1
00:00:03,600 --> 00:00:06,400
Speaker 1: This is America's Truncking Network with Kevin Gordon.

2
00:00:08,560 --> 00:00:12,119
Speaker 2: Welcome aboard, Thanks for tuning in on this Friday morning.

3
00:00:12,720 --> 00:00:14,040
Speaker 1: Well, by now, I'm.

4
00:00:13,920 --> 00:00:18,040
Speaker 2: Sure you've heard the reports regarding Christy Nome, and in

5
00:00:18,120 --> 00:00:24,040
Speaker 2: my opinion, it is a bit of disinformation and kind

6
00:00:24,120 --> 00:00:28,960
Speaker 2: of misleading, so to speak. All the banner headlines yesterday afternoon,

7
00:00:29,000 --> 00:00:30,320
Speaker 2: all of a sudden, you saw these.

8
00:00:31,000 --> 00:00:32,240
Speaker 1: One of the reports.

9
00:00:32,479 --> 00:00:34,519
Speaker 2: I go to Citizen Free Press, It's one of the

10
00:00:34,520 --> 00:00:37,479
Speaker 2: things I go to as well as many different resources.

11
00:00:37,880 --> 00:00:38,239
Speaker 1: But the.

12
00:00:39,800 --> 00:00:44,640
Speaker 2: Red writing on there and banners, Christine Nome fired as

13
00:00:45,280 --> 00:00:50,280
Speaker 2: DHS Homeland Apartment Homeland Security chief. And the first thought

14
00:00:50,360 --> 00:00:53,360
Speaker 2: to my in my mind was, oh my god, the

15
00:00:53,400 --> 00:00:55,800
Speaker 2: Democrats are now going to crow about this. They're going

16
00:00:55,880 --> 00:00:58,200
Speaker 2: to claim victory. They're going to say, you know, we

17
00:00:58,360 --> 00:01:00,960
Speaker 2: finally brought her down. We've got our first scalp of

18
00:01:00,960 --> 00:01:05,559
Speaker 2: the Trump administration. The Trump administration is failing and so on. Well,

19
00:01:05,600 --> 00:01:08,600
Speaker 2: like so many different things in the press, and if

20
00:01:08,680 --> 00:01:11,480
Speaker 2: you just read the headlines, and quite honestly, if you

21
00:01:11,720 --> 00:01:15,440
Speaker 2: just listen to some of the news reports, they are

22
00:01:15,440 --> 00:01:18,959
Speaker 2: misleading as well. Here is what happened, and this is

23
00:01:19,000 --> 00:01:23,120
Speaker 2: what comes directly from Donald Trump from True Social I

24
00:01:23,160 --> 00:01:26,240
Speaker 2: am pleased to announce that the highly respected United States

25
00:01:26,280 --> 00:01:30,399
Speaker 2: Senator from the great state state of Oklahoma, Mark Wayne Mullen,

26
00:01:30,640 --> 00:01:35,200
Speaker 2: will become United States Secretary of Homeland Security DHS, effective

27
00:01:35,280 --> 00:01:40,000
Speaker 2: March thirty first, twenty twenty six. The current Secretary, Christinome,

28
00:01:40,240 --> 00:01:44,440
Speaker 2: who has served us well and has numerous and spectacular results,

29
00:01:44,600 --> 00:01:49,440
Speaker 2: especially on the border, will be moving to be special

30
00:01:49,800 --> 00:01:55,360
Speaker 2: Envoy to the Shield of the Americas, our new security

31
00:01:55,360 --> 00:01:59,160
Speaker 2: initiative in the Western hemisphere. We are announcing on Saturday

32
00:01:59,320 --> 00:02:02,640
Speaker 2: in Duraw, Florida. I thank Christy for her service at

33
00:02:02,680 --> 00:02:06,520
Speaker 2: Homeland Security. Then he talks about serving ten years in

34
00:02:06,520 --> 00:02:10,040
Speaker 2: the United States House the Senate, than this into Oklahoma

35
00:02:10,080 --> 00:02:12,919
Speaker 2: and talks about his background as far as Mark Wayne

36
00:02:12,960 --> 00:02:14,240
Speaker 2: Mueller is concerned, but.

37
00:02:14,320 --> 00:02:16,280
Speaker 1: Christy Nome is not fired.

38
00:02:16,360 --> 00:02:20,560
Speaker 2: And quite honestly, this almost appears to be a promotion.

39
00:02:21,160 --> 00:02:23,840
Speaker 1: We're talking about security.

40
00:02:24,960 --> 00:02:28,000
Speaker 2: Going to be our special envoy to the Shield of

41
00:02:28,040 --> 00:02:32,839
Speaker 2: the America's our new security initiative in the Western hemisphere.

42
00:02:33,480 --> 00:02:37,959
Speaker 2: So again misleading headlines from the spoon federal gurgitators in

43
00:02:38,000 --> 00:02:39,080
Speaker 2: the mainstream media, and.

44
00:02:39,040 --> 00:02:41,120
Speaker 1: Quite honestly, some of the.

45
00:02:41,280 --> 00:02:46,000
Speaker 2: More what I would consider cur conservative outlets. I haven't

46
00:02:46,000 --> 00:02:49,520
Speaker 2: seen all the details and everything about it, and I'm

47
00:02:49,600 --> 00:02:51,960
Speaker 2: sure the talking heads are going to be talking about this,

48
00:02:52,320 --> 00:02:55,520
Speaker 2: but quite honestly, this doesn't appear to me to be

49
00:02:55,720 --> 00:02:58,600
Speaker 2: a more or less a shuffling of the decks, so

50
00:02:58,720 --> 00:03:02,880
Speaker 2: to speak. Maybe moving somebody in a different category so

51
00:03:02,960 --> 00:03:05,600
Speaker 2: that then the heat comes off of that as you

52
00:03:05,680 --> 00:03:08,679
Speaker 2: see that, you know, everybody wants to focus on Christy Nome,

53
00:03:08,760 --> 00:03:11,400
Speaker 2: everybody wants to focus on DHS. Well, if you move

54
00:03:11,480 --> 00:03:14,320
Speaker 2: somebody else in that position and move her into another

55
00:03:14,400 --> 00:03:17,720
Speaker 2: position which is similar in nature or even actually a promotion,

56
00:03:18,160 --> 00:03:20,240
Speaker 2: then that kind of gets the heat off it. There's

57
00:03:20,280 --> 00:03:22,880
Speaker 2: not a scalp for the Democrats, and if they play.

58
00:03:22,639 --> 00:03:25,360
Speaker 1: It up is that they're nuts.

59
00:03:25,680 --> 00:03:28,280
Speaker 2: But I love this, and again I got to hand

60
00:03:28,320 --> 00:03:31,600
Speaker 2: it to Trump. You know every time, you know, when

61
00:03:31,600 --> 00:03:36,000
Speaker 2: he does, he's a true social post and everything. Always

62
00:03:36,040 --> 00:03:39,000
Speaker 2: love his truths ending the scourge of illegal drugs and

63
00:03:39,040 --> 00:03:40,960
Speaker 2: blah blah blah, talking about what needs to be done

64
00:03:41,000 --> 00:03:43,600
Speaker 2: on homeland security, make America safe again.

65
00:03:43,840 --> 00:03:44,800
Speaker 1: Mark Wayne will make.

66
00:03:44,760 --> 00:03:47,920
Speaker 2: The spectacular Secretary of Homeland Security. Thank you for your

67
00:03:47,960 --> 00:03:51,680
Speaker 2: attention to this matter. I just love when he does

68
00:03:51,720 --> 00:03:55,080
Speaker 2: that at the end of his tweets yesterday.

69
00:03:55,520 --> 00:03:57,120
Speaker 1: We didn't have a chance to get to this. But

70
00:03:57,320 --> 00:03:58,880
Speaker 1: on when was it?

71
00:03:58,880 --> 00:04:02,000
Speaker 2: It would have been a Wednesday, the Federal Reserve just

72
00:04:02,240 --> 00:04:04,480
Speaker 2: and they always publish this about eight times a year,

73
00:04:04,840 --> 00:04:08,200
Speaker 2: right before the Federal Reserve's next meeting, and the Federal

74
00:04:08,240 --> 00:04:11,160
Speaker 2: Reserve is set to meet, I believe it if I

75
00:04:11,360 --> 00:04:15,520
Speaker 2: remember correctly, March the eighteenth, actually later on this month. God,

76
00:04:15,560 --> 00:04:17,640
Speaker 2: I'm getting my month, boyt. I'll tell you what this.

77
00:04:19,320 --> 00:04:22,400
Speaker 2: You know, this year is really flying by really quick.

78
00:04:22,480 --> 00:04:25,040
Speaker 2: I'm thinking, well, it's not till March eighteenth, that's not

79
00:04:25,200 --> 00:04:28,839
Speaker 2: till next time. Well, hell, we're already in March anyway.

80
00:04:29,120 --> 00:04:33,080
Speaker 2: But March eighteenth meeting, they're going to be meeting. Actually

81
00:04:33,320 --> 00:04:38,200
Speaker 2: within a week or so. They published this what they

82
00:04:38,240 --> 00:04:40,920
Speaker 2: call the Beige Book. And I've explained this before. I

83
00:04:41,040 --> 00:04:46,400
Speaker 2: mentioned this before. The Beige Book is, let's see what

84
00:04:46,440 --> 00:04:50,320
Speaker 2: they call it is a hefty collection of nationwide economic

85
00:04:50,400 --> 00:04:54,160
Speaker 2: anecdotes published by the Federal Reserve before each Central Bank

86
00:04:54,720 --> 00:04:59,200
Speaker 2: policy meeting. The Fed publishes the information without naming businesses

87
00:04:59,279 --> 00:05:03,640
Speaker 2: to promote candor. The new edition, published Wednesday, ahead of

88
00:05:03,640 --> 00:05:08,040
Speaker 2: the March eighteenth FED decision draws on surveys done by

89
00:05:08,040 --> 00:05:13,280
Speaker 2: the fed's twelve regional reserve banks through February the twenty third,

90
00:05:13,839 --> 00:05:16,840
Speaker 2: so it most likely doesn't reflect some of the latest

91
00:05:16,880 --> 00:05:20,400
Speaker 2: developments such as the Supreme Courts ruling overturning some of

92
00:05:20,440 --> 00:05:24,960
Speaker 2: Trump's tariffs which came on February the twentieth, or even

93
00:05:25,279 --> 00:05:28,520
Speaker 2: more recent conflict in the Middle East. There are some

94
00:05:28,600 --> 00:05:32,239
Speaker 2: of the break takeaways and so on. Now, the reference

95
00:05:32,279 --> 00:05:35,320
Speaker 2: to the Beige Book, this goes back to the seventies

96
00:05:35,360 --> 00:05:38,120
Speaker 2: and so on, before the age of computers, before all

97
00:05:38,160 --> 00:05:41,440
Speaker 2: this stuff was digitalized, and some of these things were available,

98
00:05:42,080 --> 00:05:45,400
Speaker 2: all of these studies, all these anecdotes, all this collection

99
00:05:45,480 --> 00:05:50,880
Speaker 2: of data was put into a binder that had, you know,

100
00:05:51,000 --> 00:05:53,400
Speaker 2: did different tabs on it having to do with labor

101
00:05:53,520 --> 00:05:59,320
Speaker 2: numbers and manufacturing and different comments from different people. And

102
00:05:59,360 --> 00:06:03,120
Speaker 2: it was in the cover of the binder was beige

103
00:06:03,560 --> 00:06:06,200
Speaker 2: So everybody started calling it the base book. And so

104
00:06:06,560 --> 00:06:09,839
Speaker 2: it had all this economic data in there, but the

105
00:06:09,880 --> 00:06:15,040
Speaker 2: headline here base book sees a stable economy still facing challenges.

106
00:06:15,200 --> 00:06:16,720
Speaker 1: And I think it's still interesting the.

107
00:06:16,680 --> 00:06:19,719
Speaker 2: Fact that you know, the paper and the binders and

108
00:06:19,760 --> 00:06:23,280
Speaker 2: that kind of stuff is not actually done and much anymore.

109
00:06:23,600 --> 00:06:25,720
Speaker 1: But again, it's kind of interesting that.

110
00:06:25,640 --> 00:06:28,240
Speaker 2: The book is still called the base Book based on

111
00:06:28,320 --> 00:06:32,719
Speaker 2: what the cover was years ago. Most of those themes

112
00:06:32,839 --> 00:06:36,560
Speaker 2: were on full display, talking about some of the challenges,

113
00:06:36,640 --> 00:06:40,520
Speaker 2: and the book a series of stable economics still facing

114
00:06:40,560 --> 00:06:42,880
Speaker 2: the economy the Bay Book.

115
00:06:43,200 --> 00:06:45,280
Speaker 1: Let me see, We're going to lose my place here.

116
00:06:45,480 --> 00:06:49,040
Speaker 2: Early twenty twenty six data have painted an economy on

117
00:06:49,160 --> 00:06:52,279
Speaker 2: steady footing at the start of the year. Now, mind you,

118
00:06:52,360 --> 00:06:55,400
Speaker 2: this is coming from the Federal Reserve, but with risk

119
00:06:55,440 --> 00:06:58,839
Speaker 2: from stubborn inflation, a job market that has slowed and

120
00:06:59,000 --> 00:07:04,560
Speaker 2: heightened uncertain about economic policy, a firm outlook but uncertainly

121
00:07:04,600 --> 00:07:06,480
Speaker 2: remains solid.

122
00:07:06,920 --> 00:07:08,680
Speaker 1: January hiring data.

123
00:07:08,640 --> 00:07:12,680
Speaker 2: Suggests some businesses are feeling more confident about the economic

124
00:07:12,760 --> 00:07:15,680
Speaker 2: outlook than they were during much of twenty twenty five.

125
00:07:16,040 --> 00:07:19,960
Speaker 2: They Beasebook largely backs that up, but also notes that

126
00:07:20,000 --> 00:07:24,240
Speaker 2: many businesses see a cloudy path ahead. Companies surveyed by

127
00:07:24,240 --> 00:07:27,320
Speaker 2: the New York Fed said consumer spending ticked up, but

128
00:07:27,520 --> 00:07:30,920
Speaker 2: uncertainty is still causing some shoppers to hold back on

129
00:07:31,040 --> 00:07:37,240
Speaker 2: big purchases. Philadelphia area manufacturers reported uncertainly remained challenged, along

130
00:07:37,280 --> 00:07:42,160
Speaker 2: with heavy winter storms that hit the Northeast in recent weeks. Again,

131
00:07:42,640 --> 00:07:45,560
Speaker 2: you know, mother nature has been wreaking havoc on certain

132
00:07:45,600 --> 00:07:47,960
Speaker 2: parts of the country, and of course that's going to

133
00:07:48,000 --> 00:07:52,040
Speaker 2: affect economic outlook and going to affect economic activity in

134
00:07:52,080 --> 00:07:55,720
Speaker 2: those particular regions. And it's interesting to see how much

135
00:07:55,800 --> 00:07:59,040
Speaker 2: they play up on the economic data as opposed to

136
00:07:59,360 --> 00:08:02,600
Speaker 2: some of the things that are not economic data, more

137
00:08:02,680 --> 00:08:06,360
Speaker 2: or less along the lines of weather related stuff that

138
00:08:06,480 --> 00:08:10,480
Speaker 2: is pretty much beyond our control. But the overall picture

139
00:08:10,560 --> 00:08:13,520
Speaker 2: here is painting a pretty decent picture of what's going

140
00:08:13,640 --> 00:08:15,520
Speaker 2: on in the economy.

141
00:08:15,760 --> 00:08:16,560
Speaker 1: Breaking this down.

142
00:08:16,640 --> 00:08:20,120
Speaker 2: Labor market is steady but lacks dynamism that most of

143
00:08:20,160 --> 00:08:23,040
Speaker 2: the Federal Reserve Region's staffing levels were stable in the

144
00:08:23,040 --> 00:08:26,240
Speaker 2: first several weeks of the year, but many businesses reported

145
00:08:26,280 --> 00:08:30,000
Speaker 2: several factors that are constraining their hiring plans, from softer

146
00:08:30,160 --> 00:08:34,600
Speaker 2: customer demand to rising costs for other business needs. These

147
00:08:34,720 --> 00:08:41,000
Speaker 2: aren't widespread signs that artificial intelligence has seriously reduced companies staffing.

148
00:08:41,320 --> 00:08:43,640
Speaker 2: As a matter of fact, there aren't these signs, and

149
00:08:43,679 --> 00:08:47,320
Speaker 2: they're emphasizing that in this report, But some businesses say

150
00:08:47,320 --> 00:08:50,520
Speaker 2: they are exploring the possibility. Saint Louis Fed said that

151
00:08:50,559 --> 00:08:55,559
Speaker 2: one Memphis area manufacturer is shifting its budget toward automation

152
00:08:55,960 --> 00:09:03,840
Speaker 2: because persistent hiring frictions make robotics and industrial AI more reliable.

153
00:09:03,880 --> 00:09:08,720
Speaker 2: Way to preserve throughput and quality when you have friction,

154
00:09:08,960 --> 00:09:13,320
Speaker 2: when you have labor relations problems. That is when you

155
00:09:13,559 --> 00:09:17,560
Speaker 2: see these companies going more and more to automation because

156
00:09:17,840 --> 00:09:19,600
Speaker 2: you can control the robots.

157
00:09:19,920 --> 00:09:21,680
Speaker 1: The robots don't control you.

158
00:09:23,280 --> 00:09:28,880
Speaker 2: Again, the recurring unpredictable economy they're talking about, Richmond.

159
00:09:28,480 --> 00:09:30,960
Speaker 1: Fed, all this sort of stuff, we'll pick this up.

160
00:09:31,000 --> 00:09:32,600
Speaker 1: We've got some more information in here.

161
00:09:32,800 --> 00:09:37,000
Speaker 2: Intensive immigration enforcement in Minneapolis took a toll on the region.

162
00:09:37,280 --> 00:09:40,920
Speaker 2: Inflation remains persistent concern. We'll talk about all these divisions

163
00:09:40,920 --> 00:09:45,160
Speaker 2: within this Bayes book report, which basically the bottom line

164
00:09:45,280 --> 00:09:48,440
Speaker 2: is things aren't on a steady footing and no longer

165
00:09:48,520 --> 00:09:51,760
Speaker 2: all this pessimism that we've been getting from the spoon

166
00:09:51,760 --> 00:09:55,240
Speaker 2: fed regurgitators in the mainstream media. I'm Kevin Gordon, America's

167
00:09:55,280 --> 00:10:04,120
Speaker 2: truck in Network seven hundred WLW. I'm Kevin Gordon America

168
00:10:04,160 --> 00:10:07,600
Speaker 2: struck a network seven hundred WLW finishing up some of

169
00:10:07,600 --> 00:10:11,040
Speaker 2: the high points of this based book. The summary of

170
00:10:11,200 --> 00:10:15,760
Speaker 2: data from around the twelve different Federal Reserve Banks regions

171
00:10:15,800 --> 00:10:18,680
Speaker 2: around the country, and it's kind of interesting to see

172
00:10:19,480 --> 00:10:22,800
Speaker 2: what certain areas are reporting and where they're coming up

173
00:10:22,840 --> 00:10:26,079
Speaker 2: with some of this information. Let's see, they're talking about

174
00:10:26,080 --> 00:10:30,880
Speaker 2: intensive immigration enforcement in Minneapolis took its toll on the region. Well,

175
00:10:30,960 --> 00:10:36,440
Speaker 2: you know, it's not intensive immigration enforcement, it's intensive lack

176
00:10:36,679 --> 00:10:41,120
Speaker 2: of safety provided by the police officers. They're told to

177
00:10:41,160 --> 00:10:44,560
Speaker 2: be to stand down. Generally if there is a law

178
00:10:44,640 --> 00:10:48,480
Speaker 2: enforcement agency such as immigration such as the FBI, when

179
00:10:48,520 --> 00:10:51,880
Speaker 2: they come in to execute warrants or to arrest certain people,

180
00:10:52,080 --> 00:10:54,840
Speaker 2: they expect the police to have their back. Not so

181
00:10:55,040 --> 00:10:58,720
Speaker 2: in Minneapolis with Jacob Pry and Tim Walls as governor,

182
00:10:58,960 --> 00:11:02,920
Speaker 2: because they were anti ice and they are pro I

183
00:11:02,960 --> 00:11:04,360
Speaker 2: guess illegal immigration.

184
00:11:04,720 --> 00:11:07,080
Speaker 1: They love having their state ripped off by.

185
00:11:09,080 --> 00:11:16,240
Speaker 2: Fraud and corruption, Excessive amounts spent for autism which was

186
00:11:16,320 --> 00:11:20,040
Speaker 2: never provided, daycare centers that were ripping off, and just

187
00:11:20,200 --> 00:11:24,959
Speaker 2: overall a welfare fraud throughout the entire region. And apparently

188
00:11:25,080 --> 00:11:28,640
Speaker 2: that's okay with them having people seventy eight percent of

189
00:11:28,760 --> 00:11:32,840
Speaker 2: a population not in the working and actually on welfare

190
00:11:33,120 --> 00:11:36,520
Speaker 2: after ten years. So again, apparently they're happy with that,

191
00:11:36,840 --> 00:11:40,440
Speaker 2: and they want to keep that situation going and the

192
00:11:40,520 --> 00:11:44,400
Speaker 2: crime rate, et cetera. I don't know why, but again,

193
00:11:44,760 --> 00:11:48,160
Speaker 2: when immigration comes in and the police don't do anything,

194
00:11:48,320 --> 00:11:51,040
Speaker 2: do anything as far as crowd control, stuff is going

195
00:11:51,120 --> 00:11:54,760
Speaker 2: to get disrupted. Those protests should have been broken up

196
00:11:54,880 --> 00:11:56,840
Speaker 2: or at least pushed off to the side so that

197
00:11:56,920 --> 00:11:59,480
Speaker 2: they didn't interfere with what's going on. But as a

198
00:11:59,480 --> 00:12:02,000
Speaker 2: result of all that mayhem over there, a lot of

199
00:12:02,040 --> 00:12:04,480
Speaker 2: the businesses suffered and a lot of the people weren't

200
00:12:04,520 --> 00:12:07,200
Speaker 2: going to the different stores because they didn't feel safe.

201
00:12:07,280 --> 00:12:10,960
Speaker 2: And that is all on the governor and the mayor

202
00:12:11,320 --> 00:12:15,240
Speaker 2: of Well governor of Minnesota and the mayor of Minneapolis.

203
00:12:15,320 --> 00:12:17,000
Speaker 1: Inflation remains persistent concern.

204
00:12:17,120 --> 00:12:21,400
Speaker 2: All twelve Federal Region FED branches said pricing increase in

205
00:12:21,480 --> 00:12:25,599
Speaker 2: recent weeks, with eight districts saying they were up moderately.

206
00:12:25,760 --> 00:12:30,360
Speaker 2: In the forest sighting slight or modest. So again, a

207
00:12:30,520 --> 00:12:33,520
Speaker 2: very interesting report and this is let me see, this

208
00:12:33,559 --> 00:12:38,959
Speaker 2: story was from the Wall Street Journal, and so then

209
00:12:39,040 --> 00:12:41,320
Speaker 2: there was another story that kind of condensed a lot

210
00:12:41,320 --> 00:12:44,720
Speaker 2: of this information. And this was done by RTT News,

211
00:12:44,920 --> 00:12:49,560
Speaker 2: which is geared towards not to be confused with that

212
00:12:49,720 --> 00:12:54,280
Speaker 2: Russian today, that news agency that was prominent, or people

213
00:12:54,280 --> 00:12:58,640
Speaker 2: brought it up during the twenty twenty election. This is

214
00:12:57,920 --> 00:13:01,320
Speaker 2: actually a service that has nothing to do with that.

215
00:13:01,480 --> 00:13:03,640
Speaker 1: This is geared more towards the financial sector.

216
00:13:04,440 --> 00:13:09,080
Speaker 2: According to them, their headline FED basebook points to patchy growth,

217
00:13:09,240 --> 00:13:13,680
Speaker 2: persistent price pressures. US economy activity increased at a slight

218
00:13:13,840 --> 00:13:17,720
Speaker 2: to moderate pace in seven of the Federal Reserve twelve districts,

219
00:13:17,840 --> 00:13:21,560
Speaker 2: while the remaining five reported flat or declining activity. The

220
00:13:21,640 --> 00:13:26,440
Speaker 2: latest beasebook on balance, consumer spending edged higher, but two

221
00:13:26,480 --> 00:13:30,720
Speaker 2: districts continue to see declines. The winter storms and immigration

222
00:13:30,880 --> 00:13:34,959
Speaker 2: enforcement also cited. As far as local drags on the demand.

223
00:13:36,280 --> 00:13:41,079
Speaker 2: Employment levels were broadly stable on the upside. Manufacturing antifty

224
00:13:41,280 --> 00:13:45,480
Speaker 2: improved overall with the eight districts, and then they put

225
00:13:45,520 --> 00:13:48,840
Speaker 2: in there here at the end. Looking ahead, overall, economic

226
00:13:48,960 --> 00:13:53,760
Speaker 2: expectations were optimistic, with most districts expecting slight to moderate

227
00:13:53,840 --> 00:13:56,880
Speaker 2: growth incoming months. This was actually a pretty good little

228
00:13:56,960 --> 00:14:01,360
Speaker 2: article from this organization. They talk about let me see

229
00:14:01,360 --> 00:14:08,480
Speaker 2: by district. Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Kansas City, and

230
00:14:08,559 --> 00:14:13,920
Speaker 2: Dallas reported increased activity. Boston and Saint Louis were flat,

231
00:14:14,400 --> 00:14:20,280
Speaker 2: and New York, Minneapolis, and San Francisco saw declines. Isn't

232
00:14:20,360 --> 00:14:26,000
Speaker 2: that extremely interesting? Where has all the disruptions been? Where

233
00:14:26,160 --> 00:14:32,960
Speaker 2: have been some of the more liberal mayors been operating.

234
00:14:33,320 --> 00:14:37,400
Speaker 2: We've got New York with Zoron Mondani and things going

235
00:14:37,480 --> 00:14:41,960
Speaker 2: flat or to lower or to declines in that area,

236
00:14:42,400 --> 00:14:48,160
Speaker 2: Minneapolis under Jacob Fry and Tim Walls, and San Francisco

237
00:14:48,720 --> 00:14:53,480
Speaker 2: Governor Newsom and the radical governor mayor out there. Again,

238
00:14:53,800 --> 00:15:00,680
Speaker 2: when you have these radical, radical nut jobs running these

239
00:15:00,760 --> 00:15:04,920
Speaker 2: cities and they're not doing anything for their people, they

240
00:15:04,960 --> 00:15:08,440
Speaker 2: seem to be catering more to a certain class of

241
00:15:08,520 --> 00:15:13,480
Speaker 2: people or the immigrant, the illegal immigrant population, and in

242
00:15:13,480 --> 00:15:19,320
Speaker 2: the case of New York turning more communists. Business activity

243
00:15:19,360 --> 00:15:22,760
Speaker 2: doesn't like that. Business activity doesn't like the idea of

244
00:15:22,840 --> 00:15:26,480
Speaker 2: being taxed to death and the services from the police

245
00:15:26,520 --> 00:15:30,040
Speaker 2: and the safety area not being there. So again, it's

246
00:15:30,120 --> 00:15:32,840
Speaker 2: kind of interesting to see where these are coming from

247
00:15:33,640 --> 00:15:36,280
Speaker 2: and what is happening as far as some of these

248
00:15:36,640 --> 00:15:44,600
Speaker 2: individual cities led by radical liberal mayors. Another story. And

249
00:15:44,720 --> 00:15:48,400
Speaker 2: of course, yesterday being Thursday, we get the weekly jobless claims,

250
00:15:48,840 --> 00:15:51,720
Speaker 2: and what is interesting is looking at the different headlines,

251
00:15:52,000 --> 00:15:54,280
Speaker 2: the way they describe these, and the way they come

252
00:15:54,360 --> 00:15:58,320
Speaker 2: up with these. According to Breaking the News, US initial

253
00:15:58,400 --> 00:16:03,000
Speaker 2: jobless claims unchanged two hundred and thirteen thousand Seeking Alpha

254
00:16:03,120 --> 00:16:07,160
Speaker 2: initial jobs claims stay flat in past week, in line

255
00:16:07,200 --> 00:16:13,360
Speaker 2: with some consensus, an okay headline US weekly initial job

256
00:16:13,440 --> 00:16:17,400
Speaker 2: is claimed stand at two hundred and thirteen thousand. FX Street.

257
00:16:17,480 --> 00:16:22,200
Speaker 2: This is a little bit better headline. US initial job

258
00:16:22,280 --> 00:16:25,320
Speaker 2: was claimed steady at two hundred and thirteen thousand versus

259
00:16:25,320 --> 00:16:29,240
Speaker 2: two hundred and fifteen thousand expected. And really one of

260
00:16:29,240 --> 00:16:34,320
Speaker 2: the best headlines was Reuters. But the headline if you

261
00:16:34,640 --> 00:16:37,600
Speaker 2: googled the story or if you search the story these

262
00:16:37,640 --> 00:16:40,680
Speaker 2: different stories that are available, is different than what their

263
00:16:40,720 --> 00:16:44,680
Speaker 2: actual headline on their story was. The headline shown here

264
00:16:44,960 --> 00:16:50,400
Speaker 2: was US weekly Jobs claims unchanged. Layoffs declined by fifty

265
00:16:50,480 --> 00:16:52,880
Speaker 2: five percent in February.

266
00:16:53,000 --> 00:16:53,920
Speaker 1: If you go to.

267
00:16:53,800 --> 00:16:57,880
Speaker 2: Their story itself, US weekly job was claims flat. Worker

268
00:16:57,960 --> 00:17:02,240
Speaker 2: productivity slows in the first fourth quarter. That last part

269
00:17:02,280 --> 00:17:04,960
Speaker 2: of that sentence we'll get to in a little while here,

270
00:17:05,200 --> 00:17:08,360
Speaker 2: because this is probably one of the worst examples I've

271
00:17:08,400 --> 00:17:12,720
Speaker 2: seen of journalistic malpractice because of the way they did

272
00:17:12,760 --> 00:17:16,520
Speaker 2: this headline. In this other story as well as the

273
00:17:16,560 --> 00:17:20,239
Speaker 2: story itself. The story itself had nothing to do with

274
00:17:20,320 --> 00:17:23,040
Speaker 2: the headline, and they ought to be ashamed of themselves.

275
00:17:23,119 --> 00:17:25,480
Speaker 1: But we'll get that. We'll talk about that coming up.

276
00:17:26,400 --> 00:17:29,840
Speaker 2: The number of Americans filing new applications for unemployment benefits

277
00:17:29,920 --> 00:17:34,080
Speaker 2: was unchanged last week, while layoffs dropped sharply in February,

278
00:17:34,320 --> 00:17:41,040
Speaker 2: consistent with stable labor market conditions. This is great news

279
00:17:41,240 --> 00:17:45,679
Speaker 2: for the trucking industry. If there are less and less layoffs,

280
00:17:45,760 --> 00:17:49,520
Speaker 2: if they're slow layoffs, if there are not many layoffs,

281
00:17:49,600 --> 00:17:53,680
Speaker 2: if they remain stable, don't spike up. That is good

282
00:17:53,720 --> 00:17:57,640
Speaker 2: because more people than are working, less people are being

283
00:17:57,720 --> 00:18:00,800
Speaker 2: laid off, people have more money to spend. We've seen

284
00:18:00,880 --> 00:18:06,320
Speaker 2: numbers coming up as far as the wage and our growth,

285
00:18:06,480 --> 00:18:11,400
Speaker 2: wages growing by outpacing inflation by as much as one

286
00:18:11,440 --> 00:18:16,160
Speaker 2: and a half percent. That's good because then the basically

287
00:18:16,200 --> 00:18:18,679
Speaker 2: a catch up from what was going on during the

288
00:18:18,680 --> 00:18:24,600
Speaker 2: Biden administration, where inflation was out pacing wage growth or

289
00:18:25,000 --> 00:18:26,000
Speaker 2: income growth.

290
00:18:26,720 --> 00:18:29,720
Speaker 1: When that happens, you're losing money on a regular basis.

291
00:18:29,880 --> 00:18:33,240
Speaker 2: At least here you are out pacing the inflation with

292
00:18:33,480 --> 00:18:37,119
Speaker 2: the money that you're earning. But again two hundred and

293
00:18:37,160 --> 00:18:40,840
Speaker 2: thirteen thousand layoffs, which is well within that number that

294
00:18:40,880 --> 00:18:43,520
Speaker 2: we talk about on a regular basis. They say the

295
00:18:43,560 --> 00:18:46,440
Speaker 2: sweet spot is somewhere between two hundred and ten thousand

296
00:18:46,800 --> 00:18:50,000
Speaker 2: job initial job is claimed between two hundred and ten

297
00:18:50,040 --> 00:18:53,399
Speaker 2: thousand and two hundred and fifty thousand each week, and

298
00:18:53,440 --> 00:18:56,000
Speaker 2: with at two hundred and thirteen thousand, this is well

299
00:18:56,040 --> 00:18:58,200
Speaker 2: within that range and looking very good.

300
00:18:58,560 --> 00:18:58,639
Speaker 1: Well.

301
00:18:58,720 --> 00:19:02,440
Speaker 2: Other data is Labored Apartment on Thursday showed worker productivity

302
00:19:02,520 --> 00:19:05,040
Speaker 2: slowed in the fourth quarter, which again we'll get to

303
00:19:05,080 --> 00:19:09,800
Speaker 2: that later there. According to Nancy Van den Hooton, us

304
00:19:10,400 --> 00:19:13,879
Speaker 2: lead US economists at Oxford Economics, there is nothing in

305
00:19:13,920 --> 00:19:17,000
Speaker 2: the latest claims data to change our view that the

306
00:19:17,080 --> 00:19:21,960
Speaker 2: Fed will keep policies steady until June. The picture of

307
00:19:22,040 --> 00:19:25,359
Speaker 2: the labor market gleaned from the claims data and other

308
00:19:25,400 --> 00:19:29,399
Speaker 2: related statistics is not one of deterioration, in other words,

309
00:19:29,520 --> 00:19:33,320
Speaker 2: pointing to a stable job market. Initial claims for state

310
00:19:33,320 --> 00:19:37,000
Speaker 2: of unemployment benefits were flat and he seasonally adjusted two

311
00:19:37,119 --> 00:19:40,439
Speaker 2: hundred and thirteen thousand for the week ended February. The

312
00:19:40,480 --> 00:19:44,000
Speaker 2: twenty eighth economists polled by RUTTERS had forecast at two

313
00:19:44,040 --> 00:19:47,240
Speaker 2: hundred and fifteen thousand, so it was below their expectations.

314
00:19:47,480 --> 00:19:51,280
Speaker 2: Labor market is regaining its footing after stumbling last year

315
00:19:51,440 --> 00:19:56,600
Speaker 2: amid what economists said was uncertainty stemming from President Donald

316
00:19:56,640 --> 00:19:59,480
Speaker 2: Trump's broad teriffs. I would go a little bit deeper

317
00:19:59,520 --> 00:20:02,560
Speaker 2: than that. Maybe there was a little uncertainty there, but

318
00:20:02,720 --> 00:20:07,320
Speaker 2: again it was fair trade, not just free trade, and

319
00:20:07,359 --> 00:20:10,199
Speaker 2: plus we still had high interest rates.

320
00:20:10,320 --> 00:20:11,080
Speaker 1: We'll pick this up.

321
00:20:11,200 --> 00:20:21,240
Speaker 2: I'm Kevin Gordon, America's Trucking Network seven hundred WLW.

322
00:20:21,359 --> 00:20:23,679
Speaker 3: Here's your trucking forecast for the Try State and the

323
00:20:23,680 --> 00:20:26,320
Speaker 3: rest of the country. In the Try State, overnight showers

324
00:20:26,320 --> 00:20:29,440
Speaker 3: and storms likely below only down to fifty nine. Showers

325
00:20:29,440 --> 00:20:31,640
Speaker 3: and storms Friday, coming to an end by early afternoon.

326
00:20:31,640 --> 00:20:35,600
Speaker 3: They're becoming partly sunny and warmy high of seventy seven. Saturday,

327
00:20:35,720 --> 00:20:38,920
Speaker 3: showers and storms are also possible. High of seventy three,

328
00:20:39,080 --> 00:20:42,040
Speaker 3: mostly sunny and cooler Sunday a high of sixty four.

329
00:20:42,359 --> 00:20:43,920
Speaker 1: Nationally through Saturday.

330
00:20:44,000 --> 00:20:47,320
Speaker 3: Severe storms and flash flooding possible across the central US.

331
00:20:47,440 --> 00:20:50,600
Speaker 3: Conditions in the southern plains bringing the threat of spreading wildfires,

332
00:20:50,800 --> 00:20:53,480
Speaker 3: which we weather for the central and northern Rockies as

333
00:20:53,480 --> 00:20:56,320
Speaker 3: well as parts of central New England seeing wintry weather

334
00:20:56,359 --> 00:20:59,520
Speaker 3: into Friday. Meanwhile, well above average temperatures in the Great

335
00:20:59,560 --> 00:21:05,000
Speaker 3: Plains moving into most of the eastern US Friday and Saturday.

336
00:21:05,880 --> 00:21:09,840
Speaker 2: Seven hundred WLW I Kevin Gordon, this is America Struck

337
00:21:09,880 --> 00:21:13,640
Speaker 2: a network in this story. Again, this is from Loiders

338
00:21:13,680 --> 00:21:17,399
Speaker 2: US Weekly job as claims flat worker productivity slows in

339
00:21:17,480 --> 00:21:21,119
Speaker 2: the fourth quarter. They talk about in here and again

340
00:21:21,160 --> 00:21:23,359
Speaker 2: on that second part of that headline will come up

341
00:21:23,400 --> 00:21:25,919
Speaker 2: here in a second or a couple of minutes, and

342
00:21:26,000 --> 00:21:28,160
Speaker 2: they refer back to the Beige Book that we talked

343
00:21:28,200 --> 00:21:29,959
Speaker 2: about in the previous segment. And by the way, if

344
00:21:29,960 --> 00:21:31,639
Speaker 2: you missed any of our previous segments or any of

345
00:21:31,720 --> 00:21:34,479
Speaker 2: our shows, hit up that iHeartRadio app brought to you

346
00:21:34,480 --> 00:21:36,159
Speaker 2: by our friends at Rush Truck Centers.

347
00:21:36,640 --> 00:21:37,600
Speaker 1: US Central Banks.

348
00:21:37,680 --> 00:21:41,639
Speaker 2: Beige Book, reported on Wednesday, described on the employment levels

349
00:21:41,880 --> 00:21:46,480
Speaker 2: as quote generally stable in recent weeks, as seven of

350
00:21:46,520 --> 00:21:49,960
Speaker 2: the twelve districts reported no change in hiring, So again

351
00:21:50,320 --> 00:21:54,960
Speaker 2: stable job market. Economists are optimistic that the labor market

352
00:21:55,000 --> 00:21:59,880
Speaker 2: will regain momentum this year as tax cuts stimulate demand.

353
00:22:00,320 --> 00:22:04,280
Speaker 2: A separate report from global outplacement firm Challenger gray and

354
00:22:04,400 --> 00:22:09,760
Speaker 2: Christmas showed. US based employers announced forty six three hundred

355
00:22:09,760 --> 00:22:15,280
Speaker 2: and seven job cuts in February, down fifty five percent

356
00:22:15,400 --> 00:22:19,760
Speaker 2: from January and seventy two percent from a year ago.

357
00:22:20,800 --> 00:22:26,720
Speaker 2: Down fifty five percent from January and seventy two percent

358
00:22:27,040 --> 00:22:30,240
Speaker 2: from a year ago. That is good news and should

359
00:22:30,240 --> 00:22:33,679
Speaker 2: indicate to people that the job market is strong again.

360
00:22:33,760 --> 00:22:36,760
Speaker 2: We may be in this no hire, no fire situation,

361
00:22:37,200 --> 00:22:42,600
Speaker 2: but that is much better than high unemployment. Talking about

362
00:22:43,119 --> 00:22:45,760
Speaker 2: now in this story, the number of people receiving employment

363
00:22:46,040 --> 00:22:49,480
Speaker 2: unemployment benefits after the initial week of aid, a proxy

364
00:22:49,560 --> 00:22:54,480
Speaker 2: for hiring, increased forty six thousand to just adjusted one

365
00:22:54,520 --> 00:22:58,400
Speaker 2: point eight six eight, which again is not a big bump.

366
00:22:59,359 --> 00:23:02,399
Speaker 2: They talking here about what we're going to see later

367
00:23:02,440 --> 00:23:05,520
Speaker 2: on today in terms of the jobs report and the

368
00:23:05,640 --> 00:23:08,720
Speaker 2: unemployment number for the month and.

369
00:23:10,760 --> 00:23:11,280
Speaker 1: For the month.

370
00:23:11,359 --> 00:23:16,359
Speaker 2: Basically, they're guessing and they're throwing this in here and

371
00:23:17,200 --> 00:23:20,280
Speaker 2: they're saying that, and I guess when we talk on Tuesday,

372
00:23:20,520 --> 00:23:23,120
Speaker 2: we'll see how close they were. They're saying that they

373
00:23:23,240 --> 00:23:29,680
Speaker 2: expect jobs to increase by fifty nine thousand jobs in February, accelerating,

374
00:23:29,760 --> 00:23:32,800
Speaker 2: let me see, and unemployment to be held steady at

375
00:23:32,840 --> 00:23:35,240
Speaker 2: four point three. I think that number is going to

376
00:23:35,280 --> 00:23:37,280
Speaker 2: come down to around four point two, where it should

377
00:23:37,280 --> 00:23:40,800
Speaker 2: have been before they started monking with the numbers later

378
00:23:40,880 --> 00:23:41,880
Speaker 2: part of last year.

379
00:23:42,440 --> 00:23:44,080
Speaker 1: Let's see here what else is in here.

380
00:23:45,400 --> 00:23:48,640
Speaker 2: They talk about Bureau of Labor Statistics at nonfarm productivity.

381
00:23:48,680 --> 00:23:50,120
Speaker 1: We'll talk about that coming up.

382
00:23:51,240 --> 00:23:55,080
Speaker 2: Quote from Stephen Brown, Deputy Chief North American Economists at

383
00:23:55,080 --> 00:23:58,800
Speaker 2: Capital Economics. While the spike and oil prices and recent

384
00:23:58,880 --> 00:24:03,960
Speaker 2: signs of lengthening goods prices inflation will lead to caution

385
00:24:04,359 --> 00:24:07,320
Speaker 2: as they fed in the near term, and low rate

386
00:24:07,440 --> 00:24:12,240
Speaker 2: of unit labor costs growth lend support to that information

387
00:24:12,560 --> 00:24:15,680
Speaker 2: because they're talking here. Also, the labor costs grew at

388
00:24:15,680 --> 00:24:19,400
Speaker 2: one point three percent rate from a year ago. They

389
00:24:19,440 --> 00:24:23,119
Speaker 2: increased one point nine percent in twenty twenty five, so

390
00:24:23,200 --> 00:24:26,800
Speaker 2: again a couple of points below that. So labor costs

391
00:24:26,840 --> 00:24:30,640
Speaker 2: are in a good situation there. Now getting this story

392
00:24:30,640 --> 00:24:34,800
Speaker 2: I've been talking about, they're talking about labor productivity and

393
00:24:34,880 --> 00:24:37,960
Speaker 2: productivity in the fourth quarter and so on. Well, what's

394
00:24:37,960 --> 00:24:40,600
Speaker 2: interesting is picking this up and again I mentioned that

395
00:24:40,880 --> 00:24:45,440
Speaker 2: you know when you search a particular story, you'll have

396
00:24:45,760 --> 00:24:50,320
Speaker 2: like clustered in this on the search about four or

397
00:24:50,320 --> 00:24:53,320
Speaker 2: five different stories talking about the same thing. And it's

398
00:24:53,400 --> 00:24:55,960
Speaker 2: kind of interesting to see the headlines from different news

399
00:24:55,960 --> 00:24:59,040
Speaker 2: outlets to see how they cover something. I'll give you

400
00:24:59,119 --> 00:25:06,919
Speaker 2: an example here. According to this website NASDAC, US labor

401
00:25:06,960 --> 00:25:11,960
Speaker 2: productivity jumps much more than expected in quarter four. Not

402
00:25:12,040 --> 00:25:18,080
Speaker 2: a bad headline. According to Bloomberg, US productivity growth exceeds

403
00:25:18,240 --> 00:25:23,439
Speaker 2: projections after upward revision. Not a bad headline either. This

404
00:25:23,480 --> 00:25:29,040
Speaker 2: one's pretty good ourt News. US labor productivity growth slows

405
00:25:29,400 --> 00:25:34,960
Speaker 2: much less than expected in quarter four, slows much less

406
00:25:34,960 --> 00:25:39,120
Speaker 2: than expected, so again it increased. Now the most the

407
00:25:39,200 --> 00:25:44,359
Speaker 2: worst headline comes from Reuters, which again doesn't surprise me.

408
00:25:45,320 --> 00:25:48,879
Speaker 1: US productivity slows in the fourth quarter.

409
00:25:49,640 --> 00:25:54,120
Speaker 2: Now, if you read that headline, and again I emphasize

410
00:25:54,160 --> 00:25:56,800
Speaker 2: the fact that so many people, so many young people

411
00:25:56,880 --> 00:26:00,560
Speaker 2: and even older people. You see them there rolling through

412
00:26:00,560 --> 00:26:03,280
Speaker 2: their phone. All they're doing is looking at headlines. Like

413
00:26:03,359 --> 00:26:05,320
Speaker 2: we talked about at the first part of the show,

414
00:26:05,680 --> 00:26:09,120
Speaker 2: if you're just looking at these headlines where they're sensational

415
00:26:09,280 --> 00:26:12,879
Speaker 2: and it's in bright red saying Christine om fired as

416
00:26:13,840 --> 00:26:17,440
Speaker 2: DHS secretary. When you dig into the story and read

417
00:26:17,480 --> 00:26:20,800
Speaker 2: the truth. Social post from Donald Trump. What she got

418
00:26:20,920 --> 00:26:24,560
Speaker 2: was an actual promotion to a regional to the North

419
00:26:24,600 --> 00:26:29,159
Speaker 2: America Security Division. As a matter of fact, the actual

420
00:26:29,280 --> 00:26:32,760
Speaker 2: title of that was that she is going to be

421
00:26:32,960 --> 00:26:38,120
Speaker 2: a special envoy to the Shield of America's our new

422
00:26:38,280 --> 00:26:41,760
Speaker 2: security initiative in the Western hemisphere.

423
00:26:42,320 --> 00:26:45,400
Speaker 1: That is not you know, that is not a firing.

424
00:26:45,560 --> 00:26:48,320
Speaker 2: That is more of a promotion in my opinion, And

425
00:26:48,359 --> 00:26:50,879
Speaker 2: of course the details of that isn't going to be

426
00:26:50,880 --> 00:26:55,439
Speaker 2: announced until this Saturday at Durrow, Florida, when they actually

427
00:26:55,800 --> 00:26:59,120
Speaker 2: talk about this section, this new division that's coming up.

428
00:26:59,560 --> 00:27:04,800
Speaker 2: But again, this awful headline talking about US productivity slows.

429
00:27:04,400 --> 00:27:05,320
Speaker 1: In the fourth quarter.

430
00:27:05,680 --> 00:27:10,879
Speaker 2: Now, if you go to the individual stories themselves, here

431
00:27:11,000 --> 00:27:12,840
Speaker 2: is how this is being covered.

432
00:27:14,720 --> 00:27:17,040
Speaker 1: US labor productivity.

433
00:27:17,320 --> 00:27:22,000
Speaker 2: Jumps more than expected in quarter four, as compared to

434
00:27:22,040 --> 00:27:26,720
Speaker 2: the headline in Reuters that says US productivity slows in

435
00:27:26,760 --> 00:27:30,600
Speaker 2: the fourth quarter. Kind of missing two different, two completely

436
00:27:30,640 --> 00:27:35,280
Speaker 2: different headlines talking about the same subject. US labor productivity

437
00:27:35,680 --> 00:27:40,320
Speaker 2: jumps more than expected in the fourth quarter. Labor productivity

438
00:27:40,320 --> 00:27:43,639
Speaker 2: in US surged by much more than expected in the

439
00:27:43,680 --> 00:27:46,960
Speaker 2: fourth quarter of twenty twenty five, according to a report

440
00:27:47,040 --> 00:27:50,680
Speaker 2: released by the Labor Department on Thursday, labor departments said

441
00:27:50,680 --> 00:27:54,359
Speaker 2: that labor productivity shot up by two point eight percent

442
00:27:54,400 --> 00:27:57,560
Speaker 2: in the fourth quarter after soaring an upwardly five point

443
00:27:57,640 --> 00:28:01,480
Speaker 2: two percent in the third quarter. Now, the predictions for

444
00:28:01,600 --> 00:28:05,439
Speaker 2: the fourth quarter, again because of holiday, because of weather,

445
00:28:05,800 --> 00:28:08,960
Speaker 2: because of other things, they had predicted that number was.

446
00:28:08,960 --> 00:28:11,080
Speaker 1: Going to be one point nine percent.

447
00:28:11,440 --> 00:28:15,200
Speaker 2: It actually exceeded that by fifty two percent and came

448
00:28:15,240 --> 00:28:18,560
Speaker 2: in at fifty two point eight percent. But what Reuters

449
00:28:18,680 --> 00:28:21,640
Speaker 2: chooses to do is say, well, the previous quarter it

450
00:28:21,680 --> 00:28:25,439
Speaker 2: was up fifty five point two percent, and this quarter

451
00:28:25,560 --> 00:28:29,480
Speaker 2: it was only two point eight So that is a slowdown.

452
00:28:30,280 --> 00:28:34,280
Speaker 2: It's still an increase. It's increased more than what the

453
00:28:34,320 --> 00:28:37,879
Speaker 2: guestimates were going to be or the expectations were, but

454
00:28:38,000 --> 00:28:40,479
Speaker 2: it was less than what was in the third quarter.

455
00:28:40,920 --> 00:28:45,200
Speaker 2: So is that indicative of a slowdown or a eight

456
00:28:46,080 --> 00:28:49,120
Speaker 2: slow down particular, or were there other factors with that

457
00:28:49,680 --> 00:28:55,360
Speaker 2: and again misleading headline slows in the fourth quarter. Well, again,

458
00:28:55,600 --> 00:28:58,720
Speaker 2: as we have talked about on this program, if you

459
00:28:58,840 --> 00:29:01,959
Speaker 2: look at what has happened as far as economic activity,

460
00:29:02,200 --> 00:29:04,720
Speaker 2: and of course you've seen this in the trucking industry,

461
00:29:05,040 --> 00:29:08,160
Speaker 2: you have experienced this as a result of what has

462
00:29:08,200 --> 00:29:12,800
Speaker 2: been going on, and because of these misleading headlines will

463
00:29:12,840 --> 00:29:17,360
Speaker 2: affect what consumers do, the business activity, etc. Which will

464
00:29:17,440 --> 00:29:20,480
Speaker 2: affect your business in terms of if you don't if

465
00:29:20,520 --> 00:29:23,480
Speaker 2: people are down on the economy and they're not spending money,

466
00:29:23,680 --> 00:29:25,120
Speaker 2: they're not going to be buying stuff.

467
00:29:25,320 --> 00:29:28,080
Speaker 1: Stuff isn't going to be being needed to be delivered

468
00:29:28,120 --> 00:29:28,800
Speaker 1: to the stores.

469
00:29:29,000 --> 00:29:31,680
Speaker 2: Stuff is not going to have to be manufactured. So again,

470
00:29:32,000 --> 00:29:35,800
Speaker 2: keeping the economy humming and keeping the loads up is

471
00:29:35,840 --> 00:29:39,800
Speaker 2: a benefit to the trucking industry. But again looking at

472
00:29:39,880 --> 00:29:43,480
Speaker 2: this and saying that all right after the pandemic, we

473
00:29:43,560 --> 00:29:46,280
Speaker 2: had so many things that were disrupted. Not only do

474
00:29:46,400 --> 00:29:48,560
Speaker 2: we have the plandemic in twenty twenty, but then in

475
00:29:48,600 --> 00:29:52,720
Speaker 2: twenty twenty one we had these supply chain issues problems,

476
00:29:53,080 --> 00:29:56,560
Speaker 2: and that things have been shifted a little bit in

477
00:29:56,640 --> 00:29:59,960
Speaker 2: terms of and I've mentioned this numerous times, certain things

478
00:30:00,080 --> 00:30:03,080
Speaker 2: since you would expect in a particular month, get shifted

479
00:30:03,120 --> 00:30:06,880
Speaker 2: either forward or backwards a couple of months, and then

480
00:30:07,040 --> 00:30:09,880
Speaker 2: you know, other things happen. But you have to look

481
00:30:09,920 --> 00:30:12,520
Speaker 2: at these things over a three month or a five

482
00:30:12,560 --> 00:30:14,840
Speaker 2: months or even a six month period of time to

483
00:30:14,920 --> 00:30:17,680
Speaker 2: see all the ebbs and flows you just can't take

484
00:30:18,080 --> 00:30:21,320
Speaker 2: and say, all right, we're going to compare March of

485
00:30:21,400 --> 00:30:24,840
Speaker 2: twenty twenty six to March of twenty twenty five and

486
00:30:25,000 --> 00:30:27,959
Speaker 2: March of twenty twenty four. There may be factors in

487
00:30:28,000 --> 00:30:30,320
Speaker 2: there having to do with weather or something else that

488
00:30:30,480 --> 00:30:33,320
Speaker 2: was going on that would have affected what was happening.

489
00:30:33,520 --> 00:30:34,960
Speaker 1: But if you look at.

490
00:30:34,640 --> 00:30:37,400
Speaker 2: The trend over a three or four, maybe even six

491
00:30:37,440 --> 00:30:40,080
Speaker 2: month period of time, these peaks and valleys kind of

492
00:30:40,320 --> 00:30:43,440
Speaker 2: even out, and you say, okay, compared to the quarter

493
00:30:43,640 --> 00:30:47,040
Speaker 2: last year or the year before that, here's where we stand.

494
00:30:47,240 --> 00:30:49,680
Speaker 2: And that's a much better gauge rather than going this

495
00:30:49,960 --> 00:30:52,800
Speaker 2: month by month, year over year type of thing on

496
00:30:52,840 --> 00:30:54,120
Speaker 2: an individual basis.

497
00:30:54,280 --> 00:30:55,920
Speaker 1: But it's interesting to see.

498
00:30:55,720 --> 00:30:59,760
Speaker 2: How this is being reported by different news organization. Economists

499
00:30:59,760 --> 00:31:03,240
Speaker 2: had a expected that they said report said unit labor

500
00:31:03,280 --> 00:31:06,400
Speaker 2: costs also surged by two point eight percent in the

501
00:31:06,400 --> 00:31:10,560
Speaker 2: fourth quarter after tumbling unit labor costs were expected to

502
00:31:10,600 --> 00:31:13,600
Speaker 2: shoot up by two point one percent, So they actually

503
00:31:13,840 --> 00:31:17,440
Speaker 2: the labor costs shot up by thirty three percent more

504
00:31:17,480 --> 00:31:21,520
Speaker 2: than what they had expected. So again, looking at the headlines,

505
00:31:21,640 --> 00:31:25,040
Speaker 2: it depends on what part you focus on and when

506
00:31:25,080 --> 00:31:28,320
Speaker 2: you actually read the story, you ask yourself, where the

507
00:31:28,360 --> 00:31:30,680
Speaker 2: hell did they come up with this headline, because the

508
00:31:30,680 --> 00:31:34,480
Speaker 2: headline certainly doesn't match the story coming up. We'll talk

509
00:31:34,520 --> 00:31:36,800
Speaker 2: a little bit more about well, actually we can talk

510
00:31:36,840 --> 00:31:38,520
Speaker 2: a little bit about what's going on as far as

511
00:31:38,560 --> 00:31:41,880
Speaker 2: the ports are concerned us productivity. We've seen that, we

512
00:31:42,000 --> 00:31:44,080
Speaker 2: talked about that. I think I don't think there's any

513
00:31:44,120 --> 00:31:46,160
Speaker 2: more information in there, but I'll check that out during

514
00:31:46,200 --> 00:31:50,480
Speaker 2: the break. I'm Kevin Gordon, America's Trucking Network seven hundred WLW.

515
00:31:52,520 --> 00:31:54,240
Speaker 1: This is America's struck.

516
00:31:54,040 --> 00:31:58,360
Speaker 2: A Network seven hundred WLWI, and Kevin Gordon kind of

517
00:31:58,520 --> 00:32:01,000
Speaker 2: finish up on some of these economics reports, which again

518
00:32:01,160 --> 00:32:04,560
Speaker 2: you know, affects you, affects the trucking industry, and you know,

519
00:32:04,600 --> 00:32:07,880
Speaker 2: in terms of what is happening as far as consumer

520
00:32:07,960 --> 00:32:13,160
Speaker 2: sentiment consumer spending in this because again, if they're not spending,

521
00:32:13,240 --> 00:32:16,520
Speaker 2: you're not hauling. There's no need to be hauling goods

522
00:32:16,520 --> 00:32:19,560
Speaker 2: if people aren't buying them. So again, this is important

523
00:32:19,560 --> 00:32:22,960
Speaker 2: from that aspect. One of the things that were pointed

524
00:32:23,000 --> 00:32:26,840
Speaker 2: out I failed to mention. And again, what we're seeing

525
00:32:26,880 --> 00:32:30,280
Speaker 2: in terms of economic activity and whatever, let's not discount

526
00:32:30,320 --> 00:32:34,000
Speaker 2: and let's not forget about the forty three day Schumer

527
00:32:34,120 --> 00:32:38,920
Speaker 2: shutdown that occurred from the end of from October first

528
00:32:39,360 --> 00:32:43,120
Speaker 2: until what was in November of the twelfth or thirteenth,

529
00:32:43,680 --> 00:32:47,520
Speaker 2: forty three days the government was shut down forty three days.

530
00:32:47,880 --> 00:32:49,240
Speaker 1: Our air traffic.

531
00:32:48,920 --> 00:32:53,840
Speaker 2: Controllers and our military didn't get a paycheck, did not

532
00:32:54,200 --> 00:32:58,080
Speaker 2: get a paycheck. And so all of that money, all

533
00:32:58,160 --> 00:33:03,240
Speaker 2: that one point four billion, fourteen billion dollars that was

534
00:33:03,560 --> 00:33:07,200
Speaker 2: pulled out of the economy and wasn't spent during that

535
00:33:07,240 --> 00:33:09,080
Speaker 2: period of time. Now, some of that was made up

536
00:33:09,160 --> 00:33:12,280
Speaker 2: later on. But again, if you're shifting, if you're looking

537
00:33:12,320 --> 00:33:15,560
Speaker 2: at a particular period of time, again, if you're looking

538
00:33:15,560 --> 00:33:16,840
Speaker 2: at October.

539
00:33:16,360 --> 00:33:18,760
Speaker 1: The first of twenty twenty four to.

540
00:33:20,560 --> 00:33:23,680
Speaker 2: November of twenty twenty four, that's going to be a

541
00:33:23,680 --> 00:33:26,640
Speaker 2: different comparison than this past year when we had this

542
00:33:26,760 --> 00:33:27,640
Speaker 2: humor shutdown.

543
00:33:27,720 --> 00:33:28,960
Speaker 1: So again, that's.

544
00:33:28,800 --> 00:33:33,120
Speaker 2: One of those areas where you have a difficult time

545
00:33:33,200 --> 00:33:37,720
Speaker 2: comparing month over month and one month to the previous year.

546
00:33:38,160 --> 00:33:41,960
Speaker 2: And that shutdown should never have happened. It probably costs

547
00:33:42,040 --> 00:33:46,200
Speaker 2: us about one point five to two percent on our GDP.

548
00:33:47,120 --> 00:33:50,400
Speaker 2: And again, you got to ask yourself, who are these

549
00:33:50,440 --> 00:33:54,440
Speaker 2: people working for? If you're shutting down the government, and

550
00:33:54,480 --> 00:33:57,959
Speaker 2: it's hurting the people, if it's hurting the military, if

551
00:33:57,960 --> 00:34:01,080
Speaker 2: it's hurting the air traffic controllers, who are you really

552
00:34:01,120 --> 00:34:01,720
Speaker 2: working for?

553
00:34:01,800 --> 00:34:02,240
Speaker 1: Out there?

554
00:34:03,800 --> 00:34:07,120
Speaker 2: Saw some interesting numbers as far as the points of

555
00:34:07,160 --> 00:34:10,759
Speaker 2: the points. The ports seeing a little bit slow ower

556
00:34:10,880 --> 00:34:15,640
Speaker 2: activity going into twenty twenty six. Major US ports saw

557
00:34:15,719 --> 00:34:20,680
Speaker 2: a slower but steady January as front loaded twenty twenty five.

558
00:34:20,840 --> 00:34:27,680
Speaker 2: Cargo tariff uncertainty and uneven inventory drawdowns softened volumes after

559
00:34:27,800 --> 00:34:32,160
Speaker 2: last year's sir again, when we had the tariffs. When

560
00:34:32,200 --> 00:34:34,720
Speaker 2: the tariffs were being talked about in the first quarter

561
00:34:34,800 --> 00:34:37,839
Speaker 2: of last year, there was a lot of companies that said,

562
00:34:37,880 --> 00:34:40,040
Speaker 2: we're going to get ahead of these tariffs. We're going

563
00:34:40,080 --> 00:34:43,320
Speaker 2: to import a lot of stuff in the first quarter,

564
00:34:43,600 --> 00:34:46,880
Speaker 2: which then surge the activity at these various ports.

565
00:34:47,320 --> 00:34:48,840
Speaker 1: What that did do, though.

566
00:34:48,800 --> 00:34:51,680
Speaker 2: Is that when you look at the gross domestic product

567
00:34:51,960 --> 00:34:55,040
Speaker 2: of items that were sold, items that were bought, all

568
00:34:55,120 --> 00:34:58,760
Speaker 2: the activity that transpired in that month in that quarter,

569
00:35:00,000 --> 00:35:02,400
Speaker 2: one thing you have to subtract about out of that

570
00:35:02,680 --> 00:35:06,000
Speaker 2: is imports. And because so many imports came in in

571
00:35:06,040 --> 00:35:09,759
Speaker 2: that quarter, it actually made it appear that there was

572
00:35:09,880 --> 00:35:14,320
Speaker 2: negative economic growth in that first quarter. That's when because

573
00:35:14,360 --> 00:35:17,720
Speaker 2: that inventory was already in place, why the second quarter

574
00:35:17,760 --> 00:35:20,799
Speaker 2: looked so good and the third quarter, and prior to

575
00:35:20,880 --> 00:35:24,440
Speaker 2: the government shutdown, things were expected to be much higher

576
00:35:24,960 --> 00:35:27,719
Speaker 2: by the end of the year. But again the Democrats

577
00:35:27,760 --> 00:35:30,400
Speaker 2: can't stand success, and they've got to try to slow

578
00:35:30,440 --> 00:35:33,840
Speaker 2: that down. But again, major port activity saw ebbs and

579
00:35:33,880 --> 00:35:36,480
Speaker 2: flows last year. They saw a big surge in the

580
00:35:36,520 --> 00:35:38,600
Speaker 2: first quarter, a little bit of slow down on the

581
00:35:38,640 --> 00:35:40,840
Speaker 2: second quarter, then towards the end of the year it

582
00:35:40,960 --> 00:35:44,520
Speaker 2: picked up a butt a bunch. West Coast gateways generally

583
00:35:44,560 --> 00:35:48,840
Speaker 2: posted year over year declines, while ports in Oakland, Georgia

584
00:35:49,239 --> 00:35:56,000
Speaker 2: Houston reported gains driven by stronger imports and petrochemical exports.

585
00:35:57,000 --> 00:36:02,200
Speaker 2: Port leaders said tariff related uncertainty and cautious restocking will

586
00:36:02,200 --> 00:36:06,760
Speaker 2: continue to shape forecasts and shippers await clarity on trade

587
00:36:06,840 --> 00:36:13,960
Speaker 2: policy and potential tariff refunds. Again, some of that uncertainty

588
00:36:14,160 --> 00:36:19,440
Speaker 2: created by the Supreme Court overturning the terriffs, saying that

589
00:36:19,520 --> 00:36:25,000
Speaker 2: they weren't proper, even though in years pasted in other presidencies,

590
00:36:25,480 --> 00:36:30,160
Speaker 2: that authorization was used and tariffs were issued during that

591
00:36:30,480 --> 00:36:33,840
Speaker 2: and that was okay, But now suddenly with this Supreme Court,

592
00:36:34,200 --> 00:36:37,320
Speaker 2: I really don't know, because you know, we are supposed

593
00:36:37,320 --> 00:36:42,160
Speaker 2: to have and any time a decision goes against Democrats,

594
00:36:42,480 --> 00:36:46,920
Speaker 2: we always hear the conservative Supreme Court did this, and

595
00:36:47,120 --> 00:36:49,800
Speaker 2: you know this is an attack on the American people

596
00:36:49,840 --> 00:36:52,560
Speaker 2: and so on and so forth. Well, with this decision,

597
00:36:52,960 --> 00:36:55,920
Speaker 2: they really kind of cheered it a little bit. But again,

598
00:36:56,560 --> 00:37:01,680
Speaker 2: I wonder what the rationale behind this? How can you

599
00:37:01,800 --> 00:37:06,120
Speaker 2: look at us not charging hardly any terraffs on some

600
00:37:06,200 --> 00:37:10,600
Speaker 2: of these other countries, and these countries charging huge tariffs

601
00:37:10,680 --> 00:37:15,680
Speaker 2: on our products going into their countries, and we are

602
00:37:15,680 --> 00:37:20,440
Speaker 2: at a disadvantage selling stuff into those countries because our

603
00:37:20,520 --> 00:37:23,480
Speaker 2: goods are going to be priced much higher than theirs.

604
00:37:23,920 --> 00:37:25,040
Speaker 1: And why this is.

605
00:37:24,960 --> 00:37:28,759
Speaker 2: Such a difficult concept for the Supreme Court and for

606
00:37:28,840 --> 00:37:31,680
Speaker 2: a bunch of people to understand that you need to

607
00:37:31,760 --> 00:37:34,680
Speaker 2: have fair trade not just free trade.

608
00:37:34,920 --> 00:37:38,400
Speaker 1: Tell you a look, what is going on with my throat.

609
00:37:39,480 --> 00:37:44,400
Speaker 2: Port of Los Angeles processing a number of equivalent units

610
00:37:45,200 --> 00:37:51,160
Speaker 2: twelve percent decline in the third fourth quarter eight foot

611
00:37:51,280 --> 00:37:54,879
Speaker 2: units Port of Long Beach so on eleven percent. Let

612
00:37:54,880 --> 00:37:58,319
Speaker 2: me see with volume down eleven percent Port of Long

613
00:37:58,640 --> 00:38:02,560
Speaker 2: Long Beach. Again, they don't go into detail here as

614
00:38:02,640 --> 00:38:06,800
Speaker 2: to what caused that, whether there was items front loaded

615
00:38:06,840 --> 00:38:10,080
Speaker 2: in the previous month, in the previous quarter. They don't

616
00:38:10,680 --> 00:38:14,680
Speaker 2: get in here and say, really, in terms of the

617
00:38:14,800 --> 00:38:19,719
Speaker 2: actual the entire let me see any or any fact.

618
00:38:19,760 --> 00:38:22,040
Speaker 2: I don't think any of these numbers are.

619
00:38:23,520 --> 00:38:24,359
Speaker 1: Year over year.

620
00:38:24,800 --> 00:38:27,960
Speaker 2: They are just focusing on a particular month. And so

621
00:38:28,480 --> 00:38:31,239
Speaker 2: if you're only going to focus on a particular month,

622
00:38:31,480 --> 00:38:34,080
Speaker 2: that's not going to give you a very good indication

623
00:38:34,440 --> 00:38:37,760
Speaker 2: as to where things are headed. Port of Oakland reported

624
00:38:37,800 --> 00:38:42,000
Speaker 2: container volume increased one point four percent year over year.

625
00:38:42,920 --> 00:38:48,200
Speaker 2: Northwest Seaport Alliance, which there is in Seattle and Tacoma, Washington,

626
00:38:48,560 --> 00:38:54,080
Speaker 2: decreased by thirteen point nine Georgia Port Authority showed a

627
00:38:54,320 --> 00:38:59,680
Speaker 2: let's see a nine point one percent increase. South Carolina

628
00:39:00,239 --> 00:39:05,040
Speaker 2: saw a decrease of four point nine. Now, remember when

629
00:39:05,080 --> 00:39:08,640
Speaker 2: we had the disruptions on the West coast, when they

630
00:39:08,640 --> 00:39:12,359
Speaker 2: were doing contract negotiations a couple of years ago, they

631
00:39:12,360 --> 00:39:16,360
Speaker 2: were threatening to shut down the ports, and the ports

632
00:39:16,480 --> 00:39:19,399
Speaker 2: on the East coast said, well, you know what if

633
00:39:19,840 --> 00:39:22,280
Speaker 2: items are going to be delayed, and rather than sitting

634
00:39:22,280 --> 00:39:25,480
Speaker 2: out there in the ocean, come on around. We're open

635
00:39:25,520 --> 00:39:28,680
Speaker 2: for business bringing on. So a lot of these companies

636
00:39:28,680 --> 00:39:32,080
Speaker 2: were going through the Panama Canal up into the Eastern

637
00:39:32,120 --> 00:39:36,480
Speaker 2: coast and we started seeing volumes increase there. Then last year,

638
00:39:36,520 --> 00:39:38,719
Speaker 2: it was a year and a half ago when there

639
00:39:38,880 --> 00:39:44,400
Speaker 2: was a potential strike what was it October of twenty

640
00:39:44,480 --> 00:39:47,360
Speaker 2: three or something like that, where the East Coast wanted

641
00:39:47,400 --> 00:39:52,040
Speaker 2: to renegotiate their contract and they actually did a port shutdown,

642
00:39:52,360 --> 00:39:56,120
Speaker 2: went on strike. Then those port activities for that period

643
00:39:56,400 --> 00:39:58,920
Speaker 2: went down, and a lot of that shifted back to

644
00:39:58,960 --> 00:39:59,440
Speaker 2: the west.

645
00:40:00,360 --> 00:40:02,799
Speaker 1: What you saw over the time.

646
00:40:03,040 --> 00:40:06,720
Speaker 2: Was that contract negotiations in the West kind of pushed

647
00:40:06,760 --> 00:40:09,200
Speaker 2: a lot of people to start going to the East

648
00:40:09,239 --> 00:40:13,399
Speaker 2: coast ports and found kind of a home there and said, hey,

649
00:40:13,440 --> 00:40:16,080
Speaker 2: we kind of like dealing with this more than on

650
00:40:16,120 --> 00:40:19,520
Speaker 2: the West coast, and started staying there. But then when

651
00:40:19,560 --> 00:40:22,640
Speaker 2: the East Coast started going through their labor troubles, then

652
00:40:22,680 --> 00:40:26,359
Speaker 2: that items shifted back to the West coast. So it's

653
00:40:26,719 --> 00:40:28,920
Speaker 2: kind of you know, if you've got a good thing going,

654
00:40:29,080 --> 00:40:32,200
Speaker 2: don't try to mess it up. And it is amazing

655
00:40:32,560 --> 00:40:36,680
Speaker 2: how some of these effects and some of these labor shortages,

656
00:40:37,000 --> 00:40:41,000
Speaker 2: labor strikes and so on, tend to shift things and

657
00:40:41,080 --> 00:40:45,440
Speaker 2: again if the strike is going on and stuff economic

658
00:40:45,480 --> 00:40:50,000
Speaker 2: activity isn't happening for that one to three weeks, that

659
00:40:50,120 --> 00:40:53,319
Speaker 2: affects those monthly numbers, and then when you compare those

660
00:40:53,440 --> 00:40:55,640
Speaker 2: from one year to the next, is kind of a

661
00:40:55,680 --> 00:40:59,719
Speaker 2: false indication. Well, folks, we are up against clock here.

662
00:41:00,040 --> 00:41:01,800
Speaker 2: Stay tuned for Red Eye Radio at the top of

663
00:41:01,840 --> 00:41:05,440
Speaker 2: the hour. I'm Kevin Gordon, America's truck in Network seven

664
00:41:05,520 --> 00:41:07,640
Speaker 2: hundred WLW