206,000 manufacturing jobs over all of the last 12 inmonths. And this is in a private sector economy that has added about 2 million jobs over the same period. So you see thats lagged far behind the rest of the economy. There is about a one and a half year boom during the Trump Administration, but that has dissipated. In over the past few months in particular we have been losing manufacturing jobs. What do you point to for that leg . Thats a great question and there seems to be a couple of trends. There has been some uncertainty that has come around as a result of the trade i policy. I think the trade policy has had some benefits but has also added some uncertainties to businesses. They are reluctant to invest and that means and other things are not getting purchasedur and it has a spiral effect in manufacturing. You have seen an oil and gas, ironically when the prices for oil and gas go down a little bit, that means there is probably reduced employment in the refining and other sectors
China trade deal jobless claims fall. And real estate and staples are leading the charge joining us for the hour is stephanie link were both feeling the holiday red but we got a green market. Like a christmas theme were now starting to see internalsin the market thats confirming the stabilization look at the 210 spread, the yield curve is steepening. Nats a good sign asia stocks, they are breaking out. You look at oil up 10 in the past month all of these things are confirming were seeing stabilization and that sets us up for 2020 seeing better growth my biggest question mark does this translate into better earnings i think we will see better earnings which maybe not right away you have pmis globally that are stabilizing. I feel good going into 2020. It has to be an Earnings Growth year all three averages are up half a percent first lets focus on the big stories were watching Kayla Tausche has the latest on china trade and usmca. Then the senate spendling bill vote and Bertha Coombs has
Bit despite news of increased inventories. For the global exchange, where we bring you market moving news from around the world. Are bloomberg voices are on the ground with this mornings top stories. Da tart with e curran. Had positive signs since sunday, when the government said they would push through new oversight of ip protection, and they want to punish those who are guilty of ip theft. That was followed by some details in one of the state newspapers that china is also looking at the oversight of any trade agreement with the u. S. In ways of ensuring that any deal isnt limited. Then we had the news yesterday from the Commerce Ministry talking about reaching consensus on core issues. The moonbeams it is been nothing but positive in recent days, matching what is coming out of washington, though we dont yet have any further details on when or if an agreement might be signed. We have your minder did have a reminder on the economy when profit for industrial firms dropped almost 10 from
Low currencyhe volatility. The british pound is stronger, but very fractionally, up 0. 2 versus the u. S. Dollar before the election. Incremental moves on trade. Lets get to the latest now. Bloomberg reporting that u. S. Tariffs set to take effect on sunday will be delayed, according to chinese officials. Meantime, House Democrats said they will back the usmca trade deal and are planning a vote next week. Rep. Pelosi there is no question that this trade agreement is much better than nafta, but in terms of our work here, it is infinitely better than what was initially proposed by the administration. Vonnie House Democrats declaring a win there. For more, lets bring in bloomberg trade reporter shawn donnan in washington. Todays developments on the trade front, how incremental are they . Shawn i think we got one really important big step on usmca. It is a remarkable day in what is a highly partisan washington, when we see a bipartisan agreement on a trade deal. Trade politics are always t
Remains solid. Joining us for the hour is stephanie link what do you think the theme is here we started the day up almost triple digits on the day then loss were down triple digits now were somewhere in the middle crazy with earnings nonstop. The theme today is the shift right back to growth from value. Thanks to paypal, thanks to microsoft, thanks to service now, and value is under performing because i think its all about 3m and what they said. Weak china, weaken you a, to no green shoots after yesterday where caterpillar gave us some hope and boeing gave us hope today took it all back some commentary from the industrials so far, honeywell last week as well, some of the commentary has been a little bit better around china so i wonder how much of this you think is 3m specific and where their end markets are focused versus the broader sector especially in electronics i do think they have high variable costs at 3m so they have some Company Specific issues. They didnt take production down