More good news for the economy as optimism reaches record highs with small-business owners in a new Gallup poll…http://bit.ly/2OgvX4H
U.S. small-business owners are more optimistic now than at any point in the 15-year history of the Wells Fargo/Gallup Small Business Index. In the latest quarterly survey, which measures small-business owners’ attitudes about a wide variety of factors affecting their businesses, the overall index score is +118. This is higher than prior 2018 measures — with Quarter 2, 2018, at +106 and Quarter 1 at +107. The index now sits just above the record-high +114 from 2006.
The Wall Street Journal doesn’t agree with Gallup. A new WSJ poll finds that small-business optimism fell to the lowest level since 2016…https://on.wsj.com/2vtiEH9
Large companies have mostly shrugged off concerns over tariffs, as lower tax rates plus strong demand has helped deliver larger than expected profit. Among smaller firms, optimism for growth fell in July to its lowest level since the 2016 presidential election, according to a monthly survey of more than 750 small firms for The Wall Street Journal by Vistage Worldwide Inc.
So who is right? Well, it depends on what industry you are in. All businesses are benefiting from the Trump administrations tax and regulatory cuts. However, some are benefiting from the tariffs while others are not. South Carolina provides a perfect mixing bowl for both sides.
South Carolina manufacturer blames tariffs for 126 layoffs…https://thebea.st/2ANhtHN
A TV-manufacturing company in South Carolina says it’s been forced to layoff 126 employees and close a plant because of President Trump’s tariffs. “The layoff and closure is a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China, including the key television components used in our assembly operations in Winnsboro,” Element Electronics wrote in a letter to the state’s Department of Employment and Workforce.
South Carolina steel manufacturer to create 180 new jobs…http://bit.ly/2McjIIW
A new steel manufacturing site is expected to be up and running later this year in Rock Hill, bringing 180 new jobs and a $9 million investment to the area.
Schuff Steel Company will update an existing 148,000-square-foot fabrication site at 1345 Spencer Hall Road. The 45-acre site adds to a nationwide footprint for Schuff Steel, at more than 1.47 million square feet
Hiring is expected to start during the third quarter of this year, which begins this month.
Whether or not tariffs are a net producer of jobs or economic growth are really of no consequence because they are a net producer of votes. This is not limited to tariffs. The Gallup poll found that the single biggest concern for small-businesses was finding qualified workers. We are currently facing a labor shortage in this country. Most economists would argue we need to be increasing immigration to meet these demands. The Trump administration instead is looking to reduce legal immigration…https://nbcnews.to/2OLKlDb
The Trump administration is expected to issue a proposal in coming weeks that would make it harder for legal immigrants to become citizens or get green cards if they have ever used a range of popular public welfare programs, including Obamacare, four sources with knowledge of the plan told NBC News.
The move, which would not need congressional approval, is part of White House senior adviser Stephen Miller’s plan to limit the number of migrants who obtain legal status in the U.S. each year.
It’s interesting that supporters of President Trump tend to defend the President by arguing that he is a businessman, not a politician. Whether or not someone becomes a politician upon being elected President I guess is still up for debate. However, it is clear that President Trump understands that to stay in office politics is more important than business. Even if tariffs and lower levels of immigration are a drag on the economy they are unlikely to have a major impact. The political impacts, however, is huge for Trump. A new Axios poll shows that a majority of rural voters agree with Trump on immigration. Trump is unlikely to make inroads with women or minority voters so he is going to need rural voters showing up in November en masse to have a shot of keeping the GOP in power. For a non-politician businessman, President Trump seems to have this politics thing down to a tee.