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ADP Jobs Report for May Released

June 1st, 2017 Comments off
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The numbers are in… Credit: MHProNews.

The monthly private payroll jobs report from ADP and Moody’s Analytics was released today, and it appears that President Donald Trump’s “America First” plans are taking shape.

According to CNBC, job creation surged in May thanks to a jump in construction positions and a boom in professional and business services, up 253,000, which is significantly higher than the expectations from economists surveyed by Reuters, which projected a number of 185,000.

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Mark Zandi of Moody’s Analytics. Credit: CNBC.

The growth is three times the rate of the growth in the underlying labor force,” said Mark Zandi, chief economist at Moody’s Analytics.

So that means the unemployment rate, which is 4.4 percent, is quickly headed to 4 percent. This labor market is rip-roaring and getting really tight.”


Leading the way in jobs created was the services sector, with 205,000 new jobs, professional and business services contributing 88,000 jobs, which represents the best month for the sector in nearly three years, and education and health services adding 54,000 jobs.

The report noted that the construction sector added 37,000 jobs as the building season heats up, while manufacturing grew by 8,000 jobs and mining grew by 3,000 jobs.

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Credit: CNBC.

As Daily Business News readers are aware, the mining sector has been one of the cornerstones of President Trump’s agenda.

Trade, transportation and utilities added 58,000 new jobs, and franchises add 18,400 new workers.

The positive report comes at a time where economists are doubtful that the Trump administration can deliver on its goal of three percent annual GDP growth, in part because the labor market is near full employment.

The report from ADP and Moody’s Analytics are regular precursors to the nonfarm payrolls count from the Bureau of Labor Statistics (BLS).

Economists estimate that payroll growth will come in around 176,000, down from the previous month’s 211,000.

 

The Proof is in the Pudding…

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The President and First Lady visit Saudi Arabia. 300 billion in deals were completed during the visit. Credit: The White House.

As the Daily Business News covered in a feature story recently, while President Trump continues to make progress, including the lowest unemployment rate in decades, and the highest consumer, business confidence, and homebuilder confidence numbers in years, along with over $300 billion in deals with Saudi Arabia, what ELS Chairman Sam Zell colorfully called a “cacophony” of Deep State resistance has moved into high gear.

Even with that Deep State resistance, NFIB President and CEO Juanita Duggan, and industry organizations like MHARR, talked about the potentially massive impact that the Trump Administration could have.

Small business owners are clearly encouraged by the election results, but now it’s time for President-elect Trump and congressional leaders to deliver,” said Duggan.

Federal taxes, regulations, and Obamacare are the three biggest impediments to running a small business in America. Small business owners have high expectations that those problems will be addressed.”

For more on President Trump’s progress, and challenges, click here. ##

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Saudi Arabia Responding to Competition from North American Fracking

October 28th, 2014 Comments off

canada flag  arabian business crSeen lower prices at the pump lately?  Saudi Arabia has enough petroleum reserves and funds to sustain itself for eight years with Brent crude at $83/bbl. – and they are now undercutting the competition to gain market share – to counter production increases in Canada and the U. S., businessincanada and Deutsche Bank tells MHProNews.

Should the Saudis and/or other OPEC members pursue this strategy for an extended period of time, this could clearly impact the oil/gas energy plays on both sides of the U. S./Canadian border.

How would lower energy prices affect fracking and higher paying jobs in current boom areas such as North Dakota, Texas, Louisiana, Ohio and Pennsylvania?

As MHProNews has reported many times, factory-built housing manufacturers have opened facilities in response to supplying manufactured and modular homes as well as workforce housing needs near the energy fields.

 

 

On the flip side?  Lower energy prices are said to be a boost for retail sales, which have already increased as prices at the pump are falling. That could be important going into the holidays, travel and the Christmas shopping season. ##

(Image credit: arabianbusiness – Canadian flag)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to Daily Business News-MHProNews)

 

Red Sea Housing Obtains Financing

March 12th, 2013 Comments off

ConstructionWeekOnline reports from Saudi Arabia that Red Sea Housing Services Company, LTD has signed a (SAR120m) $31.9 million credit facility agreement with Al-Rajhi Bank, (SAR50m) $13.3 million of which is for the financing of special projects, and (SAR70m) $18.6 million to acquire building materials. The agreement will expire in one year but may be renewed. Red Sea Housing began in the 1970s, as MHProNews has learned, by importing manufactured housing from the U. S., establishing its own factory-built production in 1983 in Jeddah, SA. It now bills itself as having the largest manufactured building production facilities in the Middle East, and in 2005 opened a plant in Accra, Ghana to serve the African market with modular buildings. Based in Saudi Arabia, Al-Rajhi is the world’s largest Islamic bank, and has special banking facilities for women.

(Photo credit: Red Sea Housing Services Company, LTD)

Ireland Sends Modular Homes to Middle East

December 21st, 2012 Comments off

ConstructionWeekOnline tells MHProNews Hawthorn Brook Group, which originally specialized in producing horse stables, is now also focusing on modular housing, and received its first contract in the region in Bahrain through its association with the Gulf Cooperation Council. Hawthorn’s Brian Fox says, “ Our products have a potential energy saving of up to 70% on running costs, regulate humidity levels better, have an extremely fast site erection time estimated about a quarter that of traditional methods, build cost in line with current construction and don’t compromise on quality.” Plans are afoot to begin a production facility in the Middle East, possibly with a partner in Qatar or Saudi Arabia, which would make Hawthorn more competitive with local firms in meeting the housing needs in the region.

(Photo credit: ConstructinWeekOnline/Hawthorn Brook Group)