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‘Nothing is shut down, life & the economy go on’: Trump claims the oil price war behind markets crash is ‘GOOD for the consumer’ because gas prices are coming down and blames fake coronavirus news for historic drop
Donald Trump continues to downplay the threat of coronavirus, claiming the media and Democratic Party is trying to ‘inflame’ the situation in the U.S.
‘The Fake News Media and their partner, the Democrat Party, is doing everything … to inflame the CoronaVirus situation,’ the president tweeted Monday
He also insisted that the massive market drop Monday morning is actually ‘good for the consumer’ because prices are lower for gasoline
His claim comes as the death toll in the U.S. reached 26 Monday
Global and the U.S. stock markets also continue to plummet over the fast-spreading virus and concerns over Saudi Arabia launching a price war on oil
Trump, the first to tout market gains under his administration, has not address the market impact of coronavirus
Donald Trump claimed the oil price crash which led to the plunging stock market was ‘good’ for consumers because it is based on cheaper gas Monday as Wall Street faced a fall so dramatic trading was briefly halted.
‘Good for the consumer, gasoline prices coming down!’ Trump tweeted Monday, one of a string of tweets accusing the ‘fake news’ of prompting the sell-off.
He accused the media of ‘inflaming’ the virus outbreak and dismissed the collapse in oil prices as the result of Saudi Arabia and Russia ‘arguing.’
As the Dow Jones lost a year’s gains, he was shuttling across Florida from Mar-a-Lago to a $100,000-a-head fundraiser – and tweeting that flu was worse than coronavirus.
‘Saudi Arabia and Russia are arguing over the price and flow of oil,’ Trump continued in another tweet Monday morning. ‘That, and the Fake News, is the reason for the market drop!’
Markets all over the world plummeted Monday over the growing threat of the virus spreading, but Trump has not addressed the economic impact as the coronavirus death toll bypassed 20 in the U.S.
Global markets opened with big losses Monday morning as the economy saw its worst day in more than 10 years.
Trump continued to downplay the threat, citing that more people died from the flu last year, and insisting life and the economy will ‘go on’ even over the escalation in coronavirus outbreak.
‘So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year,’ Trump cited in a tweet.
‘Nothing is shut down, life & the economy go on,’ he insisted. ‘At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!’
The president has repeatedly expressed incredulity at the number of flu deaths, and the idea that people die of it. In 1918, his grandfather Freidrich died of Spanish flu.
Trump claims that media outlets are working with Democrats to make the coronavirus outbreak seem worse than it is.
Donald Trump claimed Monday morning that the market drop is ‘good for the consumer’ because gasoline prices are coming down
The Dow Jones saw its worst single-day drop since 2008 as Saudi Arabia goes into a price war over oil and concerns over coronavirus spreading continues to rock, but Trump said the ‘fake news’ is the reason for the plummet
During his trip to attend a fundraiser in Orlando, Trump shook hands with supporters gathered to greet him
The president insisted while tweeting from Florida Monday that ‘life & the economy [will] go on’ as markets plunged and coronavirus concerns spread
In continuing to downplay the threat of coronavirus, he claimed the media and Democratic Party are trying to ‘inflame’ the situation in the U.S.
Instead, he took to Twitter to laud himself and his administration for the response to the outbreak
Trump also praised himself for making the decision to halt travel from high-risk countries as the fast-spreading respiratory virus rose as a worldwide threat
‘The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant,’ the president tweeted Monday morning.
‘Surgeon General, ‘The risk is low to the average American,” he continued, quoting U.S. Surgeon General Jerome Adams.
‘So much FAKE NEWS!’ he lamented in a separate tweet Monday morning.
Trump’s claims comes as the death toll in the U.S. reached 26 on Monday afternoon and cases continued to spread to new areas of the country, including the first confirmed case in Washington, D.C.
Kansas and Missouri also announced their first cases over the weekend as the cases number now exceeds 600.
The most U.S. deaths occurred in Washington state after the virus spread among residents at a nursing facility in a suburb of Seattle.
But Trump insists the threat is less serious than is being portrayed by media reports and Democratic lawmakers.
He then praised himself in another tweet Monday morning for banning travel from high-risk countries early on in the outbreak.
‘The BEST decision made was the toughest of them all – which saved many lives,’ Trump lauded of his administration. ‘Our VERY early decision to stop travel to and from certain parts of the world!’
Trump stopped travel from certain countries to the U.S., including from China and Iran – and Americans have been warned of traveling to other high-risk countries like Italy and South Korea.
The president is usually the first to address stock market gains under his administration, but since coronavirus has caused markets to fall, he has remained largely silent on the matter.
Earlier this month, the U.S. saw its worst week since the 2008 financial crisis and on Monday markets plunged nearly 7 per cent.
Markets in Asia, Europe and the Middle East also opened sharply lower on Monday as investors came to grips with the global spread of coronavirus.
Trump also praised Vice President Mike Pence, who he appointed last month to lead the charge by the coronavirus task force on addressing the outbreak and halting the spread
Economic experts claimed Monday morning that investors are waking up ‘shell shocked,’ as oil markets crashed.
The global market plunged, causing the worst one-day crash in crude oil prices in 30 years, after Saudi Arabia launched a price war.
On Friday Russia refused to follow OPEC’s efforts to stop market plummets caused by the escalation of the coronavirus outbreak.
In early trading, BP was down by 18 percent, Royal Dutch Shell was down 14 percent and ExxonMovil was down 11 percent.
Ordinarily, a slump in oil prices offers a boost for airlines because their fuel costs are low.
But with the ever-shrinking demand for flights due to the virus, they have been left unable to capitalize.
The coronavirus crisis, which has now infected more than 110,000 people globally, has crippled supply chains and prompted cuts to global growth forecasts for 2020.
Downtrodden brokers on the floor of the New York Stock Exchange on Monday morning before the market opened
Gregory Rowe, a trader, look forlorn as he waits for the markets to open
There are now more than 500 cases of the virus in the US alone
There is no sign that the spread is close to slowing down, either.
Traders are now expecting the Federal Reserve to again cut interest rates next week after an emergency reduction on March 3, putting the yield on benchmark 10-year U.S. Treasury on course for its biggest one-day fall in almost a decade.
Shares of rate-sensitive U.S. banks Citigroup Inc, Bank of America Corp, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan Stanley slid between 7.4 percent and 9.6 percent.
Marathon Oil Corp, Devon Energy Corp, Apache Corp, Pioneer Natural Resources Co slipped between 22 percent and 28 percent and were some of the biggest losers among S&P 500 components.
At 7:12 a.m. ET, Dow e-minis were down 1,255 points, or 4.87 per cent. S&P 500 e-minis were down 145 points, or 4.89 percent and Nasdaq 100 e-minis were down 410 points, or 4.82 percent.
Much of the chaos has been sparked by the failure of a deal between OPEC Saudi Arabia and non-OPEC leader Russia.
Generally, the world’s largest oil producers agree on production rates and cuts in order to stabilize the industry.
With coronavirus slowing demand for supply, they met last week with Russia, which is not part of OPEC but is a large oil producer, to discuss cutting production.
Russia refused, setting in motion a chain of events described by analysts as a ‘worst case scenario’ that could descend into an all-out price war.
Last month, Trump appointed Vice President Mike Pence to head the task force addressing the coronavirus crisis.
‘Great job being done by the @VP and the CoronaVirus Task Force. Thank you!’ Trump tweeted Monday.
Coronavirus has infected more than 108,000 people worldwide and is throwing many countries’ economies into turmoil.
The number of confirmed cases in New York rose by 13 over the weekend, nearing the state total to 90.
New York governor Andrew Cuomo issued a declaration of emergency in the state.
But Trump claimed late Sunday night that the messaging from Cuomo is ‘political weaponization’ of the coronavirus.
‘There are no mixed messages, only political weaponization by people like you and your brother, Fredo!’ Trump insisted in his tweet, making reference to Cuomo’s brother, CNN anchor Chris Cuomo.
Graphic shows spread of Coronavirus as world cases top 110,000
HOW SAUDI ARABIA IS TRYING TO CRIPPLE RUSSIAN OIL
Saudi Arabia slashed its oil export prices over the weekend and declared a price war with Russia that sent global markets reeling and marked the sharpest decline in oil futures since 1991.
The price drop came after Russia refused to sign on with a proposal by the Organization of the Petroleum Exporting Countries (OPEC) to cut production globally as the coronavirus outbreak has slowed the demand for oil.
OPEC nations met with allies like Russia on Thursday and Friday in Vienna to reduce oil production by an additional 1.5million barrels per day to stabilize the market starting in April through the end of the year.
But Russia refused to join to agreement.
From Russia’s perspective cutting production would boost US oil producers at the expense of international competitors and lead to a loss in profits.
On Saturday, after the group failed to come to a consensus, Saudi Arabia – which runs the world’s large oil company Saudi Aramco – slashed its export oil prices to saturate the market and trigger a price war aimed at Russia.
An oil price war triggered by a falling out between Saudi Arabia and Russia is exasperating the economic chaos. Crown Prince Mohammed bin Salman (left) and Russian president Vladimir Putin (right)
Saudi Arabia slashed crude prices to Chinese customers by as much as $6 to $7 a barrel and is looking to boost output by as many as 2million barrels a day.
China is the world’s biggest oil importer and has purchased oil at cheap prices to stockpile for future use in the past.
As a result the Brent global oil benchmark fell dramatically on Sunday by 30 percent, dropping to $31.02 a barrel at its lowest.
US West Texas Intermediate crude, the other main price benchmark for oil, dropped 27% to $30 per barrel – the lowest level since February 2016.
Sunday’s decline in the oil market was the sharpest slump in 29 years since the Gulf War in 1991.
Global stock markets took hits on Sunday with the Tokyo stock market index plunging 6.2 percent, Hong Kong 3.9 percent, Sydney 6.1 percent, and Riyadh eight percent.
The failed talks marked the first break in a three-year alliance between Saudi Arabia led by Crown Prince Mohammed bin Salman and Russia’s President Vladimir Putin.
The alliance was key to competing with a surge in American oil production that turned the US into a major crude exporter for the first time in decades.
In response to the price cut Russia said its companies were free to pump as much as they could, as per Bloomberg.
‘If you are Russia, it’s worth it for you to take a three-month price hit to see if you can knock out U.S. oil exports,’ Amy Myers Jaffe, an oil and Middle East expert at the Council on Foreign Relations, said to the New York Times. ‘They might be correct for three months but the shale never gets destroyed.’
Jaffe said the disagreement between the two nations ‘signals that the relationship between Saudi Arabia and Russia is on the skids.’
Analysts speculate the actions over the weekend may have been a game between Saudi Arabia and Russia that will end when they come to a compromise.
If not, oil prices could tumble to the lowest level in five years
In a statement Tuesday morning, the trade group Airlines for America said that “false media narratives … have led to confusion and uncertainty across the country,” and argued that it’s safe to fly, saying “numerous health officials have affirmed that the risk remains low for travelers who follow CDC guidelines.”
Sen. Maria Cantwell, the top Democrat on the committee that oversees aviation, said she didn’t fly home to Washington state last weekend and doesn’t plan to in the foreseeable future.
“I have an 88-year-old mom who’s living at my house [in Washington] and she’s been ill, and I want to give her the comfort of being there. When you have elderly people you want to make sure you’re not putting them at additional risk,” she said. “And look, do I think that there can be airline travel that is safe? Yes. But if you don’t have to…”
Sen. Richard Shelby (R-Ala.), 85, noted that the doctor said “stay off of those planes as much as we can.”
“If any of you is going to Alabama Thursday night, can I get a ride?” Shelby quipped to reporters gathered around him Tuesday. “I’ll ride in the back of the truck.”
Also Tuesday, a coalition of mostly travel interests spearheaded by the U.S. Travel Association made a similar plea, noting that canceling travel and events “has a trickle-down effect that threatens to harm the U.S. economy, from locally owned hotels, restaurants, travel advisors and tour operators to the service and frontline employees who make up the backbone of the travel industry and the American economy.”
The groups’ plea comes amid fresh warnings and widespread fear around the disease, along with new figures suggesting a worsening financial situation for the airline industry.
Yesterday, the credit rating agency Moody’s downgraded the industry’s outlook from stable to negative, warning that there is an “increasing risk to demand for passenger air travel as the coronavirus expands globally.”
And today, the Global Business Travel Association reported that business travel is “slowing at an alarming rate,” finding that 13 percent of its members have canceled even domestic travel, along with high rates of canceled international business travel.
“Those are the customers that are the most profitable for airlines,” said airline analyst Henry Harteveldt.
Though airlines have yet to publicly ask for assistance from the government, the potential for some kind of stimulus has been a topic of discussion on and off Capitol Hill for days, and President Donald Trump has indicated that he favors some assistance for airlines and the cruise industry.
On Tuesday, Trump, along with Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow, met with Senate Republicans at their weekly lunch to discuss potential stimulus ideas on a range of topics.
Several Republican senators said that support for the airline and cruise industries was discussed generally, but that few specifics were given.
Sen. Roger Wicker (R-Miss.) chairman of the Senate Commerce Committee, said that he had not been approached by either industry asking for aid.
Despite the fresh bad news, there is still a high level of uncertainty in the outlook for airlines and the travel industry broadly. “At this point, you cant really do forecasting because we’ve never really been in a situation quite like this before,” said Harteveldt.
And it remains true that overall, the industry is in much better shape than it was after 9/11 and in 2008, when airlines were hit hard by the recession, said Bob Mann, another airline industry analyst.
“The industry structure and company’s balance sheets individually are in far better shape,” he said. “Even the worst balance sheets are better than the average balance sheets in 2008 and 2001.”
Airlines have been taking steps to reduce their capacity, which Mann called “prudent.”
American Airlines is the latest to make that call, announcing this morning it would cut summer international flights by 10 percent and domestic flights by 7.5 percent. Delta Air Lines also said Tuesday that it is cutting international flights by 20 percent to 25 percent and domestic flights by 10 percent to 15 percent.
Keane was born in 1943 in Manhattan, New York,[1][2] the son of Elizabeth (Davis) and John Keane. He has a brother, Ronald. Keane married Theresa Doyle in 1965 and has two sons.[3] His wife died in 2016 after having Parkinson’s disease for 14 years.[4]
In 1991 Keane saved the life of David Petraeus during a live-fire exercise. According to Keane, Petraeus was shot “accidentally, standing right next to me, and I had to fight to save his life. He had a hole about the size of a quarter in his back and is gushing with blood, and we stopped the bleeding and got him on a helicopter and got him to a surgeon and so we were sort of bonded ever since that time.”[6]
Keane retired from military service in 2003.
Post military service
Following his retirement, he has served as an informal advisor to presidents and other senior officials. He served an advisory role in the management of the U.S. occupation of Iraq, as a member of the Defense Policy Board Advisory Committee. In January 2007, Keane and scholar Frederick W. Kagan released a policy paper titled “Choosing Victory: A Plan for Success in Iraq,”[7] through the American Enterprise Institute that called for bringing security by putting 30,000 additional American troops there for a period of at least 18 months. In part convinced by this paper, President George W. Bush ordered on January 10, 2007, the deployment of 21,500 additional troops to Iraq, most of whom would be deployed to Baghdad. This deployment has been nicknamed the 2007 “surge“.[8][9]
Of his initial meeting with President Bush regarding the surge, Keane said he made a phone call to Newt Gingrich to ask his advice prior to the meeting. As Keane said in 2014,
Gingrich gave me some good advice. He said, “Look, Jack. Most people go in the Oval Office, even people who go in there a lot, have a tendency in front of the President of the United States to always leave something on the table.” He said, “Don’t leave anything on the table.” He said, “You’re going to get about 15 minutes at best and put it all out there. And when you walk out of that room, feel good that you got it all out there.” So that was sound advice, and I did put it all out there.[10]
Keane was asked by then-Vice President Cheney to go back on active duty and lead the surge in the field. When Keane declined, Cheney pressed him to come work in the White House and oversee both the wars in Afghanistan and Iraq; Keane again declined. Keane ended up briefly working at the White House and then later traveled to Iraq several times to advise General Petraeus.[11]
Current activities
Keane is a regular contributor to Fox News, and is involved in a variety of business, think tank and charitable activities. He serves as chairman of AM General, the firm that produces the Humvee.[12][13]. In June 2016, Keane co-founded IP3 International (IP3), a nuclear energy consulting firm.
Keane is an advisor to the Spirit of America, a 501(c)(3) organization that supports the safety and success of Americans serving abroad and the local people and partners they seek to help.[14] He formerly served as a strategic advisor for Academi and is a former director of defense giant General Dynamics.
Shortly after Stanley A. McChrystal declined the Secretary of Defense job, Vice-President Elect Pence heard the emotional reasons for the newly widowed general’s decline of the same job. After the departure of General Mattis, the President offered the job again to the subject, but he declined because he was newly remarried.[15] He is considered an influential voice to leaders from both major political parties, including President Trump, particularly on foreign policy issues related to the Middle East.[16]
IP3
Keane is a cofounder and director of IP3 International.[17] According to a staff report to the chairman of the House Oversight Committee, during the 2016 U.S. presidential campaign of Donald Trump, and subsequently, Trump aides such as Jared Kushner and others have been engaged in promoting IP3’s plan to transfer nuclear technology from the U.S. to Saudi Arabia. According to the report, IP3 founders and others have been seeking to broker a deal with Riyadh without the “gold standard,” a provision — tied to section 123 of the 1954 Atomic Energy Act which establishes conditions for nuclear cooperation between the U.S. and its allies — that seeks to limit weaponizing of nuclear energy.[18][19] In July 2019, the committee chairman released a second staff report that detailed various activities and contacts between IP3 and the Trump administration.[18][20]
His civilian awards include the Fordham University Distinguished Alumni Award, the USO 2002 Man of the Year award, and the Association of the United States Army 2001 Man of the Year award.
^Hastings, Hirsh, and Wolffe (January 8, 2007). “‘Surge’ Strategy”. Newsweek National News. MSNBC. p. 2. Archived from the original on January 14, 2007. Retrieved January 16,2007.
Story 1: U-3 Unemployment Rate at 3.5%, U-6 Unemployment Rate at 7.0% and Labor Participating Rate of 63.4% and 273,000 New Job Created and 95 Million Not In Labor Force in February 2020 — Economy Growing at 2.1% in Fourth Quarter 2019 — Videos —
CNBC’s full interview with White House advisor Larry Kudlow on February jobs and coronavirus concern
February jobs report: US employment growth soars
February Jobs Report Beats Expectations, Adds 273,000 New Jobs | MSNBC
Here’s how the coronavirus is already affecting China’s economy
Job growth smashes expectations for February as unemployment falls back to 3.5%
Nonfarm payrolls rose by 273,000 in February vs. a 175,000 estimate, while the unemployment rate edged lower to 3.5%.
Job gains were widespread, with health care adding 57,000 to lead the way.
December and January’s estimates were revised upward by a total of 243,000.
Nonfarm payrolls grew far more than expected in February as companies continued to hire leading into a growing coronavirus scare.
The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%, matching its lowest level in more than 50 years. An alternative measure of joblessness that counts those not looking for work and holding part-time jobs for economic reasons edged higher to 7%.
The January and February gains tied for best month since May 2018.
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Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level. Average hourly earnings grew by 3% over the past year, in line with estimates, while the average work week, considered a key measure of productivity, nudged up to 34.4 hours.
There was more good news for the jobs market: The previous two months’ estimates were revised higher by a total of 85,000. December moved up from 147,000 to 184,000, while January went from 225,000 to 273,000. Those revisions brought the three-month average up to a robust 243,000 while the average monthly gain in 2019 was 178,000.
Despite the strong numbers, Wall Street was heading for more losses stemming from worries over the effects of the coronoavirus outbreak, though Friday’s futures were off their bottom after the report.
“This could be the last perfect employment report the market gets for some time,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
Gains were spread across a multitude of sectors as the total employment level hit 158.8 million, near its December 2019 record.
Health care and social assistance led the way in job creation with 57,000 new positions. Food services and drinking places both added 53,000 while government employment grew by 45,000 due to Census hiring and state government education. Construction added 42,000 thanks to continued mild weather, while professional and technical services contributed 32,000 and finance rose by 26,000, part of a 160,000 gain over the past 12 months.
In the survey of households, employment rose by 126,000 while the ranks of the unemployed decreased by 105,000.
“While it’s too early to see the impact of the coronavirus on the labor market, we can say the labor market was in a good place before the virus began to spread,” said Nick Bunker, economic research director at job placement firm Indeed. “But the next few months will be a test of just how resilient this labor market is.”
Jobs market still looks strong
The jobs numbers took on particular importance in February as worries intensified over the economic impact from the novel coronavirus, though the report covered the time frame before worries over the disease intensified.
Most of the indicators thus far have shown little damage. Jobless claims remain well within their recent trend, coming in at 216,000 in the latest reading Thursday. Job placement firm Challenger, Gray & Christmas also reported Thursday that planned layoffs actually fell 16% from January. And key ISM readings on both manufacturing and services show companies still plan to hire.
“Now more than ever, we need to focus on the labor market data,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “The consumer has kind of kept things afloat.”
Most of the consumer-related data points have been good, though the reports coming in now largely cover the early stages of the coronavirus scare and the sharp recent stock market volatility.
With the large measure of uncertainty around the disease, its impacts may be felt in increments rather than suddenly. But if cracks begin to form, the first notices likely will come in employment data.
“If we start to handle things the way they’re handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there’s no way we don’t start to see it in the labor market and in consumer confidence and spending,” Sonders said.
Transmission of material in this news release is embargoed until USDL-20-0379
8:30 a.m. (EST) Friday, March 6, 2020
Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION -- FEBRUARY 2020
Total nonfarm payroll employment rose by 273,000 in February, and the unemployment
rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics
reported today. Notable job gains occurred in health care and social assistance,
food services and drinking places, government, construction, professional and
technical services, and financial activities.
This news release presents statistics from two monthly surveys. The household
survey measures labor force status, including unemployment, by demographic
characteristics. The establishment survey measures nonfarm employment, hours, and
earnings by industry. For more information about the concepts and statistical
methodology used in these two surveys, see the Technical Note.
Household Survey Data
Both the unemployment rate, at 3.5 percent, and the number of unemployed persons,
at 5.8 million, changed little in February. The unemployment rate has been either
3.5 percent or 3.6 percent for the past 6 months. (See table A-1.)
Among the major worker groups, the unemployment rate for Asians declined to 2.5
percent in February. The rates for adult men (3.3 percent), adult women (3.1 percent),
teenagers (11.0 percent), Whites (3.1 percent), Blacks (5.8 percent), and Hispanics
(4.4 percent) showed little or no change over the month. (See tables A-1, A-2, and
A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more), at 1.1
million, changed little in February and accounted for 19.2 percent of the unemployed.
(See table A-12.)
The labor force participation rate remained at 63.4 percent in February. The
employment-population ratio, at 61.1 percent, changed little over the month but was
up by 0.4 percentage point over the year. (See table A-1.)
The number of persons employed part time for economic reasons, at 4.3 million,
changed little in February. These individuals, who would have preferred full-time
employment, were working part time because their hours had been reduced or they
were unable to find full-time jobs. (See table A-8.)
In February, 1.4 million persons were marginally attached to the labor force,
little changed from the previous month. These individuals were not in the labor
force, wanted and were available for work, and had looked for a job sometime in the
prior 12 months but had not looked for work in the 4 weeks prior to the survey.
Discouraged workers, a subset of the marginally attached who believed that no
jobs were available for them, numbered 405,000 in February, little different
from the previous month. (See Summary table A.)
Establishment Survey Data
Total nonfarm payroll employment rose by 273,000 in February, after an increase of
the same magnitude in January. In 2019, job growth averaged 178,000 per month. In
February, notable job gains occurred in health care and social assistance, food
services and drinking places, government, construction, professional and technical
services, and financial activities. (See table B-1.)
Employment in health care and social assistance increased by 57,000 in February.
Health care added 32,000 jobs, with gains in offices of physicians (+10,000), home
health care services (+10,000), and hospitals (+8,000). Employment in social assistance
increased by 25,000, with a majority of the gain in individual and family services
(+18,000). Over the past 12 months, employment increased by 368,000 in health care and
by 191,000 in social assistance.
Food services and drinking places added 53,000 jobs in February. Employment in the
industry has increased by 252,000 over the past 7 months, following a lull in job growth
earlier in 2019.
In February, government employment increased by 45,000, led by a gain in state government
education (+16,000). Federal employment increased by 8,000, reflecting the hiring of
7,000 temporary workers for the 2020 Census.
Construction added 42,000 jobs in February, following a similar gain in January (+49,000).
In 2019, job gains averaged 13,000 per month. In February, employment gains occurred
in specialty trade contractors (+26,000) and residential building (+10,000).
In February, employment in professional and technical services increased by 32,000. Job
growth occurred in architectural and engineering services (+10,000) and in scientific
research and development services (+5,000). Employment continued to trend up in computer
systems design and related services (+8,000). Over the past 12 months, professional and
technical services has added 285,000 jobs.
Employment in financial activities increased by 26,000 in February, with gains in real
estate (+8,000) and in credit intermediation and related activities (+6,000). Over the
past 12 months, financial activities has added 160,000 jobs.
Employment in other major industries, including mining, manufacturing, wholesale trade,
retail trade, transportation and warehousing, and information, changed little over the
month.
In February, average hourly earnings for all employees on private nonfarm payrolls
increased by 9 cents to $28.52. Over the past 12 months, average hourly earnings have
increased by 3.0 percent. Average hourly earnings of private-sector production and
nonsupervisory employees increased by 8 cents to $23.96 in February. (See tables B-3
and B-8.)
The average workweek for all employees on private nonfarm payrolls rose by 0.1 hour to
34.4 hours in February. In manufacturing, the workweek increased by 0.2 hour to 40.7
hours, and overtime edged up by 0.1 hour to 3.2 hours. The average workweek for production
and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.7
hours. (See tables B-2 and B-7.)
The change in total nonfarm payroll employment for December was revised up by 37,000 from
+147,000 to +184,000, and the change for January was revised up by 48,000 from +225,000
to +273,000. With these revisions, employment gains in December and January combined were
85,000 higher than previously reported. (Monthly revisions result from additional reports
received from businesses and government agencies since the last published estimates and
from the recalculation of seasonal factors.) After revisions, job gains have averaged
243,000 per month over the last 3 months.
_____________
The Employment Situation for March is scheduled to be released on
Friday, April 3, 2020, at 8:30 a.m. (EDT).
Footnotes (1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.
NOTE: Updated population controls are introduced annually with the release of January data.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Thursday, February 27, 2020
BEA 20—07
Gross Domestic Product, Fourth Quarter and Year 2019 (Second Estimate)
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was also 2.1 percent. In the second estimate, an upward revision to private inventory investment was offset by a downward revision to nonresidential fixed investment (see “Updates to GDP” on page 2).
The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, exports, residential fixed investment, and state and local government spending that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).
Real GDP growth in the fourth quarter was the same as that in the third. In the fourth quarter, a downturn in imports and an acceleration in government spending were offset by a larger decrease in private inventory investment and a slowdown in PCE.
Current dollar GDP increased 3.5 percent, or $184.2 billion, in the fourth quarter to a level of $21.73 trillion. In the third quarter, GDP increased 3.8 percent, or $202.3 billion (tables 1 and 3).
The price index for gross domestic purchases increased 1.4 percent in the fourth quarter, the same increase as in the third quarter (table 4). The PCE price index increased 1.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 1.2 percent, compared with an increase of 2.1 percent.
More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.
Updates to GDP
In the second estimate, the fourth-quarter growth rate in real GDP was unrevised from the advance estimate. Private inventory investment, exports, federal government spending, and residential fixed investment were revised up. These upward revisions were offset by downward revisions to nonresidential fixed investment, PCE, state and local government spending, and an upward revision to imports. For more information, see the Technical Note and the “Additional Information” section below.
Advance Estimate
Second Estimate
(Percent change from preceding quarter)
Real GDP
2.1
2.1
Current-dollar GDP
3.6
3.5
Gross domestic purchases price index
1.5
1.4
PCE price index
1.6
1.3
PCE price index excluding food and energy
1.3
1.2
For the third quarter of 2019, the percent change in real GDI was revised from 2.1 percent to 1.2 percent based on new third-quarter data from the BLS Quarterly Census of Employment and Wages.
2019 GDP
Real GDP increased 2.3 percent in 2019 (from the 2018 annual level to the 2019 annual level), compared with an increase of 2.9 percent in 2018 (table 1).
The increase in real GDP in 2019 reflected positive contributions from PCE, nonresidential fixed investment, federal government spending, state and local government spending, and private inventory investment that were partly offset by a negative contribution from residential fixed investment. Imports increased (table 2).
The deceleration in real GDP in 2019, compared to 2018, primarily reflected decelerations in nonresidential fixed investment and PCE, which were partly offset by accelerations in both state and local and federal government spending. Imports increased less in 2019 than in 2018.
Current-dollar GDP increased 4.1 percent, or $846.9 billion, in 2019 to a level of $21.43 trillion, compared with an increase of 5.4 percent, or $1,060.8 billion, in 2018 (tables 1 and 3).
The price index for gross domestic purchases increased 1.5 percent in 2019, compared with an increase of 2.4 percent in 2018 (table 4). The PCE price index increased 1.4 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 4).
Measured from the fourth quarter of 2018 to the fourth quarter of 2019, real GDP increased 2.3 percent during the period. That compared with an increase of 2.5 percent during 2018. The price index for gross domestic purchases, as measured from the fourth quarter of 2018 to the fourth quarter of 2019, increased 1.4 percent during 2019. That compared with an increase of 2.2 percent during 2018. The PCE price index increased 1.4 percent, compared with an increase of 1.9 percent. Excluding food and energy, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 6).
* * *
Next release, March 26, 2020 at 8:30 A.M. EDT
Gross Domestic Product, Fourth Quarter and Year 2019 (Third Estimate)
Corporate Profits, Fourth Quarter and Year 2019
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‘Nothing is shut down, life & the economy go on’: Trump claims the oil price war behind markets crash is ‘GOOD for the consumer’ because gas prices are coming down and blames fake coronavirus news for historic drop
By KATELYN CARALLE, U.S. POLITICAL REPORTER FOR DAILYMAIL.COM and JENNIFER SMITH FOR DAILYMAIL.COM
PUBLISHED: | UPDATED:
Donald Trump claimed the oil price crash which led to the plunging stock market was ‘good’ for consumers because it is based on cheaper gas Monday as Wall Street faced a fall so dramatic trading was briefly halted.
‘Good for the consumer, gasoline prices coming down!’ Trump tweeted Monday, one of a string of tweets accusing the ‘fake news’ of prompting the sell-off.
He accused the media of ‘inflaming’ the virus outbreak and dismissed the collapse in oil prices as the result of Saudi Arabia and Russia ‘arguing.’
As the Dow Jones lost a year’s gains, he was shuttling across Florida from Mar-a-Lago to a $100,000-a-head fundraiser – and tweeting that flu was worse than coronavirus.
‘Saudi Arabia and Russia are arguing over the price and flow of oil,’ Trump continued in another tweet Monday morning. ‘That, and the Fake News, is the reason for the market drop!’
Markets all over the world plummeted Monday over the growing threat of the virus spreading, but Trump has not addressed the economic impact as the coronavirus death toll bypassed 20 in the U.S.
Global markets opened with big losses Monday morning as the economy saw its worst day in more than 10 years.
Trump continued to downplay the threat, citing that more people died from the flu last year, and insisting life and the economy will ‘go on’ even over the escalation in coronavirus outbreak.
‘So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year,’ Trump cited in a tweet.
‘Nothing is shut down, life & the economy go on,’ he insisted. ‘At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!’
The president has repeatedly expressed incredulity at the number of flu deaths, and the idea that people die of it. In 1918, his grandfather Freidrich died of Spanish flu.
Trump claims that media outlets are working with Democrats to make the coronavirus outbreak seem worse than it is.
TradingView Privacy Policy
Donald Trump claimed Monday morning that the market drop is ‘good for the consumer’ because gasoline prices are coming down
The Dow Jones saw its worst single-day drop since 2008 as Saudi Arabia goes into a price war over oil and concerns over coronavirus spreading continues to rock, but Trump said the ‘fake news’ is the reason for the plummet
During his trip to attend a fundraiser in Orlando, Trump shook hands with supporters gathered to greet him
The president insisted while tweeting from Florida Monday that ‘life & the economy [will] go on’ as markets plunged and coronavirus concerns spread
Instead, he took to Twitter to laud himself and his administration for the response to the outbreak
Trump also praised himself for making the decision to halt travel from high-risk countries as the fast-spreading respiratory virus rose as a worldwide threat
‘The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant,’ the president tweeted Monday morning.
‘Surgeon General, ‘The risk is low to the average American,” he continued, quoting U.S. Surgeon General Jerome Adams.
‘So much FAKE NEWS!’ he lamented in a separate tweet Monday morning.
Trump’s claims comes as the death toll in the U.S. reached 26 on Monday afternoon and cases continued to spread to new areas of the country, including the first confirmed case in Washington, D.C.
Kansas and Missouri also announced their first cases over the weekend as the cases number now exceeds 600.
The most U.S. deaths occurred in Washington state after the virus spread among residents at a nursing facility in a suburb of Seattle.
But Trump insists the threat is less serious than is being portrayed by media reports and Democratic lawmakers.
He then praised himself in another tweet Monday morning for banning travel from high-risk countries early on in the outbreak.
‘The BEST decision made was the toughest of them all – which saved many lives,’ Trump lauded of his administration. ‘Our VERY early decision to stop travel to and from certain parts of the world!’
Trump stopped travel from certain countries to the U.S., including from China and Iran – and Americans have been warned of traveling to other high-risk countries like Italy and South Korea.
The president is usually the first to address stock market gains under his administration, but since coronavirus has caused markets to fall, he has remained largely silent on the matter.
Earlier this month, the U.S. saw its worst week since the 2008 financial crisis and on Monday markets plunged nearly 7 per cent.
Markets in Asia, Europe and the Middle East also opened sharply lower on Monday as investors came to grips with the global spread of coronavirus.
Trump also praised Vice President Mike Pence, who he appointed last month to lead the charge by the coronavirus task force on addressing the outbreak and halting the spread
The global market plunged, causing the worst one-day crash in crude oil prices in 30 years, after Saudi Arabia launched a price war.
On Friday Russia refused to follow OPEC’s efforts to stop market plummets caused by the escalation of the coronavirus outbreak.
In early trading, BP was down by 18 percent, Royal Dutch Shell was down 14 percent and ExxonMovil was down 11 percent.
Ordinarily, a slump in oil prices offers a boost for airlines because their fuel costs are low.
But with the ever-shrinking demand for flights due to the virus, they have been left unable to capitalize.
The coronavirus crisis, which has now infected more than 110,000 people globally, has crippled supply chains and prompted cuts to global growth forecasts for 2020.
Downtrodden brokers on the floor of the New York Stock Exchange on Monday morning before the market opened
There are now more than 500 cases of the virus in the US alone
There is no sign that the spread is close to slowing down, either.
Traders are now expecting the Federal Reserve to again cut interest rates next week after an emergency reduction on March 3, putting the yield on benchmark 10-year U.S. Treasury on course for its biggest one-day fall in almost a decade.
Shares of rate-sensitive U.S. banks Citigroup Inc, Bank of America Corp, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan Stanley slid between 7.4 percent and 9.6 percent.
Marathon Oil Corp, Devon Energy Corp, Apache Corp, Pioneer Natural Resources Co slipped between 22 percent and 28 percent and were some of the biggest losers among S&P 500 components.
At 7:12 a.m. ET, Dow e-minis were down 1,255 points, or 4.87 per cent. S&P 500 e-minis were down 145 points, or 4.89 percent and Nasdaq 100 e-minis were down 410 points, or 4.82 percent.
Much of the chaos has been sparked by the failure of a deal between OPEC Saudi Arabia and non-OPEC leader Russia.
Generally, the world’s largest oil producers agree on production rates and cuts in order to stabilize the industry.
With coronavirus slowing demand for supply, they met last week with Russia, which is not part of OPEC but is a large oil producer, to discuss cutting production.
Russia refused, setting in motion a chain of events described by analysts as a ‘worst case scenario’ that could descend into an all-out price war.
Last month, Trump appointed Vice President Mike Pence to head the task force addressing the coronavirus crisis.
‘Great job being done by the @VP and the CoronaVirus Task Force. Thank you!’ Trump tweeted Monday.
Coronavirus has infected more than 108,000 people worldwide and is throwing many countries’ economies into turmoil.
The number of confirmed cases in New York rose by 13 over the weekend, nearing the state total to 90.
New York governor Andrew Cuomo issued a declaration of emergency in the state.
But Trump claimed late Sunday night that the messaging from Cuomo is ‘political weaponization’ of the coronavirus.
‘There are no mixed messages, only political weaponization by people like you and your brother, Fredo!’ Trump insisted in his tweet, making reference to Cuomo’s brother, CNN anchor Chris Cuomo.
HOW SAUDI ARABIA IS TRYING TO CRIPPLE RUSSIAN OIL
Saudi Arabia slashed its oil export prices over the weekend and declared a price war with Russia that sent global markets reeling and marked the sharpest decline in oil futures since 1991.
The price drop came after Russia refused to sign on with a proposal by the Organization of the Petroleum Exporting Countries (OPEC) to cut production globally as the coronavirus outbreak has slowed the demand for oil.
OPEC nations met with allies like Russia on Thursday and Friday in Vienna to reduce oil production by an additional 1.5million barrels per day to stabilize the market starting in April through the end of the year.
But Russia refused to join to agreement.
From Russia’s perspective cutting production would boost US oil producers at the expense of international competitors and lead to a loss in profits.
On Saturday, after the group failed to come to a consensus, Saudi Arabia – which runs the world’s large oil company Saudi Aramco – slashed its export oil prices to saturate the market and trigger a price war aimed at Russia.
An oil price war triggered by a falling out between Saudi Arabia and Russia is exasperating the economic chaos. Crown Prince Mohammed bin Salman (left) and Russian president Vladimir Putin (right)
Saudi Arabia slashed crude prices to Chinese customers by as much as $6 to $7 a barrel and is looking to boost output by as many as 2million barrels a day.
China is the world’s biggest oil importer and has purchased oil at cheap prices to stockpile for future use in the past.
As a result the Brent global oil benchmark fell dramatically on Sunday by 30 percent, dropping to $31.02 a barrel at its lowest.
US West Texas Intermediate crude, the other main price benchmark for oil, dropped 27% to $30 per barrel – the lowest level since February 2016.
Sunday’s decline in the oil market was the sharpest slump in 29 years since the Gulf War in 1991.
Global stock markets took hits on Sunday with the Tokyo stock market index plunging 6.2 percent, Hong Kong 3.9 percent, Sydney 6.1 percent, and Riyadh eight percent.
The failed talks marked the first break in a three-year alliance between Saudi Arabia led by Crown Prince Mohammed bin Salman and Russia’s President Vladimir Putin.
The alliance was key to competing with a surge in American oil production that turned the US into a major crude exporter for the first time in decades.
In response to the price cut Russia said its companies were free to pump as much as they could, as per Bloomberg.
‘If you are Russia, it’s worth it for you to take a three-month price hit to see if you can knock out U.S. oil exports,’ Amy Myers Jaffe, an oil and Middle East expert at the Council on Foreign Relations, said to the New York Times. ‘They might be correct for three months but the shale never gets destroyed.’
Jaffe said the disagreement between the two nations ‘signals that the relationship between Saudi Arabia and Russia is on the skids.’
Analysts speculate the actions over the weekend may have been a game between Saudi Arabia and Russia that will end when they come to a compromise.
If not, oil prices could tumble to the lowest level in five years
https://www.dailymail.co.uk/news/article-8091389/Trump-ignores-market-plunge-death-toll-accuse-media-Dems-inflaming-coronavirus-crisis.html
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Travel slump worsens as airlines try to blame media
Health officials have warned, though, that it may not be safe for everyone to fly everywhere.
International departure terminals are quiet Saturday at John F. Kennedy Airport as concern over the coronavirus grows. | Spencer Platt/Getty Images
By SAM MINTZ
Updated:
In a statement Tuesday morning, the trade group Airlines for America said that “false media narratives … have led to confusion and uncertainty across the country,” and argued that it’s safe to fly, saying “numerous health officials have affirmed that the risk remains low for travelers who follow CDC guidelines.”
Sen. Maria Cantwell, the top Democrat on the committee that oversees aviation, said she didn’t fly home to Washington state last weekend and doesn’t plan to in the foreseeable future.
“I have an 88-year-old mom who’s living at my house [in Washington] and she’s been ill, and I want to give her the comfort of being there. When you have elderly people you want to make sure you’re not putting them at additional risk,” she said. “And look, do I think that there can be airline travel that is safe? Yes. But if you don’t have to…”
Sen. Richard Shelby (R-Ala.), 85, noted that the doctor said “stay off of those planes as much as we can.”
“If any of you is going to Alabama Thursday night, can I get a ride?” Shelby quipped to reporters gathered around him Tuesday. “I’ll ride in the back of the truck.”
Also Tuesday, a coalition of mostly travel interests spearheaded by the U.S. Travel Association made a similar plea, noting that canceling travel and events “has a trickle-down effect that threatens to harm the U.S. economy, from locally owned hotels, restaurants, travel advisors and tour operators to the service and frontline employees who make up the backbone of the travel industry and the American economy.”
Yesterday, the credit rating agency Moody’s downgraded the industry’s outlook from stable to negative, warning that there is an “increasing risk to demand for passenger air travel as the coronavirus expands globally.”
And today, the Global Business Travel Association reported that business travel is “slowing at an alarming rate,” finding that 13 percent of its members have canceled even domestic travel, along with high rates of canceled international business travel.
“Those are the customers that are the most profitable for airlines,” said airline analyst Henry Harteveldt.
Though airlines have yet to publicly ask for assistance from the government, the potential for some kind of stimulus has been a topic of discussion on and off Capitol Hill for days, and President Donald Trump has indicated that he favors some assistance for airlines and the cruise industry.
On Tuesday, Trump, along with Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow, met with Senate Republicans at their weekly lunch to discuss potential stimulus ideas on a range of topics.
Several Republican senators said that support for the airline and cruise industries was discussed generally, but that few specifics were given.
Sen. Roger Wicker (R-Miss.) chairman of the Senate Commerce Committee, said that he had not been approached by either industry asking for aid.
Despite the fresh bad news, there is still a high level of uncertainty in the outlook for airlines and the travel industry broadly. “At this point, you cant really do forecasting because we’ve never really been in a situation quite like this before,” said Harteveldt.
And it remains true that overall, the industry is in much better shape than it was after 9/11 and in 2008, when airlines were hit hard by the recession, said Bob Mann, another airline industry analyst.
“The industry structure and company’s balance sheets individually are in far better shape,” he said. “Even the worst balance sheets are better than the average balance sheets in 2008 and 2001.”
Airlines have been taking steps to reduce their capacity, which Mann called “prudent.”
American Airlines is the latest to make that call, announcing this morning it would cut summer international flights by 10 percent and domestic flights by 7.5 percent. Delta Air Lines also said Tuesday that it is cutting international flights by 20 percent to 25 percent and domestic flights by 10 percent to 15 percent.
https://www.politico.com/news/2020/03/10/airlines-travel-slump-coronavirus-125016
Story 5: President Trump Awards Presidential Medal of Freedom to General Jack Keane —
Trump awards Gen. Jack Keane with Presidential Medal of Freedom
Jack Keane
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New York City, New York, U.S.
101st Airborne Division
1st Brigade, 10th Mountain Division
Defense Distinguished Service Medal (2)
Army Distinguished Service Medal (2)
Silver Star
Legion of Merit (5)
Bronze Star
John M. “Jack” Keane (born February 1, 1943) is a retired American four-star general, former Vice Chief of Staff of the United States Army and Presidential Medal of Freedom recipient. He is a noted national security analyst, primarily on Fox News, and serves as chairman of the Institute for the Study of War and as chairman of AM General.
Contents
Personal life
Keane was born in 1943 in Manhattan, New York,[1][2] the son of Elizabeth (Davis) and John Keane. He has a brother, Ronald. Keane married Theresa Doyle in 1965 and has two sons.[3] His wife died in 2016 after having Parkinson’s disease for 14 years.[4]
Education
Keane attended Fordham University, where he participated in The National Society of Pershing Rifles, graduating with a bachelor’s degree in accounting in 1966. He then attended Western Kentucky University, graduating with a master’s degree in philosophy. He later attended the Command and General Staff College and the Army War College.[3]
Career
Military service
Keane (left) meeting with an army colonel
Keane served in the Vietnam War as a paratrooper.[5] He later served in U.S. engagements in Somalia, Haiti, Bosnia and Kosovo. His commands include the 1st Brigade, 10th Mountain Division, 101st Airborne Division and the XVIII Airborne Corps.[3]
In 1991 Keane saved the life of David Petraeus during a live-fire exercise. According to Keane, Petraeus was shot “accidentally, standing right next to me, and I had to fight to save his life. He had a hole about the size of a quarter in his back and is gushing with blood, and we stopped the bleeding and got him on a helicopter and got him to a surgeon and so we were sort of bonded ever since that time.”[6]
Keane retired from military service in 2003.
Post military service
Following his retirement, he has served as an informal advisor to presidents and other senior officials. He served an advisory role in the management of the U.S. occupation of Iraq, as a member of the Defense Policy Board Advisory Committee. In January 2007, Keane and scholar Frederick W. Kagan released a policy paper titled “Choosing Victory: A Plan for Success in Iraq,”[7] through the American Enterprise Institute that called for bringing security by putting 30,000 additional American troops there for a period of at least 18 months. In part convinced by this paper, President George W. Bush ordered on January 10, 2007, the deployment of 21,500 additional troops to Iraq, most of whom would be deployed to Baghdad. This deployment has been nicknamed the 2007 “surge“.[8][9]
Of his initial meeting with President Bush regarding the surge, Keane said he made a phone call to Newt Gingrich to ask his advice prior to the meeting. As Keane said in 2014,
Keane was asked by then-Vice President Cheney to go back on active duty and lead the surge in the field. When Keane declined, Cheney pressed him to come work in the White House and oversee both the wars in Afghanistan and Iraq; Keane again declined. Keane ended up briefly working at the White House and then later traveled to Iraq several times to advise General Petraeus.[11]
Current activities
Keane is a regular contributor to Fox News, and is involved in a variety of business, think tank and charitable activities. He serves as chairman of AM General, the firm that produces the Humvee.[12][13]. In June 2016, Keane co-founded IP3 International (IP3), a nuclear energy consulting firm.
Keane is an advisor to the Spirit of America, a 501(c)(3) organization that supports the safety and success of Americans serving abroad and the local people and partners they seek to help.[14] He formerly served as a strategic advisor for Academi and is a former director of defense giant General Dynamics.
Shortly after Stanley A. McChrystal declined the Secretary of Defense job, Vice-President Elect Pence heard the emotional reasons for the newly widowed general’s decline of the same job. After the departure of General Mattis, the President offered the job again to the subject, but he declined because he was newly remarried.[15] He is considered an influential voice to leaders from both major political parties, including President Trump, particularly on foreign policy issues related to the Middle East.[16]
IP3
Keane is a cofounder and director of IP3 International.[17] According to a staff report to the chairman of the House Oversight Committee, during the 2016 U.S. presidential campaign of Donald Trump, and subsequently, Trump aides such as Jared Kushner and others have been engaged in promoting IP3’s plan to transfer nuclear technology from the U.S. to Saudi Arabia. According to the report, IP3 founders and others have been seeking to broker a deal with Riyadh without the “gold standard,” a provision — tied to section 123 of the 1954 Atomic Energy Act which establishes conditions for nuclear cooperation between the U.S. and its allies — that seeks to limit weaponizing of nuclear energy.[18][19] In July 2019, the committee chairman released a second staff report that detailed various activities and contacts between IP3 and the Trump administration.[18] [20]
Awards and decorations
Military awards Keane has received include two Defense Distinguished Service Medals, two Army Distinguished Service Medals, the Silver Star, five Legion of Merits, the Bronze Star Medal, three Meritorious Service Medals, one Army Commendation Medal, the Joint Chiefs Service Badge, the Humanitarian Service Medal,[3] Ranger Tab, Combat Infantryman Badge, Master Parachutist Badge, and Air Assault Badge. President Donald Trump has announced that Keane is set to receive the Presidential Medal of Freedom on the second week of March 2020.[21]
His civilian awards include the Fordham University Distinguished Alumni Award, the USO 2002 Man of the Year award, and the Association of the United States Army 2001 Man of the Year award.
References
External links
Eric Shinseki
1999–2003
George Casey
https://en.wikipedia.org/wiki/Jack_Keane
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