Market Morsels

| July 23, 2019
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The Chinese economy grew by 6.2% in the 2nd quarter 2019, i.e., year-over-year growth rate, the lowest growth rate reported by China in records maintained since March 1992. The last time the United States reported a growth rate of at least +6.2% was in the 3rd quarter 2003. Over the last 30 years, i.e., 120 quarters, the United States has reached or exceeded a +6.2% growth rate in only 6 quarters or just 5% of the time (source: South China Morning Post).

As of 3/31/19, the US economy was $21 trillion in size. As of 3/31/69, i.e., 50 years ago, the US economy was $1 trillion in size (source: Commerce Department).

When comparing the first 5 months of 2019 to the first 5 months of 2018, Chinese exports to the United States have fallen 12% while American exports to China have fallen 19% (source: Commerce Department).

US manufacturers have moved some of their supply chains away from China in 2019, increasing imports from Taiwan (up +22% YTD through 5/31/19), from India (up +12% YTD) and from South Korea (up +12% YTD) (source: Commerce Department).

US oil production for all of 2019 is projected to be 12.36 million barrels a day, then rising to 13.26 million barrels a day in 2020. Actual oil production for the US in 2009 was 5.35 million barrels a day (source: International Energy Agency).

24% of American workers did some of their work or all their work from home in 2018 (source: Department of Labor).


Stay Tuned, Disciplined & Patient! {TJM}

The Investor & Character Equation (ICE) | S + R = O


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