Mar 4, 1921 - Harding's Inaugural Address: "The recorded progress of our Republic ... proves the wisdom of the inherited policy of noninvolvement in Old World affairs ... We seek no part in directing the destinies of the Old World. We do not mean to be entangled." #100yearsago
"While the world's embittered travail did not leave us devastated lands...it did involve us in the delirium of expenditure, in expanded currency and credits, in unbalanced industry, in unspeakable waste...Our supreme task is the resumption of our onward, normal way." #100yearsago
Mar 4, 1921 - Harding's Inaugural Address: "We can reduce the abnormal expenditures, and we will. We can strike at war taxation, and we must ... Our most dangerous tendency is to expect too much of government, and at the same time do for it too little." #100yearsago
Mar 4, 1921 - Harding's Inaugural Address: "No altered system will work a miracle. Any wild experiment will only add to the confusion. Our best assurance lies in efficient administration of our proven system." #100yearsago
Mar 4, 1921 - Harding's Inaugural Address: "If revolution insists upon overturning established order, let other peoples make the tragic experiment. There is no place for it in America ... I had rather submit our industrial controversies to the conference table." #100yearsago
Mar 4, 1921 - Harding's Inaugural Address: "We cannot, while throwing our markets open to the world, maintain American standards of living and opportunity ... preserved American standards require our higher production costs to be reflected in our tariffs on imports." #100yearsago
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The US reported +1,515 new coronavirus deaths today, bringing the total to 537,119. The 7-day moving average declined to 1,806 deaths per day.
The US had +58,228 new confirmed cases of COVID-19 today, bringing the total to over 29.6 million. The 7-day moving average fell to below 62,000 new cases per day, its lowest level since October 19.
18 US states had over 1,000 new cases today. New York led the pack with over 7,000 new cases, followed by Florida and California with over 4,000 each.
The US reported +1,794 new coronavirus deaths yesterday, bringing the total to 535,563. The 7-day moving average fell to 1,805 deaths per day, its lowest level since December 2.
The US had +67,281 new confirmed cases of COVID-19 yesterday, bringing the total to nearly 29.6 million. The 7-day moving average declined to under 63,000 new cases per day, its lowest level since October 20.
17 US states had over 1,000 new cases each, of which 4 had over 5,000 each. New York led the pack with over 8,000 new cases, followed by Florida, Texas, and California with over 5,000 each.
The ISM Manufacturing Index rose +2.1 points in February to 60.8, a strong continued recovery reading and its highest level since February 2018.
New orders in manufacturing rose +3.7 points in February to 64.8, indicating continued momentum, and employment rose +1.8 points to an expansionary 54.4. Prices shot up +3.9 points to 86.0, which is why you may be hearing people express concern over inflationary pressure.
US manufacturers are reporting serious supply chain constraints and rising prices. "Supply chains are depleted ... overall capacities are full ... prices are going up, and lead times are growing longer by the day."
The US economy regained +379,000 jobs in February, beating expectations. The unemployment rate was little changed at 6.2%.
The jobs figure for December was revised downwards by -79,000 to a loss of -306,000, but the January number was revised upwards by +117,000 to a gain of +166,000.
The total number of US jobs is still down by -9.5 million since their peak last February, or -6.2%.
1. Someone today asserted to me, citing NIH, that during the 1918 flu pandemic, most people actually died of bacteria pneumonia - which, he said, they got from wearing masks. This is gravely misleading, and deserves an explanation.
2. It is true that most people who died during the 1918 epidemic died of bacterial pneumonia - as a secondary infection brought on by the influenza virus. At first, this confused researchers, who thought bacteria might be the root cause. But the root cause was the virus.
3. How do we know it wasn't masks? Because thousands of people were getting sick, turning blue, and dying of massive bacterial pneumonia within 48 hours, well before anyone even thought to put on masks.