Nucor is going to build a new steel mill in the Midwest, more company’s hiring, ( 312,000 in December ) and now we have this news released. Job openings at businesses making long- lasting consumer goods surged in November. Where’s the tariffs doing damage?
Job openings in durable goods manufacturing rose to a seasonally adjusted 324,000, the Labor Department said Tuesday. That is an increase from 318,000 in October and the highest number since January of 2001. Durable goods are products designed to last like autos, computers, etc.
So if anything, the tariffs on the goods have been beneficial for the companies, workers, and the additional tax revenue. Look at this from Breitbart. Openings have risen in six out of the eight months since the announcement. Tariffs on Mexico and Canada, the largest source of imported steel, went into effect in July. Openings have gone up every month since then. A year prior, there were just 248,000 durable goods job openings. That means openings are up 30 percent in a year.
Now this is not what Wall Street or the pundits had expected to happen. Oh there was such doom and gloom. And the huge spikes in pricing that some said would hurt the same industries it was to benefit? That hasn’t happened either.
Another good sign is the fact that layoffs are down in the durable goods sector. They fell to a seasonally adjusted 70,000. Why isn’t this happening? Durable goods are thought to be the sector most exposed to a possible drag from the metals tariffs. Now comes word that the US – Chinese talks on tariffs are making progress. Seeing how good the durable goods are doing, the US just may not be in such a big hurry.
So in closing, this from CNBC. The negotiators made progress on issues such as the purchase of U.S. goods and services. It also said that a follow-up conversation between Cabinet-level officials is expected later this month. However, the two sides are still not ready to reach a deal just yet. What say you?
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I have been writing on and off the past 46 years. First piece I ever wrote was my high school underground newspaper. A father of two twenty somethings. Happily married and presently living in Ohio.