Good morning everybody and welcome to the Economic Policy institute. Thanks for joining us today. Delighted to kick off the new hour and important and provocative panel on manufacturing employment. And weve invited susan house mann Vice President to present her manufacturing and employment data. And this debate is not new. In fact, Larry Michelle from the Economic Policy former president and now distinguished fellow raised similar concerns back in 1989. But this debate has raged and it has been an important under ping of policy debates that have to do with trade and automation and how we address issues or concerns around the Manufacturing Sector, the health of the Manufacturing Sector, and what policies might be needed. So im going to introduce the entire panel right now lets susan present her research, and we have carolyn friend to comment. And from university had hoped to join us here today but was presented from weather for traveling. So Larry Michelle will read his prepared remark.
August but straight to macys earnings out right now. Julie hyman has the latest. Are they in fashion . Julie stion mark get it . Julie i do get it but not so much. Low estimates at the extreme for cents, a drop in earnings yearoveryear and looks like sales are down by 1. 5 . Most of the analysts i had seen were looking for flat slightly down, so this could be a bigger drop then had been estimated. It also looks like if you look at the company on the sales basis, just a net sales basis, those numbers down 2. 6 at 6. 1 billion. That, too, is worse than estimated and the company decides weaker than expected Sales Performance in the first half. There have been activist involvement for macys coming from starboard capital, pushing the capital to spinoffs of real estate holdings, a similar thing to what we saw happen at sears. Acs has not done that but they are announcing today the sale of one of its properties in downtown brooklyn to tishman. This is something analysts have talked about, it
Oil still trudging below 43. Our road map begins with chinas ripple effects across the global markets. Was a secretive News Conference enough to stop the bleeding. Retail sales are rebounding. Some major Retail Stocks falling hard. More pain to come in the sector. Two stocks sinking on secondary offerings. How should investigators make those moves . Futures lower. China allowing is currency to weaken against the dollar for a Third Straight day. Cutting about i 1. 1. The Third Straight day of cuts as applies to markets. You sat here yesterday and said you like the setups and you saw what the dollar was doing. People are going to think these are okay. The dollar is back to being strong. Oil challenging 42. Those stocks were integral to the turn. Interest rates kind of doing nothing. The earnings other than cisco. The retail earnings directly in contrast to the retail sales number. You put macys and kohls together, you have to wonder what nordstrom is going to say. Yesterday was perfect.
Onshore breeze. It is early but things are looking fresh. Low clouds giving way to sunshine with shower activity of the mountains, 60s and 70s for most. Here he is, at 4 01 am, sal. 60s and 70s. I noticed that when i stepped out of the house, this seems somewhat normal. Thank you. Good morning. Lets start off with the altamont pass, westbound 580 has repaving work going on but not a big traffic jam in the area. Looking good through 205 and 580, out to the dublin interchange. Interstate 880 north and southbound looking good past the coliseum. Looking at downtown oakland and the bay bridge, looking good. It is 4 01 am. Topping the news, the berkeley conservative speaker ben shapiro set to make a speech at uc berkeley but the last time there was provocative right wing speaker on the campus there was violence, broken windows and damage. They say the security will be tighter than it has ever been before. The hard left are calling me a white supremacist and i am and orthodox you reporter ben
Yeah the average making new highs. Dow at the best number of year f nasdaq climbing 3 it lulls you into believing this mark cant possibly be hammered. Those are often the most dangerous of times what happens if north korea tests a missile and it did you know clear japan but land in it . How about if we get a return of president trumps old vie tilt of the white house the market keeping off i dont think we can discount any of these things or even something far from left field or even a cyber attack. The ceo somehow crazily remains at the helm after what maybe the worst data breach in history when it comes to our finances, we got to stay vigilant. Theres also something bad that can happen im saying the recent streak of positive is highly unusual, maybe as unusual as whats going on with the tribe in cleveland even as it makes plenty of sense in this lower inflation, we dont know how long that lack of negs can last. Heres what im urging you to. First dont get cocky. Second alone let third d