America’s Manufacturers Are Thriving Under President Trump
$DIA, $SPY, $QQQ, $VXX
America’s manufacturers are showing signs of fabricating some genuine momentum.
The NAS Comp (QQQ) moved back into record territory, climbing 2.7% to close the week at a new all-time high
Add to that, improvement among US builders and miners and the US is finally undergoing the blue-collar revival that President Donald Trump has been pushing.
Gary Cohn, the Top economic adviser at the White House, says that the country is seeing jobs being created in the sectors that need them.
Manufacturing expanded in August at the fastest pace in more than 6 years, the Institute for Supply Management (ISM) said Friday. The increase from the previous month was driven mainly by the group’s gauge of factory employment, which reached the highest mark since June 2011.
The ISM data were consistent with numbers from the US Labor Department’s jobs report. The U.S. government said the 36,000 advance in factory payrolls last month matched the biggest increase since Y 2012.
The breadth of job gains at factories, from appliance makers to auto makers to fabricated-metal producers is the strongest in nearly 20 years, according to the US Labor Department. The manufacturing employment diffusion index surged to 73.1, the highest since November 1997.
Other goods producers are ramping up hiring.
Construction employment rose by 28,000 in August, the biggest advance in 6 months, according to the data. The increase was paced by an 11,500 jump in residential specialty-trade contracting payrolls. That sector has recouped more than 50% of the 1-M jobs lost as a result of the housing-related economic recession.
Mining, including Crude Oil, Nat Gas, Metals and Coal posted a 6,500 increase in payrolls last month, the most since April. While the sector represents a small share of total employment in the US, those industries and their 670,400 workers are breathing a bit easier.
Payrolls have increased in each of the last 10 months, and the nearly 62,000 jobs added from November through August are the most for a similar length of time since Y 2012.
Friday, the US major stock market indexes finished at: DJIA +39.46 at 21988.86, NAS Comp +6.67 at 6435.31, S&P+4.90 at 2478.00
Volume: Trade in the NYSE came in lite again at: 651-M/shares exchanging hands.
The NAS Comp moved back into record territory, climbing 2.7% to close the week at a new all-time high
- NAS Comp +19.6% YTD
- S&P 500 +10.6% YTD
- DJIA +11.3% YTD
- Russell 2000 +4.2% YTD
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Have a terrific weekend.