1 00:00:03,840 --> 00:00:06,640 Speaker 1: This is America's Trucking Network with Kevin Gordon. 2 00:00:08,480 --> 00:00:12,120 Speaker 2: Welcome themar Thanks for tuning in on this Wednesday morning. 3 00:00:12,240 --> 00:00:15,480 Speaker 2: Well later on this afternoon, we're gonna find out what 4 00:00:15,640 --> 00:00:18,479 Speaker 2: Lion Jerry Powell and the Federal Reserve are going to 5 00:00:18,520 --> 00:00:21,599 Speaker 2: do as far as interest rates are concerned. Lion Jerry 6 00:00:21,680 --> 00:00:24,600 Speaker 2: Powell and the gang to see what they're going to do. 7 00:00:25,160 --> 00:00:29,080 Speaker 2: We've got some interesting information that proves my point. And 8 00:00:29,880 --> 00:00:32,720 Speaker 2: I know I talk about interest rates a lot. I 9 00:00:32,800 --> 00:00:35,600 Speaker 2: know that I harp on Lion Jerry Powell. I do 10 00:00:35,760 --> 00:00:39,680 Speaker 2: that for a reason. In my opinion, I look out 11 00:00:39,840 --> 00:00:43,559 Speaker 2: over the landscape. I look out everybody talking about all 12 00:00:43,600 --> 00:00:47,800 Speaker 2: of a sudden, the Democrats, the liberals, and the spoon 13 00:00:47,880 --> 00:00:54,120 Speaker 2: Federi gurgitators in the mainstream media are suddenly concerned about affordability. 14 00:00:54,360 --> 00:00:57,800 Speaker 2: This is the same crowd that lied to us for 15 00:00:57,840 --> 00:01:00,320 Speaker 2: a year and a half at the beginning of the 16 00:01:00,360 --> 00:01:04,880 Speaker 2: Biden administration in twenty twenty one, when when inflation was 17 00:01:05,000 --> 00:01:09,280 Speaker 2: down at one point four percent when Biden took office, 18 00:01:09,680 --> 00:01:14,200 Speaker 2: one point four percent hit a high of nine point 19 00:01:14,200 --> 00:01:19,560 Speaker 2: one percent a year and a half later in June. 20 00:01:19,200 --> 00:01:20,800 Speaker 3: Of twenty twenty two. 21 00:01:21,080 --> 00:01:22,960 Speaker 2: So only it took him a year and a half 22 00:01:23,120 --> 00:01:26,880 Speaker 2: to go from one point four percent inflation up to 23 00:01:27,040 --> 00:01:31,000 Speaker 2: nine point one. And we were told all during that time, 24 00:01:31,319 --> 00:01:35,600 Speaker 2: this is just a this is transitory. This is this temporary. 25 00:01:35,600 --> 00:01:38,920 Speaker 2: It's only going to last, you know, for a little while. Well, 26 00:01:38,959 --> 00:01:41,800 Speaker 2: we saw gas prices go up a dollar twenty five 27 00:01:41,959 --> 00:01:47,440 Speaker 2: between the beginning of the Biden administration until February of 28 00:01:47,480 --> 00:01:51,720 Speaker 2: twenty twenty two. Then at February twenty two, once Russia 29 00:01:51,800 --> 00:01:57,320 Speaker 2: invaded Ukraine, gas prices shot up to another dollar twenty five, 30 00:01:57,360 --> 00:02:01,320 Speaker 2: so two dolls fifty cents increase in a gallon of gasoline, 31 00:02:01,560 --> 00:02:03,919 Speaker 2: to the point in June of that year. In twenty 32 00:02:03,960 --> 00:02:08,520 Speaker 2: twenty two, gas prices hit a high of across the 33 00:02:08,520 --> 00:02:11,919 Speaker 2: board national average of five dollars and two cents. 34 00:02:12,560 --> 00:02:16,000 Speaker 3: And where was the talk about affordability? 35 00:02:16,360 --> 00:02:20,079 Speaker 2: I saw reports talking about, well, you're saying that gas 36 00:02:20,120 --> 00:02:23,320 Speaker 2: prices are high because of the Russian invasion and because 37 00:02:23,320 --> 00:02:26,400 Speaker 2: we're supporting Ukraine, and that's putting a crimp on the 38 00:02:26,440 --> 00:02:29,160 Speaker 2: oil flow and everything. How long do you expect people 39 00:02:29,160 --> 00:02:32,799 Speaker 2: to pay that higher amount? And the representative for the 40 00:02:32,800 --> 00:02:36,360 Speaker 2: White House said, as long as it takes, because. 41 00:02:36,000 --> 00:02:37,400 Speaker 3: We are in this to win it. 42 00:02:37,600 --> 00:02:42,240 Speaker 2: We are all behind Ukraine, all right, So where was 43 00:02:42,280 --> 00:02:44,520 Speaker 2: the push for the piece, where was the push for NATO? 44 00:02:44,600 --> 00:02:47,160 Speaker 2: Where was the push to end this conflict? All during 45 00:02:47,320 --> 00:02:51,040 Speaker 2: the Biden administration, just like the invasion on the southern border, 46 00:02:51,200 --> 00:02:53,760 Speaker 2: they just turned a blind eye to it. And now 47 00:02:53,800 --> 00:02:56,960 Speaker 2: all of a sudden they're lecturing us on affordability. 48 00:02:57,840 --> 00:02:59,000 Speaker 3: Yet we had all. 49 00:02:58,880 --> 00:03:03,840 Speaker 2: These supply chain issues, We had uh situations where uh, 50 00:03:04,760 --> 00:03:07,799 Speaker 2: you know, we had certain things certainly that we're out 51 00:03:07,800 --> 00:03:11,160 Speaker 2: of that were beyond control, bird flew and so on. 52 00:03:11,680 --> 00:03:14,760 Speaker 2: But the response to that and how quickly the Biden 53 00:03:14,800 --> 00:03:18,720 Speaker 2: administration turned their attention to that was very slow. And 54 00:03:18,800 --> 00:03:22,800 Speaker 2: yet they're lecturing us now on well with interest rates 55 00:03:22,800 --> 00:03:26,359 Speaker 2: going up because the Federal Reserve raised interest rates up 56 00:03:26,360 --> 00:03:31,200 Speaker 2: from basically nothing up to what five and a half 57 00:03:31,400 --> 00:03:34,880 Speaker 2: almost six percent as far as that overnight rate was concerned. 58 00:03:35,640 --> 00:03:39,880 Speaker 2: And so that started the spiral spiraling of increased cost 59 00:03:39,920 --> 00:03:42,760 Speaker 2: on your credit cards, increased costs in your car loans, 60 00:03:42,840 --> 00:03:47,240 Speaker 2: truck loans, expansion mortgages, and so on. Mortgages back when 61 00:03:47,240 --> 00:03:52,320 Speaker 2: Trump left office were right, we're under three three percent, 62 00:03:52,800 --> 00:03:55,360 Speaker 2: down around two point eight seven, two point sixty seven 63 00:03:55,440 --> 00:03:58,120 Speaker 2: something in that range and then shot up to almost 64 00:03:58,200 --> 00:04:01,560 Speaker 2: seven percent during the Biden administration, who was concerned about 65 00:04:01,560 --> 00:04:04,960 Speaker 2: the affordability. Then now all of a sudden, I start 66 00:04:05,000 --> 00:04:09,040 Speaker 2: hearing about in January, Well, egg prices are still high. Well, 67 00:04:09,200 --> 00:04:12,160 Speaker 2: birds are still dying, chickens are still being killed. You 68 00:04:12,200 --> 00:04:14,080 Speaker 2: want to have diseased eggs? Do you want to get 69 00:04:14,120 --> 00:04:17,159 Speaker 2: sick there when you have less When you have less chickens, 70 00:04:17,200 --> 00:04:21,200 Speaker 2: you're gonna have less eggs. Oh, what about beef prices? Well, 71 00:04:22,240 --> 00:04:28,800 Speaker 2: with the green news steel and the constant braidmen of 72 00:04:29,279 --> 00:04:33,080 Speaker 2: the cattlemen saying that, oh, there's too much land being 73 00:04:33,120 --> 00:04:36,080 Speaker 2: occupied by raising cattle and we got to cut that out. 74 00:04:36,360 --> 00:04:39,920 Speaker 2: We can't allow and cutting off water flows because you know, 75 00:04:40,839 --> 00:04:42,880 Speaker 2: just too many grazing pastures and so on. 76 00:04:43,000 --> 00:04:44,520 Speaker 3: We're eating too much beef. 77 00:04:44,279 --> 00:04:47,760 Speaker 2: And we're not you know, we're not being conscious of 78 00:04:47,800 --> 00:04:52,080 Speaker 2: the environment, and so we wind up with drought situations 79 00:04:52,240 --> 00:04:55,279 Speaker 2: where then instead of being able to feed grass fed 80 00:04:55,520 --> 00:04:58,080 Speaker 2: beef out of the range, they had to start feeding 81 00:04:58,120 --> 00:05:02,560 Speaker 2: them and cattle feed up because again laws is applying demand, 82 00:05:02,839 --> 00:05:06,960 Speaker 2: because of Biden administration environmental policy and so on, So 83 00:05:07,040 --> 00:05:10,279 Speaker 2: those prices went up. People started cutting their herds, and 84 00:05:10,320 --> 00:05:12,479 Speaker 2: we wind up with herds that are down in the 85 00:05:12,640 --> 00:05:14,040 Speaker 2: range where they were. 86 00:05:13,960 --> 00:05:15,360 Speaker 3: Back in the nineteen fifties. 87 00:05:15,560 --> 00:05:19,840 Speaker 2: Our population has doubled, but the amount of cattle available 88 00:05:20,600 --> 00:05:24,360 Speaker 2: is down around where it was in the nineteen fifties. So 89 00:05:24,880 --> 00:05:28,520 Speaker 2: we've got double the population with that much with no 90 00:05:28,839 --> 00:05:31,839 Speaker 2: additional cattle in fifty years in terms of the total herd. 91 00:05:32,440 --> 00:05:36,839 Speaker 2: And so laws is supply and demand affect that. And 92 00:05:36,920 --> 00:05:40,680 Speaker 2: yet now we're being lectured on affordability. 93 00:05:40,800 --> 00:05:42,440 Speaker 3: You have a situation. 94 00:05:42,080 --> 00:05:46,400 Speaker 2: Where you bring twenty million illegal aliens into the United States, 95 00:05:46,920 --> 00:05:50,279 Speaker 2: which are then given free housing, free food, et cetera. 96 00:05:50,800 --> 00:05:54,279 Speaker 2: And when you put them in certain houses, those houses 97 00:05:54,320 --> 00:05:58,200 Speaker 2: are there. We're not building a super number of houses 98 00:05:58,240 --> 00:06:03,440 Speaker 2: and stuff availability around the country. Imagine twenty million people 99 00:06:03,800 --> 00:06:07,240 Speaker 2: into the country, and so what twenty million people, Let's 100 00:06:07,560 --> 00:06:10,320 Speaker 2: just say on average maybe three people per household, So 101 00:06:10,440 --> 00:06:12,839 Speaker 2: you're talking about seven million new homes that have to 102 00:06:12,880 --> 00:06:16,719 Speaker 2: be created. Have seven million homes been created during the 103 00:06:16,760 --> 00:06:18,240 Speaker 2: four years of the Biden administration? 104 00:06:18,400 --> 00:06:18,840 Speaker 3: Hell no. 105 00:06:19,160 --> 00:06:22,760 Speaker 2: So what happens They are then taken and put into 106 00:06:23,160 --> 00:06:26,880 Speaker 2: existing homes, which means that then people that want to 107 00:06:26,960 --> 00:06:29,640 Speaker 2: move homes or move into a new location or something 108 00:06:29,720 --> 00:06:29,960 Speaker 2: like that. 109 00:06:30,240 --> 00:06:31,479 Speaker 3: The supply isn't there. 110 00:06:31,760 --> 00:06:34,520 Speaker 2: So when the supply is low, then the housing prices 111 00:06:34,560 --> 00:06:39,159 Speaker 2: go up. We have a median house median home price 112 00:06:39,320 --> 00:06:43,400 Speaker 2: now above four hundred thousand dollars for just a regular house. 113 00:06:43,680 --> 00:06:45,920 Speaker 2: And now they're talking to us about affordability. 114 00:06:46,160 --> 00:06:49,080 Speaker 3: Unbelievable. And I hope lyon Jerry Powell. 115 00:06:48,880 --> 00:06:51,760 Speaker 2: Or somebody close to him is listening to this program 116 00:06:51,839 --> 00:06:54,159 Speaker 2: and tells him about this, because here's one of the 117 00:06:54,200 --> 00:06:57,600 Speaker 2: statistics that they're not talking about. And nobody's talking giving 118 00:06:57,680 --> 00:07:01,040 Speaker 2: much information and getting much discussion on home sellers are 119 00:07:01,040 --> 00:07:05,360 Speaker 2: giving up at unusually high rate. According to realtor dot com, 120 00:07:05,640 --> 00:07:07,960 Speaker 2: latefall tends to be the time when most homes come 121 00:07:08,000 --> 00:07:13,160 Speaker 2: off the market so far unsuccessful. As so far unsuccessful 122 00:07:13,200 --> 00:07:17,040 Speaker 2: sellers would rather not sit through the slowest winter months, 123 00:07:17,320 --> 00:07:20,400 Speaker 2: so they don't want people tracing through the houses in 124 00:07:20,440 --> 00:07:23,240 Speaker 2: the winter, and that's a not very popular time for 125 00:07:23,280 --> 00:07:27,120 Speaker 2: people to go looking for homes. In October, however, d listings, 126 00:07:27,160 --> 00:07:30,680 Speaker 2: which are reported with one month lag, were up forty 127 00:07:30,720 --> 00:07:34,160 Speaker 2: five point five percent year to date and rose nearly 128 00:07:34,240 --> 00:07:38,000 Speaker 2: thirty eight percent from October of twenty twenty four. According 129 00:07:38,040 --> 00:07:41,080 Speaker 2: to a new report from realtor dot Com. The report 130 00:07:41,200 --> 00:07:44,840 Speaker 2: calls it an unusually high rate. It is now the 131 00:07:44,920 --> 00:07:49,640 Speaker 2: highest delisting year since Realtor dot Com started tracking these 132 00:07:49,720 --> 00:07:53,440 Speaker 2: numbers back in twenty twenty two. Dlistings started with the 133 00:07:53,520 --> 00:07:55,720 Speaker 2: rise in June and have remained elevated for. 134 00:07:55,680 --> 00:07:56,600 Speaker 3: A five straight month. 135 00:07:56,800 --> 00:07:59,760 Speaker 2: About six percent of active listings are coming off the 136 00:07:59,760 --> 00:08:03,160 Speaker 2: mark Mart each month month, which is typically only seen 137 00:08:03,240 --> 00:08:06,040 Speaker 2: in the debt of winter. People aren't moving the home, 138 00:08:06,240 --> 00:08:09,640 Speaker 2: people aren't available that people can't afford the homes. People 139 00:08:09,680 --> 00:08:11,960 Speaker 2: can't afford the interest rate that's being charged on that. 140 00:08:12,320 --> 00:08:15,120 Speaker 2: And we've talked about that on this program several times. 141 00:08:15,200 --> 00:08:17,480 Speaker 2: I've gone through the numbers. I said, here's what the 142 00:08:17,520 --> 00:08:20,040 Speaker 2: interest rate, or here's what the payment would be if 143 00:08:20,080 --> 00:08:22,320 Speaker 2: you had a three percent loan. Here's what it would 144 00:08:22,320 --> 00:08:24,400 Speaker 2: be if you had a five percent loan. Here's what 145 00:08:24,440 --> 00:08:27,200 Speaker 2: it would be if you had a six seven, six 146 00:08:27,280 --> 00:08:30,320 Speaker 2: and a half percent loan. And the difference is almost 147 00:08:30,360 --> 00:08:33,600 Speaker 2: from the three percent to the six percent is nearly 148 00:08:33,880 --> 00:08:38,120 Speaker 2: seven hundred dollars a month for the same home. So 149 00:08:38,280 --> 00:08:42,160 Speaker 2: imagine the home that you live in now, the mortgage 150 00:08:42,200 --> 00:08:45,800 Speaker 2: that you have on that jumping seven hundred dollars per month? 151 00:08:45,960 --> 00:08:48,040 Speaker 2: What would that do to your What would that do 152 00:08:48,160 --> 00:08:50,880 Speaker 2: to your budget? So the fact that people are looking 153 00:08:50,920 --> 00:08:53,160 Speaker 2: at that saying, well, I would have to pay seven 154 00:08:53,240 --> 00:08:56,400 Speaker 2: hundred dollars more than what at three percent loan I 155 00:08:56,440 --> 00:08:58,559 Speaker 2: can't afford to move into that house. And then when 156 00:08:58,600 --> 00:09:00,920 Speaker 2: you take into consideration that if you look at the 157 00:09:00,920 --> 00:09:03,480 Speaker 2: interest rate based on the cost of the size of 158 00:09:03,520 --> 00:09:06,200 Speaker 2: the house, you can only afford a certain amount. They 159 00:09:06,240 --> 00:09:08,720 Speaker 2: look at your income, They look at how much money 160 00:09:08,720 --> 00:09:11,160 Speaker 2: and disposable income you have, and how much helm you 161 00:09:11,200 --> 00:09:14,280 Speaker 2: can afford. Then factor in the rate the interest rate 162 00:09:14,320 --> 00:09:16,680 Speaker 2: on that, and then that dictates the size of the 163 00:09:16,679 --> 00:09:20,040 Speaker 2: house you can you can afford. So at whatever income 164 00:09:20,120 --> 00:09:22,280 Speaker 2: level you are. The example I had, was it one 165 00:09:22,360 --> 00:09:24,800 Speaker 2: hundred and ten thousand dollars? At one hundred and ten 166 00:09:24,840 --> 00:09:28,120 Speaker 2: thousand dollars based on a three percent interest rate, you 167 00:09:28,160 --> 00:09:31,400 Speaker 2: can afford a house that's about what was it five 168 00:09:31,480 --> 00:09:34,960 Speaker 2: hundred or four hundred and fifty some thousand, Whereas at 169 00:09:35,000 --> 00:09:38,000 Speaker 2: the six percent interest rate, you can afford a house 170 00:09:38,160 --> 00:09:41,480 Speaker 2: one hundred and sixty seven thousand dollars less than that. So, 171 00:09:41,679 --> 00:09:44,200 Speaker 2: just a mere fact of three percent change in interest 172 00:09:44,280 --> 00:09:46,679 Speaker 2: rates changes the amount of house that you can buy 173 00:09:46,920 --> 00:09:50,040 Speaker 2: by almost one hundred and seventy thousand dollars. And this 174 00:09:50,200 --> 00:09:52,200 Speaker 2: is the thing that we look at in terms of 175 00:09:52,240 --> 00:09:55,720 Speaker 2: the real estate landscape, in terms of what where people 176 00:09:55,720 --> 00:09:58,200 Speaker 2: can afford and what they can afford. We'll talk about 177 00:09:58,200 --> 00:10:00,320 Speaker 2: a little bit more about this coming up. I'm Kevin Gordon, 178 00:10:00,320 --> 00:10:03,760 Speaker 2: America's Truck at Network seven hundred WLW. 179 00:10:05,320 --> 00:10:08,360 Speaker 1: I need This is the breathing repoard on America's Truck 180 00:10:08,400 --> 00:10:10,880 Speaker 1: and Network on seven hundred WLW. 181 00:10:11,640 --> 00:10:14,199 Speaker 4: Marcus Erickson will make his third start of the Rolex 182 00:10:14,240 --> 00:10:17,560 Speaker 4: twenty four at Daytona in January, driving the number forty 183 00:10:17,559 --> 00:10:22,880 Speaker 4: five Wayne Taylor Lamborghini in the GTD Class NTT IndyCar Series. 184 00:10:22,960 --> 00:10:26,680 Speaker 4: Driver Callum Ilott has joined at Wright Motorsports as a 185 00:10:26,720 --> 00:10:30,160 Speaker 4: full time driver for the twenty twenty six IMSO Weathers 186 00:10:30,200 --> 00:10:35,840 Speaker 4: Tech Sports Car Championship. Red Bull Motorsports advisor doctor Helmut 187 00:10:35,840 --> 00:10:38,840 Speaker 4: Marco has decided to leave the F one team, bringing 188 00:10:38,880 --> 00:10:41,680 Speaker 4: an end to two decades of influence as part of 189 00:10:41,800 --> 00:10:43,840 Speaker 4: multiple championship winning setup. 190 00:10:44,520 --> 00:10:44,920 Speaker 2: I Love. 191 00:10:45,000 --> 00:10:48,079 Speaker 1: This is the briefing repoard on America's Truck and Network 192 00:10:48,280 --> 00:10:51,839 Speaker 1: on seven hundred WLW, SAG Dennison. 193 00:10:51,520 --> 00:10:58,360 Speaker 4: At N Progressive Commercial Insurance protext truck Owners with specialized 194 00:10:58,360 --> 00:10:59,120 Speaker 4: coverage a sport. 195 00:11:00,160 --> 00:11:03,760 Speaker 2: I'm Kevin Gordon, America struck In Network seven hundred WLW. 196 00:11:03,920 --> 00:11:06,320 Speaker 2: Getting back to this story, home sellers are giving up 197 00:11:06,360 --> 00:11:10,600 Speaker 2: at an unusually high rate. According to realtor dot Com, 198 00:11:10,800 --> 00:11:14,840 Speaker 2: they're talking about the highest dlisting year since they began 199 00:11:15,000 --> 00:11:17,960 Speaker 2: starting tracking this. I guess they started tracking the dlisting 200 00:11:18,080 --> 00:11:22,120 Speaker 2: back in twenty twenty two when interest rates started creeping 201 00:11:22,240 --> 00:11:23,840 Speaker 2: up and they wanted to take a look at that. 202 00:11:23,920 --> 00:11:26,160 Speaker 2: I don't know why they have been tracking this all along, 203 00:11:26,280 --> 00:11:29,200 Speaker 2: but maybe it wasn't a problem before. Of course, if 204 00:11:29,240 --> 00:11:33,360 Speaker 2: you've got three percent interest rate and booming economy, then 205 00:11:34,000 --> 00:11:36,560 Speaker 2: houses on the market and the affordability is going to 206 00:11:36,600 --> 00:11:39,480 Speaker 2: be there. It's only during the Biden administration when that 207 00:11:39,559 --> 00:11:42,520 Speaker 2: all went to hell. In addition to most potential buyers 208 00:11:42,520 --> 00:11:46,400 Speaker 2: are heading to what realtor dot Com calls refuge markets. 209 00:11:47,080 --> 00:11:50,320 Speaker 2: It's almost like you should call it refugee markets. These 210 00:11:50,360 --> 00:11:53,000 Speaker 2: are areas where home prices are much more affordable and 211 00:11:53,160 --> 00:11:55,880 Speaker 2: didn't see the run up in prices during the first 212 00:11:56,040 --> 00:11:57,479 Speaker 2: years of the pandemic. 213 00:11:58,320 --> 00:12:01,120 Speaker 3: They say pandemic I call it. Now. 214 00:12:01,320 --> 00:12:04,120 Speaker 2: What is also driving this up is that when people 215 00:12:04,160 --> 00:12:08,360 Speaker 2: were cut out of work or you know, eliminated, jobs 216 00:12:08,400 --> 00:12:11,880 Speaker 2: were eliminated. Of course, a lot of people hung on 217 00:12:12,160 --> 00:12:16,439 Speaker 2: based on either unemployment and subsidies from the federal government. 218 00:12:16,840 --> 00:12:19,439 Speaker 2: But then the people that still had a job and 219 00:12:19,480 --> 00:12:22,679 Speaker 2: could work from home, they were taking that money. They 220 00:12:22,679 --> 00:12:25,280 Speaker 2: were saving money because they weren't commuting, they weren't having 221 00:12:25,320 --> 00:12:28,840 Speaker 2: that expense. They were improving their homes, they were making offices, 222 00:12:28,880 --> 00:12:31,360 Speaker 2: they were building on they were going out and possibly 223 00:12:32,040 --> 00:12:34,920 Speaker 2: not possibly, but they were going out and buying other homes, 224 00:12:35,240 --> 00:12:38,560 Speaker 2: a larger home so that they'd accommodate both people working 225 00:12:38,559 --> 00:12:41,760 Speaker 2: from home to have their own offices so that they 226 00:12:41,800 --> 00:12:45,720 Speaker 2: could actually work from home productively. Then after and then 227 00:12:46,000 --> 00:12:49,000 Speaker 2: people's thoughts started thinking in terms of, well, if I'm 228 00:12:49,000 --> 00:12:51,560 Speaker 2: working from home and it doesn't look like I'm going 229 00:12:51,600 --> 00:12:54,360 Speaker 2: back to the office anytime soon, why do I want 230 00:12:54,400 --> 00:12:58,000 Speaker 2: to stay in Detroit, Michigan, or you know, a cold 231 00:12:58,040 --> 00:13:00,480 Speaker 2: weather area. I could move to Florida, I can move 232 00:13:00,520 --> 00:13:02,800 Speaker 2: to Texas, I can move to Arizona. I could move 233 00:13:02,880 --> 00:13:06,120 Speaker 2: someplace that's more pleasant or an area that's kind of 234 00:13:06,120 --> 00:13:08,520 Speaker 2: more of a resort area, I can work from anywhere, 235 00:13:08,920 --> 00:13:12,240 Speaker 2: and so they moved to these hot spot areas. And 236 00:13:12,320 --> 00:13:14,920 Speaker 2: of course, when you have more people moving in and 237 00:13:14,960 --> 00:13:18,040 Speaker 2: you still have the limited amount of homes, build that 238 00:13:18,120 --> 00:13:21,839 Speaker 2: many more homes during that period of time, so you 239 00:13:21,960 --> 00:13:27,040 Speaker 2: had more people, higher demand, less supplied, those prices went up. 240 00:13:27,400 --> 00:13:30,120 Speaker 2: Now we're seeing those prices kind of coming back down 241 00:13:30,160 --> 00:13:33,800 Speaker 2: because again in those boom cities, some of the companies 242 00:13:33,840 --> 00:13:35,720 Speaker 2: have said, hey, we want you back to work, we 243 00:13:35,760 --> 00:13:37,160 Speaker 2: want you back in the office. 244 00:13:37,280 --> 00:13:39,599 Speaker 3: And now you're you know, five hundred. 245 00:13:39,360 --> 00:13:42,840 Speaker 2: Well thousands of miles away from your original home or 246 00:13:42,880 --> 00:13:46,840 Speaker 2: your home office, you know, the company's office, and people 247 00:13:46,880 --> 00:13:49,160 Speaker 2: had to make the determination do I quit my job 248 00:13:49,320 --> 00:13:51,719 Speaker 2: or do I move back to that particular area. So 249 00:13:51,760 --> 00:13:54,679 Speaker 2: that's some of the gyrations that are going on. And again, 250 00:13:55,040 --> 00:13:59,040 Speaker 2: when you have high interest rates and you're forced to move, 251 00:13:59,280 --> 00:14:02,040 Speaker 2: you're forced to buy, then those prices are going to 252 00:14:02,080 --> 00:14:05,160 Speaker 2: go up. So they're talking about these things. Pre pandemic. 253 00:14:05,320 --> 00:14:09,200 Speaker 2: Danielle Hale, chief economist at realtor dot Com, said rising 254 00:14:09,280 --> 00:14:12,800 Speaker 2: delisting and the growing of refuge markets captured the push 255 00:14:12,840 --> 00:14:16,920 Speaker 2: and pull defining today's housing market. Hall does forecast at 256 00:14:16,920 --> 00:14:21,600 Speaker 2: gradual improvement next year with potentially lower mortgage rates. Big 257 00:14:21,640 --> 00:14:24,720 Speaker 2: surprise there, who's been talking about that on this program. 258 00:14:24,920 --> 00:14:29,400 Speaker 2: More consistent supply, creating an increasingly balanced market between buyer 259 00:14:29,440 --> 00:14:31,760 Speaker 2: and seller. Some of the cities that saw the most 260 00:14:31,800 --> 00:14:34,960 Speaker 2: price growth over the past five years are now seeing 261 00:14:35,360 --> 00:14:38,720 Speaker 2: large share of frustrated sellers. We had that story a 262 00:14:38,720 --> 00:14:41,480 Speaker 2: couple of weeks ago where it talked about how the 263 00:14:41,560 --> 00:14:44,320 Speaker 2: home prices in some of these hot cities back during 264 00:14:44,360 --> 00:14:47,400 Speaker 2: the pandemic where people moved because they were working from 265 00:14:47,440 --> 00:14:49,520 Speaker 2: home and they made the determination while hell, I can 266 00:14:49,600 --> 00:14:52,840 Speaker 2: work from anywhere, those prices went up tremendously. In fact, 267 00:14:52,880 --> 00:14:55,320 Speaker 2: they were saying in that particular story, if memory serves me, 268 00:14:55,360 --> 00:14:57,880 Speaker 2: correct that from the time of the pandemic up to 269 00:14:57,920 --> 00:15:02,600 Speaker 2: this point they had increased in value about sixty seven percent. Now, 270 00:15:02,960 --> 00:15:06,240 Speaker 2: actually the terminology was from the last time the home 271 00:15:06,360 --> 00:15:09,920 Speaker 2: was sold to the time now that home has come up. 272 00:15:09,840 --> 00:15:11,760 Speaker 3: In sixty seven percent. 273 00:15:12,000 --> 00:15:14,200 Speaker 2: Now, that may have include people that bought these homes 274 00:15:14,240 --> 00:15:17,360 Speaker 2: prior to the plandemic, but during the plandemic, when prices 275 00:15:17,360 --> 00:15:20,080 Speaker 2: were going up in these hot markets by ten fifteen 276 00:15:20,080 --> 00:15:23,320 Speaker 2: percent on a periodic basis, that would account for some 277 00:15:23,400 --> 00:15:25,680 Speaker 2: of that increase, But they had the story a few 278 00:15:25,680 --> 00:15:29,040 Speaker 2: weeks ago that talked about in those markets prices could 279 00:15:29,120 --> 00:15:33,000 Speaker 2: come down about seven percent. Well, if you're up sixty 280 00:15:33,080 --> 00:15:36,360 Speaker 2: seven percent and your price value comes down seven percent, 281 00:15:36,600 --> 00:15:39,040 Speaker 2: you're still sixty percent ahead. 282 00:15:38,680 --> 00:15:39,920 Speaker 3: So you're not doing too bad. 283 00:15:39,960 --> 00:15:42,760 Speaker 2: It's not like during the housing crisis back in two 284 00:15:42,760 --> 00:15:45,440 Speaker 2: thousand and eight, two thousand and nine, where your house 285 00:15:45,560 --> 00:15:48,600 Speaker 2: and the amount of home you had took a forty 286 00:15:48,640 --> 00:15:54,080 Speaker 2: percent haircut, where the value of your property almost overnight 287 00:15:54,120 --> 00:15:58,400 Speaker 2: went down forty percent because of that housing crisis. So again, 288 00:15:58,920 --> 00:16:01,000 Speaker 2: you're not having that kind of panic. You're not having 289 00:16:01,080 --> 00:16:04,360 Speaker 2: that kind of a situation. You're having basically a market correction. 290 00:16:04,840 --> 00:16:07,880 Speaker 2: So anyway, as she points out, some of the cities 291 00:16:07,880 --> 00:16:10,080 Speaker 2: that saw the most priced growth over the past five 292 00:16:10,160 --> 00:16:14,960 Speaker 2: years are now seeing the largest share of frustrated sellers. Miami, Denver, 293 00:16:15,320 --> 00:16:18,840 Speaker 2: Houston saw the highest ratio of homes delisted compared to 294 00:16:18,880 --> 00:16:22,960 Speaker 2: the new to With newly listed the medium price list 295 00:16:23,000 --> 00:16:26,640 Speaker 2: price in November nationally was zero point four percent, four 296 00:16:26,720 --> 00:16:29,680 Speaker 2: tens to one percent lower than in November of twenty 297 00:16:29,720 --> 00:16:30,280 Speaker 2: twenty four. 298 00:16:30,520 --> 00:16:32,120 Speaker 3: According to realtor dot com. 299 00:16:32,240 --> 00:16:37,080 Speaker 2: It is still however, thirty six percent higher than November 300 00:16:37,200 --> 00:16:43,080 Speaker 2: of twenty nineteen. Pre pandemic new listings were up just 301 00:16:43,160 --> 00:16:47,560 Speaker 2: one point seven percent year over year. So again Del 302 00:16:47,640 --> 00:16:51,200 Speaker 2: and Jerry Powell get those interest rates down so that 303 00:16:51,240 --> 00:16:55,440 Speaker 2: people can afford, you know, affordability in terms of homes. 304 00:16:55,760 --> 00:16:59,520 Speaker 2: Price gains are much stronger in refuge markets like Grand Rapids, Michigan, 305 00:16:59,720 --> 00:17:02,640 Speaker 2: where they're up five point five percent year over year. 306 00:17:02,920 --> 00:17:06,359 Speaker 2: Saint Louis where they're up five percent. Cleveland, Milwaukee, and 307 00:17:06,400 --> 00:17:10,280 Speaker 2: Pittsburgh round out the top performing refuge markets according to 308 00:17:10,320 --> 00:17:14,959 Speaker 2: the report. The report, prices in these markets are still 309 00:17:15,200 --> 00:17:19,399 Speaker 2: twenty to thirty percent lower than the national media average. 310 00:17:19,560 --> 00:17:24,040 Speaker 2: Another troubling trend this vault canceled contracts. Roughly fifteen percent 311 00:17:24,080 --> 00:17:27,640 Speaker 2: of home mortgage agreements were canceled in October. People get 312 00:17:27,640 --> 00:17:29,880 Speaker 2: in there, they make the offer, they take a look 313 00:17:29,920 --> 00:17:32,719 Speaker 2: at it, they say, okay, yeah, I think I can 314 00:17:32,800 --> 00:17:33,280 Speaker 2: afford that. 315 00:17:33,440 --> 00:17:35,200 Speaker 3: And the bank has given them the approval. 316 00:17:35,440 --> 00:17:37,120 Speaker 2: But at some point in time they take a look 317 00:17:37,160 --> 00:17:38,720 Speaker 2: at that and say, do I really want to take 318 00:17:38,760 --> 00:17:40,879 Speaker 2: on that debt? Do I really want to take and 319 00:17:40,880 --> 00:17:43,600 Speaker 2: commit myself to that. Do I think my job is 320 00:17:43,640 --> 00:17:45,960 Speaker 2: strong enough? Do I think the industry that I'm working 321 00:17:46,000 --> 00:17:48,400 Speaker 2: in is strong enough based on what I'm hearing from 322 00:17:48,400 --> 00:17:51,280 Speaker 2: the spoon fed regurgitators of the mainstream media, so they 323 00:17:51,320 --> 00:17:54,960 Speaker 2: hit the panic button. One person, I read an article 324 00:17:55,000 --> 00:17:57,680 Speaker 2: where they were talking about that this person was actually 325 00:17:57,720 --> 00:18:01,719 Speaker 2: talked out. Had a very strong job, stable job, upward 326 00:18:01,760 --> 00:18:04,880 Speaker 2: mobility and so on, but a friend talked her out 327 00:18:04,920 --> 00:18:07,600 Speaker 2: of buying the home because why do you want to 328 00:18:07,600 --> 00:18:10,960 Speaker 2: be tied down to a mortgage, Which really doesn't make 329 00:18:11,040 --> 00:18:13,240 Speaker 2: much sense to me, But that's some of the stuff 330 00:18:13,280 --> 00:18:16,280 Speaker 2: going on. Regionally, San Antonio saw the most canceled deal 331 00:18:16,320 --> 00:18:18,240 Speaker 2: with more than that was one of the hot markets 332 00:18:18,240 --> 00:18:21,720 Speaker 2: where people moved to more than one in five twenty 333 00:18:21,760 --> 00:18:25,439 Speaker 2: one percent pending home sales falling through in October. It 334 00:18:25,520 --> 00:18:28,919 Speaker 2: was followed by Fort Lauderdale at twenty percent, fort Worth 335 00:18:28,920 --> 00:18:33,200 Speaker 2: at nineteen percent, and so on down to Jacksonville, Florida 336 00:18:33,200 --> 00:18:36,600 Speaker 2: at nineteen point two percent. Now, so when you look 337 00:18:36,640 --> 00:18:40,080 Speaker 2: at these situations, and we look at these mortgage rates 338 00:18:40,119 --> 00:18:42,800 Speaker 2: and the fact that people are backing out of contracts, 339 00:18:43,040 --> 00:18:46,239 Speaker 2: the fact that people they are trying to sell her 340 00:18:46,280 --> 00:18:48,360 Speaker 2: home and it's on the market and it's sitting there 341 00:18:48,400 --> 00:18:50,720 Speaker 2: for a long period of time. They want to delist 342 00:18:50,760 --> 00:18:53,840 Speaker 2: that because you know, they just want hopefully that the 343 00:18:53,880 --> 00:18:57,400 Speaker 2: situation will improve. Now I've dug into this a little 344 00:18:57,440 --> 00:18:58,919 Speaker 2: bit further, and I thought, you know, I got to 345 00:18:58,960 --> 00:19:02,160 Speaker 2: thinking about, all right, I've been hearing things about how 346 00:19:02,359 --> 00:19:04,960 Speaker 2: interest rates have been in other countries and how they 347 00:19:04,960 --> 00:19:08,960 Speaker 2: are compared to the United States. Now I went through 348 00:19:08,960 --> 00:19:15,000 Speaker 2: and I found this particular comparison United States. We have 349 00:19:15,240 --> 00:19:21,280 Speaker 2: right now an average of where is that United States 350 00:19:21,680 --> 00:19:26,760 Speaker 2: is at on average six point three three percent for 351 00:19:26,880 --> 00:19:29,840 Speaker 2: a thirty year fixed mortgage. All right, go to one 352 00:19:29,880 --> 00:19:33,920 Speaker 2: of the lowest in the world. Switzerland one point nine 353 00:19:34,080 --> 00:19:38,640 Speaker 2: seven percent, the Euro Area all of Europe basically two 354 00:19:38,680 --> 00:19:41,800 Speaker 2: point four to two percent, the Netherlands two point six 355 00:19:41,920 --> 00:19:46,760 Speaker 2: eight percent, Italy two point seventy nine, Croatia three percent, 356 00:19:46,880 --> 00:19:50,679 Speaker 2: Spain three point one point five one three, rather, France 357 00:19:50,720 --> 00:19:52,800 Speaker 2: at three point four to three, Ireland at three and 358 00:19:52,800 --> 00:19:55,720 Speaker 2: a half percent. Maybe that's why Rosie O'Donnell moved over there. 359 00:19:55,720 --> 00:19:58,800 Speaker 2: It was cheaper mortgage. Germany at three point six percent, 360 00:19:59,160 --> 00:20:03,679 Speaker 2: All these countries that are below four percent, and the 361 00:20:03,760 --> 00:20:08,200 Speaker 2: United States is at six point what did I say, 362 00:20:08,320 --> 00:20:14,400 Speaker 2: six point three to three we are down there near Romania, Moldava, Australia, 363 00:20:14,520 --> 00:20:18,520 Speaker 2: Promote Peru, Jamaica and thereabouts. So we are let me see, 364 00:20:18,560 --> 00:20:22,719 Speaker 2: on the list we are thirty six, So of the 365 00:20:22,760 --> 00:20:26,439 Speaker 2: top of the lowest interest rates in the world, we 366 00:20:26,480 --> 00:20:29,480 Speaker 2: are at thirty six as opposed to number one. So 367 00:20:30,480 --> 00:20:34,560 Speaker 2: the affordability factor comes into play. What I was talking 368 00:20:34,600 --> 00:20:36,920 Speaker 2: about earlier, the type of house that you can afford, 369 00:20:37,040 --> 00:20:39,320 Speaker 2: the size house you can afford at three percent loan 370 00:20:39,560 --> 00:20:43,160 Speaker 2: versus six point three percent is dramatic. And the fact 371 00:20:43,160 --> 00:20:46,280 Speaker 2: that Lion Jerry Powell keeping these prices high. Hopefully we'll 372 00:20:46,280 --> 00:20:50,040 Speaker 2: get some a little bit of a rate cut from him. 373 00:20:50,119 --> 00:20:53,159 Speaker 2: I think it should be a half a percentage point, 374 00:20:53,160 --> 00:20:56,840 Speaker 2: but more than likely it'll be a quarter percentage point anyway. 375 00:20:57,240 --> 00:21:00,480 Speaker 2: Coming up, we've got information from the National Iteration of 376 00:21:00,520 --> 00:21:04,320 Speaker 2: Independent Business, their survey. I'm Kevin Gordon, America's struck In 377 00:21:04,359 --> 00:21:06,480 Speaker 2: Network seven hundred w LW. 378 00:21:08,240 --> 00:21:10,600 Speaker 5: Here's your trucking forecast for the Try State and the 379 00:21:10,600 --> 00:21:13,000 Speaker 5: rest of the country and the Try State over nightclouds 380 00:21:13,040 --> 00:21:15,360 Speaker 5: increasing with rain lightly near day break, the low down 381 00:21:15,400 --> 00:21:17,760 Speaker 5: to thirty seven rain Wednesday, then a chance of rain 382 00:21:17,800 --> 00:21:20,920 Speaker 5: and snow showers by late afternoon, hies into the mid forties, 383 00:21:21,040 --> 00:21:24,000 Speaker 5: mostly Claudi Thursday and colder, a high of thirty three, 384 00:21:24,280 --> 00:21:26,399 Speaker 5: mostly Claude Friday, with a chance of snow, then a 385 00:21:26,480 --> 00:21:28,880 Speaker 5: chance of rain and snow in the afternoon a high 386 00:21:28,920 --> 00:21:32,200 Speaker 5: of thirty seven. Nationally, several days of heavy rain seen 387 00:21:32,240 --> 00:21:35,040 Speaker 5: in the Pacific Northwest and northern Rockies, as snow will 388 00:21:35,080 --> 00:21:38,720 Speaker 5: fall on higher mountain elevations. A strong clipper system bringing 389 00:21:38,720 --> 00:21:40,399 Speaker 5: a thread of heavy snow and high winds across the 390 00:21:40,480 --> 00:21:43,520 Speaker 5: upper Midwestern Great Lakes region, as well as portions of 391 00:21:43,560 --> 00:21:46,560 Speaker 5: the interior, Northeast and Appalachians. 392 00:21:49,359 --> 00:21:52,919 Speaker 2: Seven hundred w l W I Kevin Gordon, is America 393 00:21:53,000 --> 00:21:55,480 Speaker 2: struck in network. I gotta apologze. I've got a little 394 00:21:55,480 --> 00:21:59,720 Speaker 2: bit of stuffy nose today. Earlier, well this afternoon, I 395 00:21:59,840 --> 00:22:02,640 Speaker 2: just to well, we had some plants that were, you know, 396 00:22:02,880 --> 00:22:05,840 Speaker 2: on the deck and they've pretty much died off as 397 00:22:05,880 --> 00:22:07,920 Speaker 2: the result of the frost and everything, and I thought, 398 00:22:08,200 --> 00:22:09,640 Speaker 2: you know, this would be a good time to take 399 00:22:09,640 --> 00:22:11,439 Speaker 2: those up to the dumpster and get rid of them 400 00:22:11,480 --> 00:22:12,520 Speaker 2: and all that sort of stuff. 401 00:22:12,640 --> 00:22:14,400 Speaker 3: Well, I don't know what was in there. 402 00:22:15,040 --> 00:22:18,040 Speaker 2: I know that I've got, you know, allergies as far 403 00:22:18,080 --> 00:22:20,680 Speaker 2: as pollen in the spring, and then we got hay 404 00:22:20,720 --> 00:22:24,480 Speaker 2: fever in the winter or in the fall. I don't 405 00:22:24,480 --> 00:22:27,960 Speaker 2: know what got in my nose today, but something's got 406 00:22:28,040 --> 00:22:30,480 Speaker 2: going on, and I've been sneezing and hacking and all 407 00:22:30,480 --> 00:22:33,199 Speaker 2: that sort of stuff. So I apologize for that, but 408 00:22:33,560 --> 00:22:37,040 Speaker 2: you know what, I'm tough. We'll muddle through here. We 409 00:22:37,119 --> 00:22:40,240 Speaker 2: had a report I got released from the Small Business 410 00:22:40,280 --> 00:22:45,040 Speaker 2: Optimism Index. They call it the Small Business Economic Trends 411 00:22:45,119 --> 00:22:49,000 Speaker 2: Report sb E t that almost I don't go into that, 412 00:22:49,280 --> 00:22:52,760 Speaker 2: but a National Federation of Independent Business Optimism Index rose 413 00:22:52,840 --> 00:22:56,560 Speaker 2: point eight percent or eight points rather in November to 414 00:22:56,760 --> 00:22:59,440 Speaker 2: ninety nine and remained. 415 00:22:59,040 --> 00:23:02,320 Speaker 3: Above it's fifty two year average of ninety eight. 416 00:23:02,800 --> 00:23:07,480 Speaker 2: So we're a full percentage point above the average over 417 00:23:07,480 --> 00:23:12,040 Speaker 2: the last fifty two years. You would think that the 418 00:23:12,080 --> 00:23:15,840 Speaker 2: mainstream media would applaud that. Hell no, they're trying to 419 00:23:15,840 --> 00:23:19,520 Speaker 2: bury that. They're not talking about that. I guarantee you 420 00:23:20,040 --> 00:23:24,000 Speaker 2: that if that was a full percentage point below what 421 00:23:24,240 --> 00:23:27,680 Speaker 2: the fifty two year average was, we would hear NonStop. 422 00:23:27,840 --> 00:23:30,840 Speaker 2: That would be leading the news cycle. But the fact 423 00:23:30,920 --> 00:23:34,119 Speaker 2: that it's a good number. The spoon fed regurgitators of 424 00:23:34,160 --> 00:23:37,960 Speaker 2: the mainstream media aren't going to applaud that because, again, 425 00:23:38,160 --> 00:23:41,879 Speaker 2: in my opinion, they are trying to manufacture recession. They're 426 00:23:41,880 --> 00:23:45,159 Speaker 2: trying to put the idea in people's head. Again, this 427 00:23:45,240 --> 00:23:48,520 Speaker 2: is more gaslighting from them. These are the same people 428 00:23:49,280 --> 00:23:52,800 Speaker 2: that allowed the current previous administration to tell us that 429 00:23:52,840 --> 00:23:57,560 Speaker 2: the border was closed, told us lies about COVID, told 430 00:23:57,640 --> 00:24:02,600 Speaker 2: us that Joe Biden was not suffering from age or 431 00:24:02,680 --> 00:24:06,000 Speaker 2: dementia or whatever, that he was perfectly fit to be 432 00:24:06,080 --> 00:24:08,480 Speaker 2: in office, And now all of a sudden, we've got 433 00:24:08,760 --> 00:24:11,640 Speaker 2: these reports. We actually had a report the other day 434 00:24:11,920 --> 00:24:15,960 Speaker 2: from the New York Times that said that, according to 435 00:24:16,040 --> 00:24:20,720 Speaker 2: certain sources, Joe Biden was warned about the influx of 436 00:24:21,080 --> 00:24:24,840 Speaker 2: migrant illegals at the border, and yet they chose to 437 00:24:24,880 --> 00:24:28,000 Speaker 2: do nothing about it. They were warned about certain things 438 00:24:28,080 --> 00:24:31,360 Speaker 2: all along, people were talking about there's books out now 439 00:24:31,400 --> 00:24:34,719 Speaker 2: where they talking to Joe Biden. He didn't seem to 440 00:24:34,760 --> 00:24:37,480 Speaker 2: be with it, and it wasn't part of the conversation 441 00:24:37,640 --> 00:24:40,880 Speaker 2: that he the operations at the White House would shut 442 00:24:40,960 --> 00:24:43,400 Speaker 2: down at ten o'clock in the morning and there would 443 00:24:43,520 --> 00:24:45,720 Speaker 2: be any other public appearances or any of that sort 444 00:24:45,720 --> 00:24:46,159 Speaker 2: of stuff. 445 00:24:46,280 --> 00:24:47,240 Speaker 3: Now they're talking. 446 00:24:47,000 --> 00:24:51,240 Speaker 2: About his decline where all along anybody that challenged that, 447 00:24:51,320 --> 00:24:53,679 Speaker 2: anybody that brought that up, you just don't know what 448 00:24:53,680 --> 00:24:54,280 Speaker 2: you are? 449 00:24:54,280 --> 00:24:56,359 Speaker 3: You a doctor, Do you know what you're talking about? 450 00:24:56,440 --> 00:24:57,760 Speaker 3: How do you know what he has? 451 00:24:57,840 --> 00:25:00,760 Speaker 2: Well? How do you know whether he's suffering from demanchia 452 00:25:00,960 --> 00:25:03,640 Speaker 2: or something along those lines. Now, all of a sudden 453 00:25:03,880 --> 00:25:07,959 Speaker 2: they're medical experts as far as Trump is concerned. He 454 00:25:07,960 --> 00:25:10,080 Speaker 2: gets a bruising on his hand or something like that, 455 00:25:10,160 --> 00:25:12,360 Speaker 2: all of a sudden, it's like, oh, you know, he's 456 00:25:12,359 --> 00:25:15,080 Speaker 2: going to die tomorrow or something along those lines. It 457 00:25:15,240 --> 00:25:18,520 Speaker 2: just it infuriates me that they told us how great 458 00:25:18,600 --> 00:25:22,800 Speaker 2: the economy was under Biden when the prices went out 459 00:25:22,880 --> 00:25:26,720 Speaker 2: of control, and now and we all knew. 460 00:25:26,440 --> 00:25:27,680 Speaker 3: That they were out of control. 461 00:25:28,040 --> 00:25:30,520 Speaker 2: Now they're trying to tell us how bad things are 462 00:25:30,840 --> 00:25:34,000 Speaker 2: when things are turning around. When you look at energy prices, 463 00:25:34,000 --> 00:25:35,560 Speaker 2: when you look at what's going on as far as 464 00:25:35,640 --> 00:25:38,600 Speaker 2: oil and gas prices, we are now down below three 465 00:25:38,640 --> 00:25:42,560 Speaker 2: dollars a gallon of gasoline, where just a few months 466 00:25:42,560 --> 00:25:44,680 Speaker 2: ago we were up around three dollars and forty cents 467 00:25:44,680 --> 00:25:48,399 Speaker 2: a gallon. It just infuriates me. And when people start 468 00:25:48,440 --> 00:25:52,760 Speaker 2: talking about well, price comparisons compared to what I pointed 469 00:25:52,800 --> 00:25:55,639 Speaker 2: out on this program time and time again. I do 470 00:25:55,720 --> 00:25:57,760 Speaker 2: the grocery shop. I do the majority of the grocery 471 00:25:57,760 --> 00:26:01,440 Speaker 2: shopping in this house, in my household, because I enjoy it. 472 00:26:01,760 --> 00:26:03,720 Speaker 2: I'm one of the few men I know that enjoy 473 00:26:03,800 --> 00:26:07,280 Speaker 2: that and going to the store looking at the prices 474 00:26:07,320 --> 00:26:10,200 Speaker 2: on a regular basis and seeing how they will put 475 00:26:10,320 --> 00:26:13,240 Speaker 2: certain things on sale this week. Then they will go 476 00:26:13,320 --> 00:26:15,080 Speaker 2: back up to the regular price for a couple of 477 00:26:15,119 --> 00:26:17,880 Speaker 2: weeks and then come back down depending upon when they're 478 00:26:17,920 --> 00:26:18,399 Speaker 2: buying that. 479 00:26:18,760 --> 00:26:19,760 Speaker 3: If you're buying that. 480 00:26:19,640 --> 00:26:21,600 Speaker 2: In an up cycle, of course, the price is going 481 00:26:21,640 --> 00:26:23,520 Speaker 2: to be up if you're not paying attention to what 482 00:26:23,560 --> 00:26:25,919 Speaker 2: you're paying, if you're not paying attention to how much 483 00:26:25,960 --> 00:26:28,600 Speaker 2: you're spending, if you're not taking advantage of the digital 484 00:26:28,640 --> 00:26:30,880 Speaker 2: coupons or any of that sort of stuff. And I've 485 00:26:30,880 --> 00:26:34,120 Speaker 2: talked about that on this program several times. I talked 486 00:26:34,119 --> 00:26:36,159 Speaker 2: about this on our sister station when I filled in 487 00:26:36,240 --> 00:26:41,320 Speaker 2: there right around almost day before Thanksgiving Thanksgiving Eve, and 488 00:26:41,359 --> 00:26:43,640 Speaker 2: I had a couple of people call in and they say, yeah, 489 00:26:43,880 --> 00:26:46,080 Speaker 2: I talk to my family members all the time. They 490 00:26:46,160 --> 00:26:48,359 Speaker 2: always talk about how they just go into the grocery 491 00:26:48,359 --> 00:26:50,000 Speaker 2: store and grab what they need to walk out. 492 00:26:50,600 --> 00:26:51,640 Speaker 3: I see that all the time. 493 00:26:51,800 --> 00:26:56,240 Speaker 2: There's it's interesting when you go depending upon what particular 494 00:26:56,280 --> 00:26:59,240 Speaker 2: store you go to, it kind of has a vibe 495 00:26:59,280 --> 00:27:02,560 Speaker 2: to it depending upon what neighborhood it's in. If you 496 00:27:02,600 --> 00:27:04,879 Speaker 2: go to a more established neighborhood, the pace is a 497 00:27:04,920 --> 00:27:08,560 Speaker 2: little bit slower. But then there's a store near here. 498 00:27:08,680 --> 00:27:11,520 Speaker 2: And we've got two stores within about three miles of 499 00:27:11,560 --> 00:27:14,520 Speaker 2: each other. That one is in a more suburban area 500 00:27:14,560 --> 00:27:16,520 Speaker 2: and then one is in more of kind of a 501 00:27:17,640 --> 00:27:20,760 Speaker 2: hotspot type of thing. So you see people racing through 502 00:27:20,760 --> 00:27:24,000 Speaker 2: the parking lot and I'm surprised there's not accidents there. 503 00:27:24,080 --> 00:27:26,199 Speaker 2: I mean, driving thirty five miles an hour down the 504 00:27:26,240 --> 00:27:30,119 Speaker 2: aisle of a parking lot and a grocery store. It 505 00:27:30,280 --> 00:27:33,960 Speaker 2: just absolutely infuriates me. But anyway, that's the story for 506 00:27:34,000 --> 00:27:36,760 Speaker 2: another day. But the way the store is set up, 507 00:27:36,800 --> 00:27:39,560 Speaker 2: they have an entrance on one hand or one side, 508 00:27:39,640 --> 00:27:43,560 Speaker 2: and an entrance on the other, and that flow in 509 00:27:43,800 --> 00:27:47,720 Speaker 2: the suburban areas you go in. At least in our store, 510 00:27:48,040 --> 00:27:50,680 Speaker 2: you go in, you go to the right, you start 511 00:27:50,720 --> 00:27:53,760 Speaker 2: going up and down the aisles that way. But in 512 00:27:53,800 --> 00:27:57,920 Speaker 2: this other store they've got entrances on both ends, so 513 00:27:58,000 --> 00:28:00,040 Speaker 2: people will come in one entrance and come in the 514 00:28:00,080 --> 00:28:03,760 Speaker 2: other entrance. And when you watch people instead of up 515 00:28:03,800 --> 00:28:06,200 Speaker 2: and down the aisle, it's like they're crossing over. They're 516 00:28:06,200 --> 00:28:09,639 Speaker 2: crossing in front of people. People are going instead of 517 00:28:09,680 --> 00:28:11,840 Speaker 2: one direction down the aisle, there's like, you know, it 518 00:28:11,840 --> 00:28:14,600 Speaker 2: seems like in a situation, there's like people going in 519 00:28:14,680 --> 00:28:16,920 Speaker 2: three different directions. And then of course you have the 520 00:28:16,960 --> 00:28:20,080 Speaker 2: people that are going down the aisle. They look like 521 00:28:20,080 --> 00:28:21,920 Speaker 2: they're looking for something and they stop dead in their 522 00:28:21,960 --> 00:28:24,560 Speaker 2: tracks and do a U turn and try to come 523 00:28:24,600 --> 00:28:27,640 Speaker 2: back out. And the frenetic pace of some of these 524 00:28:27,920 --> 00:28:30,280 Speaker 2: stores where and I guess it's more of the younger 525 00:28:30,280 --> 00:28:34,760 Speaker 2: people stopping by after work or whatever. It's it's nuts 526 00:28:35,359 --> 00:28:37,520 Speaker 2: and to the point where you go in there and 527 00:28:37,560 --> 00:28:39,680 Speaker 2: you see these people and they just they're going down 528 00:28:39,760 --> 00:28:40,120 Speaker 2: the aisle. 529 00:28:40,400 --> 00:28:42,440 Speaker 3: I don't know if you remember years ago, there was 530 00:28:43,080 --> 00:28:44,840 Speaker 3: a show where I. 531 00:28:44,800 --> 00:28:47,760 Speaker 2: Can't remember the name of of the TV show, but 532 00:28:47,800 --> 00:28:50,080 Speaker 2: it was one of these things where they ask questions 533 00:28:50,120 --> 00:28:53,160 Speaker 2: and you depend upon the number of answers you had. 534 00:28:53,480 --> 00:28:55,360 Speaker 2: If you won, you had like a minute to go 535 00:28:55,440 --> 00:28:57,240 Speaker 2: through or five minutes to go through. The store to 536 00:28:57,240 --> 00:28:59,520 Speaker 2: see if you can whoever went through the store and 537 00:28:59,560 --> 00:29:02,520 Speaker 2: got the most groceries, they would win that particular contest. 538 00:29:03,000 --> 00:29:05,040 Speaker 3: And you'd see these people running up and down the aisle. 539 00:29:05,200 --> 00:29:06,520 Speaker 3: Just as they're running. 540 00:29:06,280 --> 00:29:08,960 Speaker 2: By their grabbing stuff off the shelf and stuffing in 541 00:29:09,160 --> 00:29:11,760 Speaker 2: their baskets. They run back to the meat as'll throw 542 00:29:11,800 --> 00:29:14,720 Speaker 2: everything in there and just run up to the checkout. 543 00:29:15,440 --> 00:29:17,960 Speaker 2: Sometimes it reminds me of that going into these stores 544 00:29:17,960 --> 00:29:21,280 Speaker 2: where people are just grabbing stuff off off the shelf 545 00:29:21,520 --> 00:29:23,200 Speaker 2: and not even taking the time to even look at 546 00:29:23,200 --> 00:29:25,160 Speaker 2: the price, look at the expiration dates or any of 547 00:29:25,160 --> 00:29:27,360 Speaker 2: that sort of stuff, and they just buy the stuff. 548 00:29:27,640 --> 00:29:31,920 Speaker 2: And it's just franatic. But anyway, calming down looking at 549 00:29:31,960 --> 00:29:35,640 Speaker 2: the grocery prices, knowing what patterns there are, looking at 550 00:29:35,640 --> 00:29:40,720 Speaker 2: the different ads from the different stores to see what's 551 00:29:40,760 --> 00:29:43,040 Speaker 2: on sale, and then play in your day or play 552 00:29:43,040 --> 00:29:45,160 Speaker 2: in your shopping experience. Okay, if I'm going to be 553 00:29:45,160 --> 00:29:47,960 Speaker 2: in this neighborhood on this particular day on my way 554 00:29:48,120 --> 00:29:51,840 Speaker 2: home or whatever from work, this store here has the 555 00:29:51,880 --> 00:29:53,840 Speaker 2: best price on a couple of items, so I'll stop 556 00:29:53,880 --> 00:29:55,760 Speaker 2: in there, pick up a few items, and come home. 557 00:29:56,200 --> 00:29:59,400 Speaker 2: It's just amazing to me how they try to talk 558 00:29:59,400 --> 00:30:02,880 Speaker 2: about some of these I don't. The grocery prices that 559 00:30:02,920 --> 00:30:07,560 Speaker 2: we use in the Gordon household are basically about the 560 00:30:07,600 --> 00:30:10,200 Speaker 2: same as what they have been over the last couple 561 00:30:10,240 --> 00:30:12,760 Speaker 2: of years, simply because they are the items that they 562 00:30:12,800 --> 00:30:15,040 Speaker 2: put on sale, and you wait for the sales and 563 00:30:15,080 --> 00:30:17,120 Speaker 2: you buy a couple at a time. So any of 564 00:30:17,200 --> 00:30:21,400 Speaker 2: that so anyway, getting this National Federation of Independent Business Association, 565 00:30:21,920 --> 00:30:25,880 Speaker 2: the National Federation of Small Business Optimism Index I guess 566 00:30:26,400 --> 00:30:30,560 Speaker 2: I mentioned rose point eight points to November to ninety nine, 567 00:30:30,880 --> 00:30:34,040 Speaker 2: which is above the fifty two year average or fifty 568 00:30:34,080 --> 00:30:37,680 Speaker 2: two year average of ninety eight. An increase in those 569 00:30:37,720 --> 00:30:42,280 Speaker 2: experiencing sales those expecting real sales to be higher contributed 570 00:30:42,320 --> 00:30:45,320 Speaker 2: most to the rise of the optimism index. The uncertainty 571 00:30:45,320 --> 00:30:49,640 Speaker 2: index rose three percent three points from October to ninety one, 572 00:30:50,080 --> 00:30:54,240 Speaker 2: an increase of owners reportedly uncertain about capital expenditures, planning, 573 00:30:54,280 --> 00:30:58,200 Speaker 2: and so on, according to the NFIB Chief Economists built 574 00:30:58,280 --> 00:31:02,920 Speaker 2: Doug Dunkelberg. Although so optimism increased, small business owners are 575 00:31:03,000 --> 00:31:07,520 Speaker 2: still frustrated by the lack of qualified workers. Despite this, 576 00:31:08,000 --> 00:31:11,600 Speaker 2: more firms still planned to continue new jobs in the 577 00:31:11,720 --> 00:31:16,240 Speaker 2: near future. So so much for a job market. Slowdown, 578 00:31:16,880 --> 00:31:19,280 Speaker 2: pick this up coming up. I'm Kevin Gordon, America struck 579 00:31:19,360 --> 00:31:23,600 Speaker 2: In Network seven hundred Wlwright. 580 00:31:23,240 --> 00:31:29,400 Speaker 1: News Radio seven hundred WLW and iHeartRadio Station Guarantee Human 581 00:31:29,800 --> 00:31:33,200 Speaker 1: seven hundred WLW, HI Hard Radio. 582 00:31:34,240 --> 00:31:37,160 Speaker 6: Over the years, you've brought them into your home. We 583 00:31:37,160 --> 00:31:40,760 Speaker 6: were prescribed opioids after the C section, when dad jered 584 00:31:40,840 --> 00:31:45,640 Speaker 6: us back, when your basketball star towards ACL Opioids helped 585 00:31:45,640 --> 00:31:48,360 Speaker 6: with the pain, and you held on to them just 586 00:31:48,400 --> 00:31:51,760 Speaker 6: in case. But did you know holding onto unused opioids 587 00:31:51,800 --> 00:31:56,240 Speaker 6: puts your family at risk. Opioids are powerful pain reducing 588 00:31:56,360 --> 00:32:00,560 Speaker 6: prescription medicines, but most people who are prescribed obioid don't 589 00:32:00,560 --> 00:32:04,800 Speaker 6: finish their prescriptions. So millions of unused opioids are sitting 590 00:32:04,800 --> 00:32:08,400 Speaker 6: at homes across the country, and tragically, more than one 591 00:32:08,480 --> 00:32:13,800 Speaker 6: hundred Americans die every day from overdoses involving opioids. What 592 00:32:13,920 --> 00:32:17,200 Speaker 6: can you do to protect your family? Remove the risk 593 00:32:17,280 --> 00:32:21,880 Speaker 6: of unused opioids from your home, pills patches or syrups 594 00:32:21,880 --> 00:32:25,520 Speaker 6: and drawers, purses and cabinets anywhere they might be hiding. 595 00:32:25,920 --> 00:32:28,640 Speaker 6: To find out how to dispose of them properly, visit 596 00:32:28,800 --> 00:32:33,040 Speaker 6: www dot FDA dot gov slash Drug Disposal. 597 00:32:34,080 --> 00:32:36,840 Speaker 3: When it's time to hit the road, time is we're talking. 598 00:32:36,640 --> 00:32:40,720 Speaker 2: About this National Federation of Independent Businesses survey O the 599 00:32:40,880 --> 00:32:43,360 Speaker 2: Optimism Report. And if you've missed that any of our 600 00:32:43,360 --> 00:32:45,440 Speaker 2: previous segments for around of our shows, hit up that 601 00:32:45,520 --> 00:32:47,680 Speaker 2: iHeartRadio app brought to you. 602 00:32:47,600 --> 00:32:49,120 Speaker 3: Buyer friends at Rust Truck Centers. 603 00:32:49,360 --> 00:32:51,440 Speaker 2: One of the key things in here that they bring up, 604 00:32:51,440 --> 00:32:55,480 Speaker 2: and it's kind of almost a throwaway paragraph. The average 605 00:32:55,600 --> 00:32:59,640 Speaker 2: rate paid on short maturity loans was seven point nine 606 00:32:59,720 --> 00:33:05,920 Speaker 2: percent in November, down point eight percent from October. Now, 607 00:33:06,320 --> 00:33:09,160 Speaker 2: these are the short term borrowing that businesses do. If 608 00:33:09,200 --> 00:33:11,680 Speaker 2: you're not familiar with that, you may have a situation 609 00:33:11,760 --> 00:33:14,640 Speaker 2: where you're maybe a little short on payrolls, short on cash, 610 00:33:14,960 --> 00:33:17,840 Speaker 2: not short on profits or whatever, but you just have 611 00:33:18,560 --> 00:33:21,920 Speaker 2: a slow cash flow, so you need to borrow short term, 612 00:33:22,080 --> 00:33:25,520 Speaker 2: like maybe thirty sixty ninety days. But the interest rate 613 00:33:25,600 --> 00:33:29,560 Speaker 2: on that is seven point nine percent. Years ago, that 614 00:33:29,720 --> 00:33:31,400 Speaker 2: was in the neighborhood of two and a half to 615 00:33:31,440 --> 00:33:33,960 Speaker 2: three percent. So now all of a sudden, your borrowing 616 00:33:34,000 --> 00:33:37,320 Speaker 2: costs on just that short term loan goes up dramatically, 617 00:33:37,360 --> 00:33:40,040 Speaker 2: and of course, that affects your bottom line. Some of 618 00:33:40,080 --> 00:33:42,160 Speaker 2: the other key features out of this, they were saying 619 00:33:42,200 --> 00:33:45,000 Speaker 2: that out of these areas, I think what was it 620 00:33:45,640 --> 00:33:48,960 Speaker 2: they said, out of the numbers that there were of 621 00:33:49,000 --> 00:33:53,520 Speaker 2: the increases, there were ten out of eighteen that were 622 00:33:53,680 --> 00:33:56,280 Speaker 2: up and in the positive direction. 623 00:33:56,720 --> 00:33:58,560 Speaker 3: Some of them. Plan to increase. 624 00:33:58,200 --> 00:34:04,640 Speaker 2: Employment of nineteen percent, up four percent from the previous survey. 625 00:34:05,760 --> 00:34:10,640 Speaker 2: Expect economy to improve fifteen percent. That's down five percent 626 00:34:10,840 --> 00:34:14,760 Speaker 2: from the previous period. Expect real sales to be higher, 627 00:34:15,120 --> 00:34:20,520 Speaker 2: up fifteen percent. Let me see expected credit conditions. They 628 00:34:20,560 --> 00:34:24,640 Speaker 2: expect that to go down by five percent. So again, 629 00:34:25,000 --> 00:34:27,520 Speaker 2: a lot of these things are trending in the right direction. 630 00:34:27,680 --> 00:34:30,160 Speaker 2: And when you have things trending in the right direction, 631 00:34:30,680 --> 00:34:34,480 Speaker 2: they tend to go in the right direction, and that 632 00:34:34,640 --> 00:34:40,480 Speaker 2: improves people's optimism. Now, cutting back to the survey or 633 00:34:41,080 --> 00:34:44,920 Speaker 2: the overview commentary, let me get back here to that 634 00:34:45,480 --> 00:34:49,040 Speaker 2: they're talking about. The economy has been doing reasonably well, 635 00:34:49,360 --> 00:34:54,040 Speaker 2: and so have small businesses. Consumer spending is solid, but 636 00:34:54,120 --> 00:34:57,360 Speaker 2: the real driver of GDP growth is the massive level 637 00:34:57,719 --> 00:35:03,080 Speaker 2: of AI investment spending, including investment in electricity generation. The 638 00:35:03,120 --> 00:35:07,640 Speaker 2: administration is making substantial policy changes elevating the level of 639 00:35:07,760 --> 00:35:12,360 Speaker 2: uncertainty as owners weight for resolutions. Again, when you're making 640 00:35:12,440 --> 00:35:16,360 Speaker 2: policy resolutions, when you're changing certain policies, those are for 641 00:35:16,360 --> 00:35:19,759 Speaker 2: the better, such as the emissions controlled the miles per 642 00:35:19,800 --> 00:35:23,239 Speaker 2: gallon being reduced last week talking about how that's going 643 00:35:23,280 --> 00:35:27,000 Speaker 2: to affect the overall price of cars. Owners have been 644 00:35:27,040 --> 00:35:30,880 Speaker 2: frustrated by the lack of qualified workers available to fill 645 00:35:31,000 --> 00:35:32,000 Speaker 2: open positions. 646 00:35:32,440 --> 00:35:34,960 Speaker 3: Job openings were above the historical. 647 00:35:34,520 --> 00:35:41,239 Speaker 2: Average all year compensation has increased, So compensation has increased. 648 00:35:41,760 --> 00:35:45,080 Speaker 2: That's not tariff related. So if prices are going up 649 00:35:45,120 --> 00:35:49,000 Speaker 2: because of a payroll then that's a whole nother story. 650 00:35:49,320 --> 00:35:53,920 Speaker 2: But few new workers were actually hired. Excluding government supported jobs. 651 00:35:53,960 --> 00:35:57,160 Speaker 2: Private sector job growth was weak. The most recent report 652 00:35:57,239 --> 00:36:01,400 Speaker 2: September inflation rate was three percent, still above the Fed's 653 00:36:01,480 --> 00:36:05,200 Speaker 2: target range. Now listening of going through and some of 654 00:36:05,239 --> 00:36:09,759 Speaker 2: the comments made by the respondents in this survey, we 655 00:36:09,800 --> 00:36:14,759 Speaker 2: can expand, expand due to lack of raw materials and employees. 656 00:36:14,840 --> 00:36:18,440 Speaker 2: This is from a business in Wisconsin, steady increase in 657 00:36:18,520 --> 00:36:20,960 Speaker 2: pay over the years. We hire a ton of college 658 00:36:21,000 --> 00:36:25,400 Speaker 2: students and it works out wonderfully. High school students as well, 659 00:36:25,760 --> 00:36:28,719 Speaker 2: Struggling to find full time employees who will stay for 660 00:36:28,760 --> 00:36:32,279 Speaker 2: more than one year. I am struggling with finding management 661 00:36:32,360 --> 00:36:37,160 Speaker 2: and good responsible employees who don't have other responsibilities. Labor 662 00:36:37,200 --> 00:36:40,440 Speaker 2: costs are always high, on the thirty five percent on 663 00:36:40,680 --> 00:36:44,040 Speaker 2: average or more. That's from a company in Missouri from 664 00:36:44,040 --> 00:36:47,759 Speaker 2: a company in California. The general cost of goods and 665 00:36:47,800 --> 00:36:52,560 Speaker 2: materials have significantly increased consistently since twenty twenty. Well, of course, 666 00:36:52,600 --> 00:36:54,799 Speaker 2: I mean you're talking about a five year period of time. 667 00:36:55,200 --> 00:36:59,520 Speaker 2: Payroll taxes are higher, and insurance is almost impossible to 668 00:36:59,560 --> 00:37:04,000 Speaker 2: afford health, liability and workers' compensation. How does that have 669 00:37:04,120 --> 00:37:06,800 Speaker 2: anything to do with the tariffs? That is all government 670 00:37:06,880 --> 00:37:10,720 Speaker 2: regulations and the government mandates. So it's that hidden cost 671 00:37:10,800 --> 00:37:14,560 Speaker 2: of businesses. Taxes in general have increased, state and local 672 00:37:14,640 --> 00:37:19,120 Speaker 2: and our property taxes have an itemization for tax codes 673 00:37:19,200 --> 00:37:23,359 Speaker 2: a mile long. California is slowly suffocating and it is 674 00:37:23,400 --> 00:37:27,000 Speaker 2: a desperate need of help. Many businesses, such as ours, 675 00:37:27,200 --> 00:37:31,000 Speaker 2: have already closed. I fear that unless there are more 676 00:37:31,160 --> 00:37:35,680 Speaker 2: positive incentives, tax breaks, cuts, and affordable costs and materials, 677 00:37:35,960 --> 00:37:40,200 Speaker 2: many more will close, relocate, or downsize or leave the state. 678 00:37:40,640 --> 00:37:45,080 Speaker 2: Now that's California from Florida, labor needs to labor needs 679 00:37:45,120 --> 00:37:49,400 Speaker 2: are never met. The quality of workers is very poor. Now, 680 00:37:49,520 --> 00:37:53,000 Speaker 2: is that the quality of workers in terms of education levels, 681 00:37:54,520 --> 00:37:58,520 Speaker 2: what they know, what their ability to show up for 682 00:37:58,600 --> 00:38:01,560 Speaker 2: work or something along those. Is that a reflection on 683 00:38:01,640 --> 00:38:06,680 Speaker 2: our education system? Possibly? Job openings rise slightly after surging 684 00:38:06,719 --> 00:38:10,840 Speaker 2: in September, fewer workers quitting their jobs. This is according 685 00:38:10,840 --> 00:38:15,319 Speaker 2: to the Job Openings and Labor Turnover Survey better known 686 00:38:15,360 --> 00:38:21,600 Speaker 2: as JOLTS. JOLTS reported on Tuesday talking about the job 687 00:38:21,640 --> 00:38:26,880 Speaker 2: openings increased twelve thousand to seven point six seven million 688 00:38:26,920 --> 00:38:33,160 Speaker 2: in October. Hiring decreases two hundred and eighteen thousand, quits 689 00:38:33,280 --> 00:38:36,520 Speaker 2: decline the most in nearly two and a half years. 690 00:38:37,120 --> 00:38:40,880 Speaker 2: The number of people quitting their job is down to 691 00:38:40,960 --> 00:38:43,600 Speaker 2: the lowest level in two and a half years. Again 692 00:38:44,040 --> 00:38:49,480 Speaker 2: back to this no fire policy of where people are well. 693 00:38:49,520 --> 00:38:53,160 Speaker 2: I guess in the past, when jobs were plentiful, people 694 00:38:53,200 --> 00:38:57,760 Speaker 2: would actually quit their job before landing another job, thinking 695 00:38:57,800 --> 00:39:00,960 Speaker 2: that the job market is so strong, you know, obviously 696 00:39:01,000 --> 00:39:03,080 Speaker 2: it's generally the rule of thumb is that you make 697 00:39:03,120 --> 00:39:05,800 Speaker 2: sure that you have a job to go to before 698 00:39:05,840 --> 00:39:08,400 Speaker 2: you quit your current job. But the number of people 699 00:39:08,480 --> 00:39:11,040 Speaker 2: quitting their jobs is down to a two and a 700 00:39:11,120 --> 00:39:15,719 Speaker 2: half year low, which I think is a very interesting trend. 701 00:39:16,600 --> 00:39:19,360 Speaker 2: Let's see anything else in here. With the labor market wobbly, 702 00:39:19,719 --> 00:39:23,360 Speaker 2: fewer workers are job hopping in search of greener pastures, 703 00:39:23,600 --> 00:39:28,000 Speaker 2: pointing to benign wage inflation. So people are not jumping 704 00:39:28,040 --> 00:39:31,800 Speaker 2: because the informator of the stuff isn't out there now 705 00:39:32,040 --> 00:39:35,720 Speaker 2: what we're seeing as far as gas and oil prices, again, 706 00:39:35,880 --> 00:39:40,040 Speaker 2: the energy prices are important because they cross all segments. 707 00:39:40,040 --> 00:39:43,360 Speaker 2: There isn't a business out there that doesn't rely on energy. 708 00:39:43,719 --> 00:39:47,680 Speaker 2: Every business relies on electricity or energy to put on 709 00:39:47,719 --> 00:39:50,439 Speaker 2: the lights, to run the machinery, to do anything within 710 00:39:50,480 --> 00:39:54,120 Speaker 2: that particular company. Looking at West Texas Intermediate CRUIT, it 711 00:39:54,160 --> 00:39:57,360 Speaker 2: is at fifty eight dollars, well below that's sixty dollars 712 00:39:57,440 --> 00:40:00,560 Speaker 2: a barrel margin, which people said, oh, it will never 713 00:40:00,560 --> 00:40:03,759 Speaker 2: get below sixty dollars a barrel. Again, that's fifty eight 714 00:40:03,800 --> 00:40:07,360 Speaker 2: dollars and twenty five cents, down sixty three cents from yesterday. 715 00:40:07,760 --> 00:40:12,160 Speaker 2: Just since January, the twentieth West Texas Intermediate creued is 716 00:40:12,200 --> 00:40:15,279 Speaker 2: down eighteen dollars and sixty four cents of barrel, or 717 00:40:15,360 --> 00:40:19,640 Speaker 2: twenty four percent. Talk about affordability. Well, when you whack 718 00:40:19,719 --> 00:40:22,799 Speaker 2: off twenty four percent of the cost of anything, that's 719 00:40:22,840 --> 00:40:25,880 Speaker 2: going to have an impact. As far as down the stream, 720 00:40:26,400 --> 00:40:29,399 Speaker 2: Brent crude currently is sixty one dollars in ninety five 721 00:40:29,440 --> 00:40:33,120 Speaker 2: cents of barrel, down a little over fifty cents a barrel. 722 00:40:34,239 --> 00:40:37,440 Speaker 2: Just since January, Brent crude is down seventeen dollars and 723 00:40:37,520 --> 00:40:40,960 Speaker 2: ninety five cents of barrel. That's a twenty two percent decrease. 724 00:40:41,320 --> 00:40:45,640 Speaker 2: We're seeing gas prices come down. Current average gasoline nationwide 725 00:40:45,760 --> 00:40:50,040 Speaker 2: is two dollars ninety five cents. Diesel is a three 726 00:40:50,080 --> 00:40:55,319 Speaker 2: dollars and sixty nine cents a gallon compared to this time. 727 00:40:55,360 --> 00:40:58,000 Speaker 2: And again I've been stressing this, and when you go 728 00:40:58,120 --> 00:41:02,000 Speaker 2: back down to the Trumpet administration in the first term 729 00:41:02,400 --> 00:41:05,760 Speaker 2: on this in twenty twenty, in December of twenty twenty, 730 00:41:06,080 --> 00:41:09,080 Speaker 2: gasoline was a two dollars and twenty five cents a gallon. 731 00:41:09,360 --> 00:41:11,839 Speaker 2: And what I've been saying all along is that if 732 00:41:11,840 --> 00:41:15,920 Speaker 2: we look at the fact that that oil prices have 733 00:41:16,040 --> 00:41:19,440 Speaker 2: come down twenty five percent, I would have expected to 734 00:41:19,480 --> 00:41:23,000 Speaker 2: see gas prices come down twenty five percent as well. 735 00:41:23,239 --> 00:41:25,480 Speaker 2: So if you're talking about a year ago when gas 736 00:41:25,480 --> 00:41:28,560 Speaker 2: prices worth thirty three dollars and two cents a gallon. 737 00:41:28,960 --> 00:41:31,560 Speaker 2: I would think that a ten percent reduction of that 738 00:41:31,840 --> 00:41:35,480 Speaker 2: of about thirty thirty cents would take the current gas 739 00:41:35,480 --> 00:41:38,360 Speaker 2: price down to about two sixty more in line with 740 00:41:38,440 --> 00:41:41,200 Speaker 2: that two dollars and twenty five cents. We're getting there. 741 00:41:41,400 --> 00:41:43,520 Speaker 2: It's just a matter of time to get it down there, 742 00:41:43,680 --> 00:41:46,600 Speaker 2: and that people that have its way to working its 743 00:41:46,640 --> 00:41:49,120 Speaker 2: way through the economy, because if it's costing you less 744 00:41:49,160 --> 00:41:52,080 Speaker 2: to fill up your truck, your cost of your operation 745 00:41:52,239 --> 00:41:54,560 Speaker 2: is going to go up, or you know your your 746 00:41:54,640 --> 00:41:56,799 Speaker 2: costs are going to go down and your profits are 747 00:41:56,840 --> 00:41:59,880 Speaker 2: going to go up. There seems to be some discussions 748 00:42:00,040 --> 00:42:02,360 Speaker 2: to whether or not there's going to be an oil glot, 749 00:42:03,120 --> 00:42:06,080 Speaker 2: but we'll see on that in the coming months. Well, folks, 750 00:42:06,080 --> 00:42:08,000 Speaker 2: that does it for us, Stay tuned for EDI Radio 751 00:42:08,000 --> 00:42:10,560 Speaker 2: at the top of the hour. I'm Kevin Gordon, America 752 00:42:10,640 --> 00:42:13,720 Speaker 2: Struck In Network seven hundred WLW