemployed. 217 00:13:11,520 --> 00:13:14,320 Speaker 2: They were off by four point four percent on their estimates. 218 00:13:14,440 --> 00:13:18,000 Speaker 2: So the number of people on a weekly basis that 219 00:13:18,040 --> 00:13:20,840 Speaker 2: have lost their jobs are well within the range of 220 00:13:20,880 --> 00:13:23,199 Speaker 2: that two hundred and ten to two hundred and fifty 221 00:13:23,240 --> 00:13:25,960 Speaker 2: thousand that they talk about where it's been for the 222 00:13:26,040 --> 00:13:29,800 Speaker 2: last several months and even years. So how is the 223 00:13:29,920 --> 00:13:33,120 Speaker 2: unemployment rate going up when you've got more people coming 224 00:13:33,200 --> 00:13:35,679 Speaker 2: into the job market, and as we'll see coming up, 225 00:13:35,920 --> 00:13:38,680 Speaker 2: more people are now participating in the rate, and more 226 00:13:38,720 --> 00:13:40,640 Speaker 2: people have added into the job market. 227 00:13:40,880 --> 00:13:43,480 Speaker 1: It just some of these numbers just don't make any sense. 228 00:13:43,559 --> 00:13:46,840 Speaker 2: And I've talked about this consumer sentiment report for a 229 00:13:46,880 --> 00:13:48,800 Speaker 2: long time now it depends. 230 00:13:49,000 --> 00:13:51,360 Speaker 1: I would love to know who these people are. 231 00:13:51,679 --> 00:13:55,360 Speaker 2: Because the spoon fed regurgitators in the mainstream media since 232 00:13:55,400 --> 00:13:58,200 Speaker 2: the beginning of the year, in my opinion, have talked 233 00:13:58,240 --> 00:14:02,280 Speaker 2: down the economy, trashed the economy, ninety four percent, negative 234 00:14:02,280 --> 00:14:05,800 Speaker 2: coverage of the Trump administration ninety four percent or better, 235 00:14:06,720 --> 00:14:10,080 Speaker 2: negative coverage of just Donald Trump himself, let alone his 236 00:14:10,240 --> 00:14:12,800 Speaker 2: cabinet and so on. And so that's got a wigh 237 00:14:12,800 --> 00:14:15,719 Speaker 2: on people. And you know, in my opinion, as I 238 00:14:15,920 --> 00:14:17,800 Speaker 2: and I've said this before and I'll say it again, 239 00:14:18,200 --> 00:14:21,160 Speaker 2: I believe that the mainstream media, as well as Lyon 240 00:14:21,200 --> 00:14:25,640 Speaker 2: and Jerry Powell, are trying to manufacture a recession and 241 00:14:25,800 --> 00:14:29,360 Speaker 2: the resilience of the American public. The American people are 242 00:14:29,440 --> 00:14:33,240 Speaker 2: just not having any of it, and is confounding these experts. 243 00:14:33,560 --> 00:14:36,400 Speaker 2: So anyway, let me see economic concerns to talk about 244 00:14:36,440 --> 00:14:40,040 Speaker 2: four point four percent unemployment, which I don't understand. If 245 00:14:40,080 --> 00:14:44,120 Speaker 2: you've got the same relatively level unemployment numbers on a 246 00:14:44,160 --> 00:14:47,320 Speaker 2: weekly basis, why is that number going up? Looking at 247 00:14:47,320 --> 00:14:51,400 Speaker 2: the trends since the spring, many economists now estimate estimate 248 00:14:51,600 --> 00:14:55,440 Speaker 2: that employers are adding roughly just enough new jobs to 249 00:14:55,560 --> 00:15:00,920 Speaker 2: keep joblessness joblessness in check. Well, if you keep joblessness 250 00:15:01,000 --> 00:15:05,240 Speaker 2: in check, then that unemployment rate shouldn't be jumping a 251 00:15:05,280 --> 00:15:07,400 Speaker 2: tenth of a percentage point or two tenths of a 252 00:15:07,400 --> 00:15:08,120 Speaker 2: percentage point. 253 00:15:08,360 --> 00:15:11,000 Speaker 1: It should be what it was two months ago or so. 254 00:15:11,880 --> 00:15:15,160 Speaker 2: Again, these numbers are, in my opinion, just are not 255 00:15:15,320 --> 00:15:19,840 Speaker 2: adding up market. Let me see jobless check a significant 256 00:15:19,880 --> 00:15:23,120 Speaker 2: cool down from the job seekers market that prevailed earlier 257 00:15:23,120 --> 00:15:23,880 Speaker 2: in the decade. 258 00:15:24,120 --> 00:15:24,920 Speaker 1: Long frustrate. 259 00:15:25,040 --> 00:15:28,080 Speaker 2: Now earlier in the decade, all right, we came out 260 00:15:28,080 --> 00:15:33,560 Speaker 2: of a pandemic when everybody, when businesses shut down, factories 261 00:15:33,560 --> 00:15:34,080 Speaker 2: shut down. 262 00:15:34,520 --> 00:15:36,400 Speaker 1: The only thing that stayed. 263 00:15:36,120 --> 00:15:42,720 Speaker 2: Open were hospitals and police officers, firefighters. Oh and by 264 00:15:42,760 --> 00:15:45,400 Speaker 2: the way, abortion clinics, but we won't get into that. 265 00:15:46,640 --> 00:15:50,880 Speaker 2: So these the other things were all shut down, and 266 00:15:50,960 --> 00:15:55,680 Speaker 2: so when everything opened up, then what you had is 267 00:15:55,760 --> 00:15:58,800 Speaker 2: more people pouring back into the job market that had 268 00:15:58,840 --> 00:16:01,920 Speaker 2: previously been on an employed. And of course the numbers 269 00:16:01,960 --> 00:16:04,800 Speaker 2: are going to look good at the beginning of the decade. 270 00:16:04,800 --> 00:16:07,960 Speaker 2: They're in twenty twenty one, the beginning of twenty twenty two. 271 00:16:08,520 --> 00:16:13,320 Speaker 2: But when you look at pre pandemic estimates or pre 272 00:16:13,480 --> 00:16:17,240 Speaker 2: plandemic numbers, the jobs that were added back during that 273 00:16:17,360 --> 00:16:20,400 Speaker 2: period of time did not match the number of jobs 274 00:16:20,520 --> 00:16:25,080 Speaker 2: that were lost that prior to them plandemic. And so 275 00:16:25,600 --> 00:16:29,080 Speaker 2: all this boasting from the previous administration about how many 276 00:16:29,200 --> 00:16:32,920 Speaker 2: jobs they created, Well, compare that number to the numbers 277 00:16:32,960 --> 00:16:36,440 Speaker 2: that were lost, and they still hadn't matched those numbers. 278 00:16:36,680 --> 00:16:39,760 Speaker 2: And to count that as a created job when it 279 00:16:39,880 --> 00:16:44,160 Speaker 2: is merely a job that is replacing or backfilling what 280 00:16:44,280 --> 00:16:48,400 Speaker 2: had been lost previously is not a gain. And the 281 00:16:48,440 --> 00:16:53,080 Speaker 2: employment range or the employment ranks. So it was a 282 00:16:53,120 --> 00:16:56,280 Speaker 2: false narrative that they kept cramming down our throats and 283 00:16:56,360 --> 00:17:01,320 Speaker 2: again talking about where the number of the numbers of 284 00:17:01,720 --> 00:17:04,680 Speaker 2: increases and the job increases that we saw at the 285 00:17:04,760 --> 00:17:07,280 Speaker 2: beginning of the decade, Well, hell, yes, you'd see a lot, 286 00:17:07,680 --> 00:17:11,359 Speaker 2: but you know, you shut everything down and you're at zero, 287 00:17:11,920 --> 00:17:15,200 Speaker 2: So anything up from that is going to look fantastic. 288 00:17:15,520 --> 00:17:17,240 Speaker 1: So anyway, significant cool. 289 00:17:17,080 --> 00:17:19,280 Speaker 2: Down from the job seekers market that prevailed earlier in 290 00:17:19,359 --> 00:17:24,000 Speaker 2: the decade long, frustrating job searchers, and headlines about large 291 00:17:24,040 --> 00:17:27,840 Speaker 2: scales corporate layoffs are coloring the views of the labor 292 00:17:27,880 --> 00:17:31,320 Speaker 2: market far harder to navigate than it was a couple. 293 00:17:31,040 --> 00:17:34,240 Speaker 1: Of years ago. Now, the headlines. 294 00:17:33,760 --> 00:17:40,240 Speaker 2: About large scale corporate layoffs, not actual layoffs, the headlines 295 00:17:40,400 --> 00:17:45,640 Speaker 2: talking about corporate layoffs that are in the future, possibly 296 00:17:45,840 --> 00:17:48,920 Speaker 2: six months, seven months down the road as they've been 297 00:17:48,920 --> 00:17:52,120 Speaker 2: talking about over the last few weeks. So with that, 298 00:17:52,520 --> 00:17:56,080 Speaker 2: if you're just looking at headlines again and they haven't 299 00:17:56,119 --> 00:17:59,679 Speaker 2: actually come to fruition, why is that depressing people be 300 00:17:59,800 --> 00:18:02,840 Speaker 2: caught of the headline again. As I've talked about how 301 00:18:02,880 --> 00:18:05,680 Speaker 2: people go through their phones, all they do is scan 302 00:18:05,800 --> 00:18:08,800 Speaker 2: the headlines. They don't bother reading the story that don't 303 00:18:08,800 --> 00:18:11,359 Speaker 2: get into the details of the story like we do 304 00:18:11,440 --> 00:18:13,040 Speaker 2: here on America's truck and Network. 305 00:18:13,200 --> 00:18:15,320 Speaker 1: In order to set that record straight. 306 00:18:15,400 --> 00:18:17,840 Speaker 2: And as long as that, as long as the spoon 307 00:18:17,880 --> 00:18:20,640 Speaker 2: fed regurgitators in the mainstream media are going to keep 308 00:18:20,640 --> 00:18:24,760 Speaker 2: those headlines up, worse and worse the sentiment, the consumer 309 00:18:24,840 --> 00:18:28,040 Speaker 2: sentiment is going to be. I'm Kevin Gordon, America's Trucking Network. 310 00:18:28,119 --> 00:18:43,520 Speaker 2: Seven hundred WLW, seven hundred WLW. I'm Kevin Gordon. This 311 00:18:43,680 --> 00:18:47,080 Speaker 2: is America's Trucking Network. America's truck and Network supports a 312 00:18:47,160 --> 00:18:50,119 Speaker 2: mission and REES across America. You can hear us every 313 00:18:50,240 --> 00:18:53,520 Speaker 2: truck and Tuesday at five am and ten am Eastern 314 00:18:53,760 --> 00:18:58,119 Speaker 2: on REES across America Radio, available on the iHeartRadio app. 315 00:18:58,400 --> 00:19:00,760 Speaker 1: Search the word rese now that's. 316 00:19:00,760 --> 00:19:06,000 Speaker 2: Wr EA ths for Reese Across America Radio, and thank 317 00:19:06,040 --> 00:19:08,960 Speaker 2: you to all our truckers for supporting the mission of 318 00:19:09,000 --> 00:19:12,399 Speaker 2: rees across America. By the way, again that date for 319 00:19:13,200 --> 00:19:16,359 Speaker 2: the laying of the res at the various cemeteries is 320 00:19:16,800 --> 00:19:19,960 Speaker 2: December the thirteenth. It is still not too late to 321 00:19:20,040 --> 00:19:24,800 Speaker 2: sponsor a wreath seventeen dollars mirror amount and that number 322 00:19:24,880 --> 00:19:27,320 Speaker 2: was the same as it was last year, so there's 323 00:19:27,359 --> 00:19:31,160 Speaker 2: no inflation there and a lot of these there's still 324 00:19:31,160 --> 00:19:33,600 Speaker 2: I think some open lanes that if you have some time, 325 00:19:33,880 --> 00:19:36,520 Speaker 2: if you can do maybe final mile or maybe a 326 00:19:36,560 --> 00:19:39,560 Speaker 2: little bit longer in terms of these trips, in terms 327 00:19:39,560 --> 00:19:42,359 Speaker 2: of picking up these reefs and getting them distributed across 328 00:19:42,440 --> 00:19:45,480 Speaker 2: the country, just check out Reese Across America. 329 00:19:45,520 --> 00:19:49,040 Speaker 1: I believe it's dot org and get on their website. 330 00:19:49,200 --> 00:19:52,160 Speaker 2: It's a great website, great amount of tools, a lot 331 00:19:52,200 --> 00:19:54,359 Speaker 2: of stuff having to do with all the stuff that 332 00:19:54,400 --> 00:19:57,520 Speaker 2: they do throughout the year. So it's a great organization. 333 00:19:57,800 --> 00:19:59,920 Speaker 2: Proud to be part of it, Proud to be part 334 00:20:00,240 --> 00:20:05,480 Speaker 2: of recent Across America Radio every truck and Tuesday, and 335 00:20:05,680 --> 00:20:07,960 Speaker 2: really appreciate that. By the way, if you miss any 336 00:20:07,960 --> 00:20:10,240 Speaker 2: part of our program or any of our previous shows, 337 00:20:10,440 --> 00:20:14,280 Speaker 2: hit up that iHeartRadio app and which has brought to 338 00:20:14,280 --> 00:20:16,280 Speaker 2: you by our friends at Rust Truck Centers, and we 339 00:20:16,320 --> 00:20:19,960 Speaker 2: certainly appreciate that. Again, getting back to this consumer sentiment 340 00:20:20,080 --> 00:20:23,720 Speaker 2: number and the facts in here, but I'm gonna just 341 00:20:23,760 --> 00:20:26,480 Speaker 2: read this headline, I under this, this this paragraph. 342 00:20:26,520 --> 00:20:27,560 Speaker 1: I'm not too fond of it. 343 00:20:27,640 --> 00:20:30,800 Speaker 2: But recent consumer surveys have portrayed a fault line in 344 00:20:30,880 --> 00:20:35,960 Speaker 2: America's sentiment. Those with large stock stark stock portfolios are 345 00:20:36,040 --> 00:20:39,960 Speaker 2: feeling more positive than people with fewer holdings because of 346 00:20:40,000 --> 00:20:43,920 Speaker 2: the roaring market has fueled significant gains for investors. Well, 347 00:20:44,000 --> 00:20:46,480 Speaker 2: there's an awful lot. There's a large percentage of the 348 00:20:46,520 --> 00:20:49,240 Speaker 2: people out there. I don't know off the top of 349 00:20:49,280 --> 00:20:51,520 Speaker 2: my head, I don't remember what the number is. But 350 00:20:51,600 --> 00:20:53,960 Speaker 2: if you have a four oh one k, or if 351 00:20:53,960 --> 00:20:58,880 Speaker 2: you're invested in your company's program in terms of either 352 00:20:58,960 --> 00:21:03,520 Speaker 2: pension or their participation in if you have the four 353 00:21:03,600 --> 00:21:06,280 Speaker 2: oh one k through work and then they max that 354 00:21:06,640 --> 00:21:11,040 Speaker 2: or equal that or whatever from the corporations, you're still 355 00:21:11,080 --> 00:21:14,200 Speaker 2: in the market. You're not seeing it on a regular basis. 356 00:21:14,200 --> 00:21:17,159 Speaker 2: You're seeing in your statements on a quarterly basis or 357 00:21:17,200 --> 00:21:20,920 Speaker 2: on a monthly basis. But again, you are still involved 358 00:21:21,000 --> 00:21:23,480 Speaker 2: in the stock market. Now some of the people that 359 00:21:23,520 --> 00:21:28,159 Speaker 2: are not involved in the stock market, well, you know, people, Again, 360 00:21:28,359 --> 00:21:34,280 Speaker 2: this doesn't change whether you're having fantastic economic times, middle 361 00:21:34,280 --> 00:21:38,359 Speaker 2: of the road economic times, or downturn. During the recession 362 00:21:38,520 --> 00:21:41,879 Speaker 2: back in or they call it the Great recession back 363 00:21:41,880 --> 00:21:44,440 Speaker 2: in two thousand and eight, two thousand and nine or so, 364 00:21:45,119 --> 00:21:48,200 Speaker 2: people were still making money. People with the right count 365 00:21:48,680 --> 00:21:52,440 Speaker 2: that had the wherewithal and that could wait things out 366 00:21:52,480 --> 00:21:56,000 Speaker 2: as far as the downturn in the market did very 367 00:21:56,040 --> 00:21:59,119 Speaker 2: well during that period of time. But again those that 368 00:21:59,200 --> 00:22:01,840 Speaker 2: weren't invested in and that didn't do so well. We 369 00:22:01,880 --> 00:22:04,239 Speaker 2: saw in the housing market. We talked about that on 370 00:22:04,280 --> 00:22:07,520 Speaker 2: this program, where in twenty two thousand and eight, two 371 00:22:07,560 --> 00:22:11,320 Speaker 2: thousand and nine, the housing market collapsed. We had a 372 00:22:11,720 --> 00:22:14,920 Speaker 2: kind of across the board reduction of about forty percent 373 00:22:15,040 --> 00:22:18,879 Speaker 2: in the value of homes, and so people found themselves underwater. 374 00:22:19,400 --> 00:22:23,040 Speaker 2: And as as we got through the recession, those numbers 375 00:22:23,080 --> 00:22:25,479 Speaker 2: came up back up. It took a little bit longer 376 00:22:25,520 --> 00:22:28,280 Speaker 2: than what it normally takes in a recession, but by 377 00:22:28,359 --> 00:22:31,760 Speaker 2: twenty twelve twenty fourteen, people were back to where they 378 00:22:31,800 --> 00:22:35,320 Speaker 2: were before the recession began, and so holding onto the 379 00:22:35,320 --> 00:22:38,239 Speaker 2: home if you have the people maintaining their jobs and 380 00:22:38,280 --> 00:22:41,200 Speaker 2: trying to go through some creative measures to hang onto 381 00:22:41,240 --> 00:22:44,040 Speaker 2: the house. Because there were some programs that were done 382 00:22:44,320 --> 00:22:46,240 Speaker 2: by the banks in order to try to keep people 383 00:22:46,240 --> 00:22:48,480 Speaker 2: in because they didn't want those homes dumped on them, 384 00:22:48,760 --> 00:22:52,000 Speaker 2: because if somebody wounds up, if they wound up wind 385 00:22:52,080 --> 00:22:55,439 Speaker 2: up for closing on homes and they can't sell those homes, 386 00:22:56,119 --> 00:22:58,639 Speaker 2: they're stuck with that home on their books. And so 387 00:22:59,240 --> 00:23:01,240 Speaker 2: there was a lot of leaf programs that were done 388 00:23:01,320 --> 00:23:04,680 Speaker 2: during that period of time. But again, you don't base 389 00:23:04,760 --> 00:23:08,320 Speaker 2: this on because you know, I've talked in terms before 390 00:23:08,520 --> 00:23:10,840 Speaker 2: of you know, in a lot of instances of what 391 00:23:10,920 --> 00:23:13,240 Speaker 2: we look at as far as what's going on in 392 00:23:13,280 --> 00:23:16,399 Speaker 2: the economy or the country or so on. Sometimes it 393 00:23:16,440 --> 00:23:21,720 Speaker 2: boils down to not only necessarily Republicans versus Democrats, Conservatives 394 00:23:21,800 --> 00:23:25,160 Speaker 2: versus liberals. It has to do with the affected class 395 00:23:25,280 --> 00:23:29,400 Speaker 2: versus the unaffected class. The liberals in Hollywood, the liberals 396 00:23:29,400 --> 00:23:33,639 Speaker 2: on the DNC side, they're not affected. If they're the 397 00:23:33,720 --> 00:23:36,720 Speaker 2: upper class, they're not affected by this. The rich people 398 00:23:36,720 --> 00:23:40,160 Speaker 2: on the right in the conservative side, they're not affected 399 00:23:40,200 --> 00:23:43,560 Speaker 2: by that, but we the affected class here in the middle, 400 00:23:43,880 --> 00:23:46,639 Speaker 2: we are affected by every one of these things. And 401 00:23:46,720 --> 00:23:49,679 Speaker 2: so it's a battle between the affected class and the 402 00:23:49,760 --> 00:23:53,439 Speaker 2: unaffected class. And that's being and they're playing this up 403 00:23:53,480 --> 00:23:56,439 Speaker 2: as if in this article, as if it's something new 404 00:23:56,560 --> 00:23:59,640 Speaker 2: that has never been there before. But even those good 405 00:23:59,640 --> 00:24:03,879 Speaker 2: feelings could face a test amid rough November on Wall 406 00:24:03,880 --> 00:24:07,000 Speaker 2: Street with the rise in the in the stock market, 407 00:24:07,280 --> 00:24:10,320 Speaker 2: the stock market over the last month. Now, remember back 408 00:24:10,359 --> 00:24:14,000 Speaker 2: on Liberation Day, back on April the second, the stock 409 00:24:14,080 --> 00:24:17,880 Speaker 2: market went down tremendously. It was more than a correction, 410 00:24:17,960 --> 00:24:19,680 Speaker 2: I think it was what it was at fifteen to 411 00:24:19,720 --> 00:24:24,080 Speaker 2: twenty percent down almost overnight, and then people that hung 412 00:24:24,080 --> 00:24:27,320 Speaker 2: in there did. Stock market over the last couple of 413 00:24:27,320 --> 00:24:31,520 Speaker 2: months have not only beat what it was prior to 414 00:24:31,960 --> 00:24:35,879 Speaker 2: April the second, but gone even higher. And on a weekly, 415 00:24:35,960 --> 00:24:38,679 Speaker 2: on a daily basis, for about three or four weeks 416 00:24:38,720 --> 00:24:42,840 Speaker 2: there every day was a record high, not a record 417 00:24:42,920 --> 00:24:45,600 Speaker 2: high for the week, not a record high for the month, 418 00:24:46,000 --> 00:24:49,119 Speaker 2: not a record high for the past six months, but 419 00:24:49,320 --> 00:24:53,560 Speaker 2: a record high ever in the stock market. So when 420 00:24:53,600 --> 00:24:56,400 Speaker 2: you have that rapid increase during that period of time, 421 00:24:56,760 --> 00:24:59,320 Speaker 2: at some point people are going to take some you know, 422 00:24:59,680 --> 00:25:04,880 Speaker 2: take winnings off the table cash in kind of take 423 00:25:04,920 --> 00:25:07,600 Speaker 2: their you know, take their earnings and take their wins 424 00:25:07,960 --> 00:25:10,280 Speaker 2: and then go back into the market later on. But 425 00:25:10,400 --> 00:25:15,720 Speaker 2: again that is where people where the market starts going down, 426 00:25:16,080 --> 00:25:18,880 Speaker 2: and what they talk about is we're not even near 427 00:25:19,040 --> 00:25:21,840 Speaker 2: what they talk in terms as far as a correction 428 00:25:22,320 --> 00:25:24,840 Speaker 2: in the market. It's gone down a little bit, but 429 00:25:24,920 --> 00:25:27,520 Speaker 2: it hasn't gone down to the point where it's actually 430 00:25:27,560 --> 00:25:31,439 Speaker 2: considered a correction. So any of this playing up that oh, well, 431 00:25:31,680 --> 00:25:34,840 Speaker 2: you know the stock market was down five percent and 432 00:25:34,960 --> 00:25:38,120 Speaker 2: recent you know, and so on, well, you know, until 433 00:25:38,119 --> 00:25:40,199 Speaker 2: it gets up to the ten fifteen percent, you're not 434 00:25:40,280 --> 00:25:43,920 Speaker 2: in the correction. Weaker employment picture prompted two interest rate 435 00:25:43,960 --> 00:25:46,600 Speaker 2: cuts from the Federal Reserve at the Central Banks meeting 436 00:25:46,760 --> 00:25:50,359 Speaker 2: in September October, but officials have appeared split on whether 437 00:25:50,359 --> 00:25:55,000 Speaker 2: they should hold rates steady in December. Although both challenges 438 00:25:55,119 --> 00:25:59,680 Speaker 2: are clearly weighing on consumers concerns about a long run inflation. 439 00:26:00,200 --> 00:26:04,480 Speaker 2: Long run inflation un lest at least hasn't been worsening, 440 00:26:04,800 --> 00:26:08,359 Speaker 2: according to the Michigan Survey, a reassuring sign for the 441 00:26:08,359 --> 00:26:12,840 Speaker 2: Fed because fears of persistent inflation are sometimes thought to 442 00:26:12,920 --> 00:26:17,400 Speaker 2: become self fulfilling. And again what I talked about earlier 443 00:26:17,680 --> 00:26:20,680 Speaker 2: is that we keep talking about inflation, keep talking about inflation. 444 00:26:21,080 --> 00:26:23,399 Speaker 2: People are going to people are going to be thinking 445 00:26:23,440 --> 00:26:26,160 Speaker 2: in terms of inflation, whether or not they're feeling it. 446 00:26:26,119 --> 00:26:28,119 Speaker 1: In their own home or not. 447 00:26:28,920 --> 00:26:32,479 Speaker 2: Long run inflation expectations fell to now get this, okay, 448 00:26:32,880 --> 00:26:39,320 Speaker 2: Long term expectations for inflation fell to three point four percent, 449 00:26:39,760 --> 00:26:44,040 Speaker 2: down from three point nine percent in October. So people 450 00:26:44,119 --> 00:26:47,840 Speaker 2: forecasting out thinking that inflation was going to be approaching 451 00:26:47,880 --> 00:26:51,480 Speaker 2: four percent are now back down to the three percent range. 452 00:26:51,560 --> 00:26:54,719 Speaker 2: So how can those people that feel that way have 453 00:26:54,840 --> 00:26:57,480 Speaker 2: a bad sentiment as far as the economy is concerned. 454 00:26:57,800 --> 00:27:00,320 Speaker 2: Like I said, a lot of these numbers and the 455 00:27:00,320 --> 00:27:03,480 Speaker 2: way they're displaying them just don't add up, And it 456 00:27:03,600 --> 00:27:06,439 Speaker 2: almost seems like you've got a jackal in a hyde 457 00:27:06,520 --> 00:27:11,120 Speaker 2: economy out there, where the media is talking it down, 458 00:27:11,400 --> 00:27:14,879 Speaker 2: but that people are being resilient and working through it. Now, 459 00:27:15,200 --> 00:27:18,240 Speaker 2: coming up, we're going to be talking about the job's numbers, 460 00:27:18,280 --> 00:27:22,439 Speaker 2: because those came in pretty hot last week and a 461 00:27:22,480 --> 00:27:24,879 Speaker 2: lot of good information there, and we'll get to that 462 00:27:24,960 --> 00:27:28,480 Speaker 2: coming up. I'm Kevin Gordon America's struck A network. Seven 463 00:27:28,560 --> 00:27:35,399 Speaker 2: hundred WLW seven hundred WLW. I'm Kevin Gordon. This is 464 00:27:35,400 --> 00:27:38,080 Speaker 2: America's struck A network. I mentioned in the previous segment 465 00:27:38,160 --> 00:27:41,040 Speaker 2: that the job numbers came in last week. Non farm 466 00:27:41,080 --> 00:27:44,680 Speaker 2: payroll one hundred and nineteen thousand added, a jobless rate 467 00:27:44,760 --> 00:27:46,960 Speaker 2: goes up to four point four. Like I said, the 468 00:27:47,080 --> 00:27:49,800 Speaker 2: numbers don't add up. As far as I'm concerned, US 469 00:27:49,840 --> 00:27:54,640 Speaker 2: economy added substantially more jobs than expected in September. According 470 00:27:54,680 --> 00:27:57,600 Speaker 2: to the long awaited report Thursday from the Bureau of 471 00:27:57,680 --> 00:28:01,960 Speaker 2: Labor Statistics, non farm payroll increased by one hundred and 472 00:28:02,080 --> 00:28:05,880 Speaker 2: nineteen thousand in a month, up from the four thousand 473 00:28:06,160 --> 00:28:10,679 Speaker 2: jobs lost in August. So that's a swing of one 474 00:28:10,720 --> 00:28:14,360 Speaker 2: hundred and twenty three thousand jobs Following a downward revision. 475 00:28:14,720 --> 00:28:19,959 Speaker 2: The Dow Jones consensus estimate for September was fifty thousand, 476 00:28:20,480 --> 00:28:26,800 Speaker 2: so the economists were expecting for September only fifty thousand increase. 477 00:28:27,240 --> 00:28:30,359 Speaker 2: It came in at one hundred and nineteen thousand, so 478 00:28:30,560 --> 00:28:34,680 Speaker 2: their estimates were off, and their expectations were off by 479 00:28:34,720 --> 00:28:38,400 Speaker 2: one hundred and thirty eight percent. The July total was 480 00:28:38,440 --> 00:28:41,719 Speaker 2: also revised down to seventy two thousand, a decrease of 481 00:28:41,800 --> 00:28:45,320 Speaker 2: seven thousand from the prior release. In addition to the 482 00:28:45,360 --> 00:28:48,800 Speaker 2: headline's job numbers that we talked about before BLS, the 483 00:28:48,880 --> 00:28:53,400 Speaker 2: unemployment rage rate edged up higher to four point four percent, 484 00:28:53,880 --> 00:28:56,920 Speaker 2: the highest it's been since October of twenty twenty one. 485 00:28:57,480 --> 00:29:01,120 Speaker 2: A broader measure that includes the those not looking for 486 00:29:01,240 --> 00:29:06,480 Speaker 2: jobs or working part time for economic reasons edged lower 487 00:29:06,880 --> 00:29:11,840 Speaker 2: to eight percent. Now they don't say edge lower from what, 488 00:29:12,480 --> 00:29:15,200 Speaker 2: But I did look it up, and I saw a 489 00:29:15,280 --> 00:29:18,520 Speaker 2: number that was like eight point four or eight point 490 00:29:18,640 --> 00:29:22,440 Speaker 2: one that I couldn't get nailed that down. But still, 491 00:29:22,600 --> 00:29:26,560 Speaker 2: if the number of people that are considered unemployed and 492 00:29:26,640 --> 00:29:31,280 Speaker 2: have stopped working part of the labor participation rate is up, 493 00:29:31,600 --> 00:29:34,720 Speaker 2: then you would expect to see unemployment numbers go up. 494 00:29:35,000 --> 00:29:38,680 Speaker 2: If that number comes down, why is the unemployment number 495 00:29:38,800 --> 00:29:40,720 Speaker 2: going up again? 496 00:29:40,920 --> 00:29:43,040 Speaker 1: These things just don't make any sense to me. 497 00:29:43,400 --> 00:29:46,920 Speaker 2: Average hourly earnings increase point two percent for the month 498 00:29:47,400 --> 00:29:50,600 Speaker 2: and three point eight percent from a year ago, compared 499 00:29:50,600 --> 00:29:54,040 Speaker 2: to a respective forecast of three percent three point eight 500 00:29:54,240 --> 00:29:56,800 Speaker 2: So the forecasts were lower than what it actually came 501 00:29:56,800 --> 00:30:02,080 Speaker 2: in at report ends the data drought the labor market 502 00:30:02,440 --> 00:30:05,920 Speaker 2: that began in early September and continued through the record one, 503 00:30:06,560 --> 00:30:11,280 Speaker 2: record forty four day government shutdown, and who caused that 504 00:30:11,280 --> 00:30:14,840 Speaker 2: that was caused by the Democrats. The Schumer's shutdown agencies, 505 00:30:14,880 --> 00:30:18,760 Speaker 2: including the BLS and Bureau of Economic Analysis and others, 506 00:30:18,960 --> 00:30:23,040 Speaker 2: were prohibited from collecting or releasing data during the period. 507 00:30:24,280 --> 00:30:27,200 Speaker 2: This was the first report since the beginning of August thereabouts. 508 00:30:28,240 --> 00:30:34,040 Speaker 2: Daniel Zou, chief economists at job site Glass Doors, said, 509 00:30:34,400 --> 00:30:38,960 Speaker 2: September's jobs report shows the labor market still had resilience 510 00:30:39,280 --> 00:30:44,800 Speaker 2: before the shutdown, beating payroll expectations, but the picture remains muddy, 511 00:30:45,040 --> 00:30:49,200 Speaker 2: with August jobs revised to a job loss and unemployment 512 00:30:49,280 --> 00:30:53,800 Speaker 2: rate increasing again. Why is the rate increasing if the 513 00:30:53,920 --> 00:30:58,560 Speaker 2: jobs are creating are going up and the overall including 514 00:30:58,600 --> 00:31:01,720 Speaker 2: people who have stoppler looking for work, has come down. 515 00:31:02,320 --> 00:31:06,040 Speaker 2: Stock market futures nevertheless added to gains following the report. 516 00:31:06,840 --> 00:31:09,760 Speaker 2: Traders also continue to bet that the Federal Reserve will 517 00:31:09,800 --> 00:31:13,440 Speaker 2: not lower interest rates further at its December the ninth 518 00:31:13,600 --> 00:31:16,960 Speaker 2: and tenth meeting ninth through the tenth meeting, So that's 519 00:31:17,040 --> 00:31:19,800 Speaker 2: mudding the waters as far as that's concerned, and again 520 00:31:20,160 --> 00:31:23,680 Speaker 2: probably playing on as far as consumer sentiment is concerned. 521 00:31:24,200 --> 00:31:27,840 Speaker 2: Despite the fact that today jobs report is very backward looking. 522 00:31:28,040 --> 00:31:32,400 Speaker 2: This is a quote from Sema Shaw, she is chief 523 00:31:32,680 --> 00:31:37,200 Speaker 2: Global Strategist at Principal Asset Management. Despite the fact that 524 00:31:37,240 --> 00:31:41,400 Speaker 2: today's report is very backward looking, well what else would 525 00:31:41,480 --> 00:31:44,480 Speaker 2: it be if the jobs that were created? You have 526 00:31:44,600 --> 00:31:47,120 Speaker 2: to find out what those jobs are, and before you 527 00:31:47,240 --> 00:31:51,240 Speaker 2: report them. You can't forecast ahead and say, well, gee wiz, 528 00:31:51,280 --> 00:31:53,360 Speaker 2: let me get out my crystal ball and let me 529 00:31:53,400 --> 00:31:56,800 Speaker 2: see forward thinking in terms of what the job market 530 00:31:56,880 --> 00:31:58,680 Speaker 2: is going to be. Shoot, if you could do that, 531 00:31:59,360 --> 00:32:01,920 Speaker 2: you should, you know, do that crystal ball. 532 00:32:01,760 --> 00:32:03,000 Speaker 1: To find lottery numbers. 533 00:32:03,480 --> 00:32:06,600 Speaker 2: Equities like the fact that the payrolls were stronger than expected, 534 00:32:06,640 --> 00:32:10,680 Speaker 2: suggesting the economy is still on firm footing, while the 535 00:32:10,720 --> 00:32:14,600 Speaker 2: bond market likes the rise in unemployment slow down so on. Overall, 536 00:32:14,600 --> 00:32:17,320 Speaker 2: the report shows that the labor market entered the autumn 537 00:32:17,360 --> 00:32:19,800 Speaker 2: months on much the same footing and has it been 538 00:32:19,840 --> 00:32:23,520 Speaker 2: all year long, slow but steady pace. People are not 539 00:32:23,640 --> 00:32:26,760 Speaker 2: getting laid off, and people are not businesses are not 540 00:32:26,920 --> 00:32:30,040 Speaker 2: laying off, and they're not hiring. Separate Labor Department release 541 00:32:30,080 --> 00:32:33,600 Speaker 2: on Thursday showed that the initial jobless claims. Talking about 542 00:32:33,680 --> 00:32:37,320 Speaker 2: those unemployment numbers have come down that way. On the downside, 543 00:32:37,360 --> 00:32:42,160 Speaker 2: transpency jobs were added in healthcare forty three thousand. Bars 544 00:32:42,160 --> 00:32:45,880 Speaker 2: and restaurants contributed thirty seven thousand. Those are in the 545 00:32:45,920 --> 00:32:48,920 Speaker 2: service industries, So if those are up, people are out. 546 00:32:49,040 --> 00:32:51,520 Speaker 2: They're not hiring people in that area, or they're not 547 00:32:51,680 --> 00:32:55,520 Speaker 2: increasing their staff if the business isn't there. So apparently 548 00:32:55,560 --> 00:32:58,479 Speaker 2: people are out spending money at bars and restaurants and 549 00:32:58,520 --> 00:33:02,280 Speaker 2: they need the staff to fulfill that. Transportation and warehousing 550 00:33:02,320 --> 00:33:05,720 Speaker 2: lost twenty five thousand jobs, part of the loss of 551 00:33:05,840 --> 00:33:10,120 Speaker 2: ninety seven on the calendar year. Professional business services also 552 00:33:10,200 --> 00:33:13,240 Speaker 2: reported to decline, the twenty thousand fueled by the drop 553 00:33:13,280 --> 00:33:17,120 Speaker 2: of sixteen thousand and temporary help. Now they do report 554 00:33:17,200 --> 00:33:20,520 Speaker 2: later on that the number of people working part time, 555 00:33:20,800 --> 00:33:23,120 Speaker 2: and see that again, this is one of those numbers 556 00:33:23,160 --> 00:33:26,680 Speaker 2: that don't add up. Rolls for full employment swelled by 557 00:33:26,720 --> 00:33:30,440 Speaker 2: six hundred and seventy three thousand, while part timers fell 558 00:33:30,640 --> 00:33:33,960 Speaker 2: by five hundred and seventy three. Now was that sixteen 559 00:33:34,040 --> 00:33:37,959 Speaker 2: thousand the temporary help lost? Did they become full time? 560 00:33:38,160 --> 00:33:41,280 Speaker 2: They don't explain in here. Total level of those employed 561 00:33:41,360 --> 00:33:44,200 Speaker 2: rose by two hundred and fifty one thousand, while the 562 00:33:44,280 --> 00:33:47,840 Speaker 2: labor force increased by four hundred and seventy thousand to 563 00:33:48,000 --> 00:33:53,040 Speaker 2: a fresh record of one hundred and seventy one million 564 00:33:53,080 --> 00:33:57,160 Speaker 2: people working. That is a record number of people working. 565 00:33:57,280 --> 00:34:00,080 Speaker 2: The participation rate, which measures the share of the working 566 00:34:00,120 --> 00:34:05,400 Speaker 2: age population either working or seeking employment, edged higher to 567 00:34:05,600 --> 00:34:09,799 Speaker 2: sixty two point four percent, the highest since May. So, 568 00:34:10,040 --> 00:34:12,719 Speaker 2: like I said, these numbers are not adding up. If 569 00:34:12,760 --> 00:34:15,919 Speaker 2: they're talking about unemployment going up, then why are job 570 00:34:16,000 --> 00:34:18,800 Speaker 2: seekers the number of people added to the labor force 571 00:34:19,040 --> 00:34:22,520 Speaker 2: going up, and a record number of people participating in 572 00:34:22,560 --> 00:34:23,320 Speaker 2: the job market. 573 00:34:23,840 --> 00:34:26,520 Speaker 1: I just don't understand it. Now. 574 00:34:27,000 --> 00:34:28,719 Speaker 2: One of the things that I want to get to 575 00:34:28,880 --> 00:34:31,080 Speaker 2: here real quick is some of the comments that were 576 00:34:31,080 --> 00:34:34,360 Speaker 2: made in terms of what oil prices are doing. Because 577 00:34:34,440 --> 00:34:38,880 Speaker 2: oil prices currently West Texas Intermediate crude is at fifty 578 00:34:38,920 --> 00:34:42,000 Speaker 2: eight dollars and eighty one cents a barrel. That's seventy 579 00:34:42,000 --> 00:34:46,480 Speaker 2: five cents from Friday, But just since January the twentieth, 580 00:34:46,680 --> 00:34:50,080 Speaker 2: it's down eighteen dollars and eight cents. That's a twenty 581 00:34:50,120 --> 00:34:55,080 Speaker 2: four percent decrease since January. Brent crude down is at 582 00:34:55,120 --> 00:34:59,400 Speaker 2: sixty three thirty four, up about a buck from Friday, 583 00:35:00,360 --> 00:35:04,320 Speaker 2: but since January is down sixteen dollars and fifty six cents, 584 00:35:04,520 --> 00:35:09,080 Speaker 2: that is a twenty one percent decrease, So again those 585 00:35:09,120 --> 00:35:12,600 Speaker 2: prices are coming down there now looking at what's going 586 00:35:12,600 --> 00:35:16,640 Speaker 2: on in the oil markets. The headline was and when 587 00:35:16,680 --> 00:35:19,319 Speaker 2: you print it off, it talks about interest rates, but 588 00:35:19,400 --> 00:35:23,120 Speaker 2: the headline on the website was oil prices edge higher 589 00:35:23,520 --> 00:35:29,360 Speaker 2: as US interest rates and Ukraine peace talks jostle for attention. 590 00:35:30,000 --> 00:35:32,320 Speaker 1: Now, one of the things that popped out on. 591 00:35:32,200 --> 00:35:36,319 Speaker 2: This report is they talk about what is going on 592 00:35:36,440 --> 00:35:40,120 Speaker 2: in terms of Russia, whether or not they're going to 593 00:35:40,200 --> 00:35:42,600 Speaker 2: reach some sort of an agreement, whether there's going to 594 00:35:42,640 --> 00:35:46,000 Speaker 2: be this peace dividend, or whether or not the price 595 00:35:46,080 --> 00:35:49,480 Speaker 2: is going to go up, whether Russian oil companies, if 596 00:35:49,520 --> 00:35:52,200 Speaker 2: the sanctions are going to be lifted off there, and 597 00:35:52,239 --> 00:35:54,319 Speaker 2: whether or not oil is going to be flowing into 598 00:35:54,320 --> 00:35:58,240 Speaker 2: the market and so on. They talked about how the 599 00:35:58,280 --> 00:36:01,279 Speaker 2: Federal Reserve is kicking around the idea there are a 600 00:36:01,360 --> 00:36:03,680 Speaker 2: lot of members of the Federal Reserve that are talking 601 00:36:03,719 --> 00:36:08,240 Speaker 2: about wanting to decrease interest rates. In their meeting onto 602 00:36:08,280 --> 00:36:10,600 Speaker 2: some of the sixth through the seventh I think that 603 00:36:10,719 --> 00:36:13,840 Speaker 2: number was, but then there are some that are holding 604 00:36:13,880 --> 00:36:17,279 Speaker 2: out and saying that they should be remaining the same fat. 605 00:36:17,360 --> 00:36:20,720 Speaker 2: Governor Christopher Waller sat on Monday that the available data 606 00:36:21,080 --> 00:36:24,360 Speaker 2: indicates the US job market remains weak enough to warrant 607 00:36:24,440 --> 00:36:28,840 Speaker 2: another quarter point cut, though action beyond that will depend 608 00:36:28,880 --> 00:36:31,160 Speaker 2: on the flood of data and so on from the 609 00:36:31,760 --> 00:36:33,040 Speaker 2: growth of labor statistics. 610 00:36:33,160 --> 00:36:34,440 Speaker 1: Hit this line in here. 611 00:36:35,080 --> 00:36:40,600 Speaker 2: Lower interest rates could boost economic growth and oil demand 612 00:36:40,920 --> 00:36:44,960 Speaker 2: by reducing borrowing costs for consumers and businesses. 613 00:36:45,480 --> 00:36:47,239 Speaker 1: What have I been saying on this. 614 00:36:47,239 --> 00:36:51,680 Speaker 2: Program, on and on and on about our interest rates 615 00:36:51,719 --> 00:36:55,520 Speaker 2: being higher than they are in Europe, in Canada, across 616 00:36:55,800 --> 00:37:00,080 Speaker 2: some of the developed countries, and Lion Jerry Powell keeping 617 00:37:00,120 --> 00:37:04,680 Speaker 2: our interest rates high, artificially high, in my opinion, that 618 00:37:04,840 --> 00:37:08,760 Speaker 2: is stifling the economy. Let me repeat that last sentence. 619 00:37:09,360 --> 00:37:14,240 Speaker 2: Lower interest rates could boost economic growth and oil demand 620 00:37:14,520 --> 00:37:20,040 Speaker 2: by reducing borrowing costs for consumers and businesses. So, when 621 00:37:20,320 --> 00:37:24,160 Speaker 2: you have more money in your pocket because you're not 622 00:37:24,320 --> 00:37:28,080 Speaker 2: paying sky high interest rates, that makes the house that 623 00:37:28,120 --> 00:37:31,319 Speaker 2: you're in more affordable, or the house you would like 624 00:37:31,400 --> 00:37:35,440 Speaker 2: to attain become more affordable. You get more bang for 625 00:37:35,520 --> 00:37:38,880 Speaker 2: your buck. In terms of where your salary is versus 626 00:37:38,960 --> 00:37:41,360 Speaker 2: the size house you can buy or the price of 627 00:37:41,400 --> 00:37:45,080 Speaker 2: the house you can buy, and it reduces your monthly payment. 628 00:37:45,440 --> 00:37:48,480 Speaker 2: And so if your monthly payment is down, there's more 629 00:37:48,520 --> 00:37:51,440 Speaker 2: money in your pocket. You have more money to spend 630 00:37:51,440 --> 00:37:55,200 Speaker 2: on discretionary things, which then means that you're out about 631 00:37:55,520 --> 00:38:00,960 Speaker 2: possibly buying more stuff at a store, whether a retail 632 00:38:01,080 --> 00:38:04,200 Speaker 2: chain or whether it's at food and restaurant. We saw 633 00:38:04,239 --> 00:38:07,719 Speaker 2: the job numbers where increases in the restaurant and bar 634 00:38:08,120 --> 00:38:13,040 Speaker 2: staffs are up. So again, when they're talking about interest 635 00:38:13,080 --> 00:38:18,120 Speaker 2: rate decreases stimulate the economy. If the Federal Reserve they 636 00:38:18,160 --> 00:38:21,600 Speaker 2: say that their intention or that their mission is to 637 00:38:21,719 --> 00:38:25,360 Speaker 2: keep inflation low and to keep the job market strong. 638 00:38:26,000 --> 00:38:30,160 Speaker 2: The job market has been strong. The number of the 639 00:38:30,200 --> 00:38:34,080 Speaker 2: amount of inflation is holding steady. It's a at the 640 00:38:34,239 --> 00:38:37,120 Speaker 2: level that it's been for the last well a couple 641 00:38:37,160 --> 00:38:40,759 Speaker 2: of years, basically well with lower than what it was 642 00:38:41,000 --> 00:38:43,720 Speaker 2: during the Biden years in twenty twenty two and twenty 643 00:38:43,840 --> 00:38:46,880 Speaker 2: twenty three, but as far as twenty twenty four. Towards 644 00:38:46,920 --> 00:38:49,359 Speaker 2: the end of twenty twenty four and then into this year, 645 00:38:49,600 --> 00:38:52,600 Speaker 2: it's been relatively the same somewhere around the two point 646 00:38:52,719 --> 00:38:56,360 Speaker 2: seven to three percent range, so it's not drastically going 647 00:38:56,440 --> 00:38:59,440 Speaker 2: up and the Fed wanting that interest rate or that 648 00:38:59,560 --> 00:39:03,080 Speaker 2: inflation rate down round two percent. It hasn't been around 649 00:39:03,080 --> 00:39:07,439 Speaker 2: two percent since the previous Trump administration at two point one, 650 00:39:07,920 --> 00:39:11,680 Speaker 2: so given what the economy does during the Trump administration, 651 00:39:11,960 --> 00:39:14,440 Speaker 2: we should see that coming down and at least they 652 00:39:14,480 --> 00:39:16,920 Speaker 2: have the track record of that and can adjust that 653 00:39:17,040 --> 00:39:21,440 Speaker 2: interest rate down, which, as they say, will spur the economy. Well, folks, 654 00:39:21,440 --> 00:39:23,680 Speaker 2: that does it for us. Stay tuned for Redie Radio 655 00:39:23,680 --> 00:39:27,200 Speaker 2: at top the hour. I'm Kevin Gordon, America's Trucking Network 656 00:39:27,520 --> 00:39:29,680 Speaker 2: seven hundred WLW