The week before Christmas was filled with economic news. The Federal Reserve raised their target interest rate from .00-0.25 percent to 0.25-0.50 percent.
The target had not been changed for nearly a decade. Many believe that near zero interest rates, for so long a period of time, have encouraged price bubbles and artificial economic activity. The Fed also indicated they intend to raise the interest rate four times next year with a target of 1.375 percent by the end of 2016. The Dow was stronger the earlier part of the week, but fell more that 350 points (2.10 percent) on Friday.
In addition, China continued to devalue their currency (Yuan) which will increase U.S. imports and decrease exports. We saw the largest drop in U.S. industrial production in 3 1/2 years. Manufacturing continues its downward spiral. Fed reports from Philadelphia, New York and Kansas City were uniformly negative. Trucking shipments are down more than 40 percent from a year ago and have fallen 15 percent from the previous month. Oil and other industrial commodities continue their downtrend.
On the positive side, jobless claims fell from the previous week. New housing permits were up significantly and new housing permits were up 11 percent for the month. Bloomberg's consumer comfort index rose for the second week in a row.
Today's era of instant information can tempt us to focus on problems and challenges instead of the blessings which we have been given. Economic, political, social, safety and even family concerns can easily distract.
The world may be in turmoil, but we are not of this world. God is in control. We have peace. We have promises of provision and protection. We have the assurance of victory. We cannot afford to allow concerns to distract us from the goodness, faithfulness, and love of our God.
During this Christmas season, we should make a concentrated effort to focus on our blessings. We are sons and daughters of the King of Kings. We are a privileged generation. Our Heavenly Father loved us enough to send His only begotten son. He who came from heaven to be born in a manger 2,000 years ago, is still with us in Spirit today. He is bringing peace and good will.
"But the angel said to them, 'Listen! Do not fear. For I bring you good news of great joy, which will be to all people. For unto you is born this day in the City of David a Savior, who is Christ the Lord. And this will be a sign to you: You will find the Baby wrapped in strips of cloth, lying in a manger.' Suddenly there was with the angel a company of the heavenly host praising God and saying, 'Glory to God in the highest and on earth peace, and good will toward men'" (Luke 2:10-14).
Isaiah prophesied of His birth 700 years before He was born. Isaiah did not have the opportunity to know Him the way we do. We are truly blessed and eagerly await His second coming.
"For unto us a child is born, unto us a son is given, and the government shall be upon his shoulder. And his name shall be called Wonderful Counselor, Mighty God, Eternal Father, Prince of Peace. Of the increase of his government and peace there shall be no end, upon the throne of David and over his kingdom, to order it and to establish it with justice and with righteousness, from now until forever. The zeal of the Lord of Hosts will perform this" (Is. 9:6-7, MEV).
As we remember the birth of our King, Lord and Savior, the Russell family is especially thankful for each and every one of you. You are forever our brothers and sisters in Christ and fellow citizens in the Kingdom. May you have a merry, thankful, joyous, and safe Christmas. God bless you.
Dr. James R. Russell is professor of economics and chair of the Undergraduate College of Business at Oral Roberts University in Tulsa, Oklahoma.
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