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That's The Randle Report for June 24, 2016
Join us again Monday morning for all of the American South's business, economic development and political news in real time and in one place. Use the sort buttons or the search window to find any story you need to find from last week, last month, last year or several years ago. Click on the headline above to access Southern Business & Development's website, the economic development magazine of the American South; the fourth largest economy in the world.
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How Brexit impacts the U.S. economy
The United Kingdom shocked the world when its citizens voted to leave the European Union Thursday. The so-called Brexit has wide implications for the U.S. economy, which is already facing a slew of headwinds. The chief of the U.S. central bank and top monetary policy setting official, Janet Yellen, forewarned earlier this week that Brexit "would negatively affect financial conditions and the U.S. economy." Trade between the two nations only makes up 0.5% of U.S. economic activity. However, the connections go well beyond direct trade between the two global powers. The effect on America can come through a number of chain reactions -- a Brexit domino effect on the global economy. Here are four ways the wake of Brexit could hurt the U.S. economy. CNN Money
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Overwhelmed by ‘Brexit’? Here Are the Basics
Britain voted on Thursday to leave the European Union, a decision known as “Brexit” that will have global consequences for years to come. It would be the first time any country has left the bloc. Here’s a brief guide to the referendum and what it means. What happened? More than 17.4 million Britons voted to sever ties with the European Union, whose seat of power lies in Brussels, compared with 16.1 million who voted to remain. The stunning vote, 52 percent to 48 percent, plunged world financial markets into turmoil, the political consequences for the prime minister of Britain were swift, and people around the globe reacted with shock and confusion. The New York Times
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Here's the real reason markets are freaking out
Global markets are getting ripped apart after the U.K. voted to leave the European Union. U.S. markets opened sharply lower, with major averages down more than 2 percent. Japan's Nikkei index was off nearly 8 percent, the German DAX plunged almost 6 percent and broader European indexes fell as much as 9 percent before coming off their lows near the end of the sessoin. Why is the market reacting in such an extreme manner? Because nobody saw this coming, and nobody knows what happens next. CNBC
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Who Wins From Brexit? China
The United Kingdom’s exit from the European Union is creating a lot of losers: London’s finance industry. British Prime Minister David Cameron. The pound. The grand cause of European integration. But out of all of the market turmoil and uncertainty will emerge at least one big winner: China. In the short term, of course, China’s struggling economy may take a hit from the chaos in the EU, its second-largest trading partner. A smaller, less-stable European market and more cash-strapped consumers aren’t good news for Chinese exporters. Over the longer term, though, Brexit is almost certainly in China’s economic and political interests. Bloomberg
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How Economic Officials in Washington Are Responding to ‘Brexit’
The outcome of the British referendum, with a majority backing a U.K. exit from the European Union, is rattling investors around the world and giving markets a rocky day. Here’s how some key institutions in Washington are looking at the uncertainty on Friday. White House: The Obama administration wanted the U.K. to remain in the EU and made that clear all along. The president and his top aides are likely to spend the coming days and weeks reaffirming the close U.S. relationship with the U.K. while also seeking ways to bolster support for the EU, to push back against pressure in other nations to break from the body. The Wall Street Journal
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Obama Says Brexit Outcome Shows Challenges of Globalized Economy
President Barack Obama said Friday that Britain’s vote to exit the European Union is a demonstration of the challenges of globalization, and he reiterated that the U.S. "special relationship" with the country would persist. Obama said that he spoke with U.K. Prime Minister David Cameron and German Chancellor Angela Merkel earlier in the day about Britain’s transition from the EU. "I’m confident that Britain is committed to an orderly transition out of the EU," Obama said at Stanford University in Palo Alto, California. Bloomberg
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5 Ways the ‘Brexit’ Market Turmoil Could Affect You in the U.S.
1 All Travel to England, Scotland, Wales and Northern Ireland: 10% Off. After the vote, the pound fell to the lowest levels of a generation. Not since 1985 has the U.S. dollar been so valuable in the U.K.: it’s the equivalent of a 10% off sale. (There’s also a 2% off sale to Europe, as the euro got weaker on the news.) If you’d like to use your tourism dollars to boost/boycott regions based on how they voted, here’s a helpful map of the outcome by region. The Wall Street Journal
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‘Brexit’ Expected to Rattle U.S. Economy, Shake Its Influence
WASHINGTON—The United Kindom’s exit from the European Union is expected to jolt the U.S. economy, rattling restive markets and driving up the value of the dollar. It could also weaken U.S. diplomatic leverage in Europe and upend the corporate strategies of U.S. companies based in London. Top finance officials say the damage from the so-called Brexit alone isn’t likely to be enough to nudge the U.S. into a contraction. But as skittish investors pull out of U.K. and European markets and pour into the safety of U.S. assets, a falling pound and euro could cause the dollar to surge, further suppressing demand for American exports. The Wall Street Journal
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U.S. Oil Companies Crank Up Production in Gulf of Mexico
Oil companies are pumping more crude off the U.S. coast in the Gulf of Mexico, a surprising trend that shows the resilience of the nation’s energy industry. Despite the worst price downturn in a generation, so much oil is starting to pour forth from offshore fields near Louisiana and Texas that it is partially offsetting declining output from shale regions on shore and propping up total American oil output. The U.S. is currently pumping about 8.7 million barrels a day, 480,000 less than at the end of last year, according to the Energy Information Administration, as low prices spur companies to shut down new exploration and some existing shale-oil wells begin to peter out. The Wall Street Journal
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Features & Opinion

 Randle Report - Business News in the South

For those who still languish over "losing to China" or believe that the economy is still in recession, wake up and smell the data. Economic development in the South was about as good as it gets in calendar year 2015 according to the data. And as for China, borrowing a quote from the late football coach Bear Bryant that he made in the half-time locker room down 15-0 to Georgia Tech in 1960, "We got 'em right where we want 'em." For those of you who don't know the rich history of Alabama Crimson Tide football, Bama scored all of its 16 points in the fourth quarter, kicking a field goal on the last play of the game to beat Tech 16-15.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
Today, factories in the U.S. make twice as much product as they did in 1984. And they are doing it with one-third of the manufacturing workforce. In fact, the output of durable goods in 2015 was the highest in the nation's history. So, we do have a strong manufacturing base, at least in the South, much of the Midwest and parts of the West, and it is getting stronger because on a cost-basis, we can compete with any major manufacturing nation in the world.  
 

 Randle Report - Business News in the South

FEATURE     
The argument for or against a minimum wage hike continues between the reds and the blues, as well as within the economic development community in the South. Should we stay the course with a minimum wage under $8 an hour to better compete with Mexico, the South's biggest competitor for jobs, or set a minimum wage just over $10 an hour, a wage floor most centrists support? That $10 per hour is, according to the MIT Living Wage Calculator, about right in most states in the South for one adult to be able to cover basic expenses plus all relevant taxes.
 
 Randle Report - Business News in the South
Recent data from the Computing Technology Industry Association (Comp TIA) showed that the technology industry is one of the fastest growing job generators in the South and the nation. The report also indicated that technology job compensation is growing faster than any other sector.
 


 

 

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