Gloomy Consumer Expectations Fuel Decline
Gloomy consumer expectations fuel decline, according to the a Conference Board report.
The US LEI continued to trend down in June, but the contraction was smaller than in the past three months,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at the Conference Board. “The decline continued to be fueled by gloomy consumer expectations, weak new orders, negative interest rate spread, and an increased number of initial claims for unemployment. However, due to the smaller month-on-month rate of decline, the LEI’s long-term growth has become less negative, pointing to a slow recovery. Taken together, June’s data suggest that economic activity is likely to continue to lose momentum in the months ahead.”
The Conference Board Leading Economic Index (LEI) for the US declined 0.2 percent in June 2024, following a decline of 0.4percent (upwardly revised) in May. Over the first half of 2024. The LEI fell by 1.9 percent, a smaller decrease than its 2.9 percent contraction over the second half of last year.
The plunge in orders for new durable goods in June overstates weakness in capex demand. Yet durables data are still consistent with a stalling in the industrial space, and we remain hesitant the pickup in activity implied by Q2 equipment investment in the GDP report can be sustained.” Wells Fargo
The CFNAI Decreased in June
The Chicago Fed National Activity Index (CFNAI) decreased to +0.05 in June from +0.23 in May. Three of the four broad categories of indicators used to construct the index decreased from May, and three categories made negative contributions in June. The index’s three-month moving average (CFNAI-MA3), increased to -0.01 in June from -0.08 in May.
Manufacturing Activity Worsened in July
The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity results and reports manufacturing activity worsened in July.
Real GDP Increased at an Annual Rate of 2.8 Percent
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter, according to the “advance” estimate. This is the first of three readings on the quarter’s GDP. If you believe that, I would like to sell you some swampland in Florida. There is no way growth nearly doubled in this economy in the second quarter it is an election year. Cheating is the order of the day.
US Raw Steel Production Up from Previous Week
In the week ending July 20, 2024, US raw steel production was 1,739,000 net tons at an ACUR of78.3 percent, up 0.2 percent from the previous week ending July 20, 2024. Adjusted year-to-date production was 49,043,000 net tons at an ACUR of 76.5 percent.
US Drill Rigs Running Up from Previous Week
There were 586 drill rigs running in the US last week, up two rigs from the previous week, down 83 rigs from one year ago. Canadian drillers added eight rigs, to 197, up eight from the previous week and up ten rigs from one year ago.
Joe Biden withdrew from the presidential race last weekend. This was inevitable in light of his dismal performance in the debate with Donald Trump. The worst thing about this is the coverup of Biden’s diminished cognitive and physical abilities over the past nearly four years. Everyone around him said how “on the ball” he was, “sharp as a tack,” it was sickening to hear because everyone could see and hear the truth, and yet, they persisted (Joe, Jill, Nancy, Nadler, KJP, Hunter, Garland, Wray, et al. They are all a bunch of liars) in the lies to the American people, until it became unavoidable.
Now, the Democrats are left with Kamala Harris, an avowed progressive, who garnered zero delegates in the Democratic presidential primary, but today, she is the greatest and most articulate politician out there (in their opinion, not mine). They have raised over $100 million since Joe endorsed her on Tuesday. What a joke this is. Don’t forget, she was on the chopping block because her record as VP is dismal, her favorability ratings are lower than Biden’s, yet here we go with all the bullshit. I still believe they cheated in 2020, now, with Trump firmly in the lead and with a horribly weak ticket, what tricks will they pull out of their hat to hold on to the power they so desperately seek?
“KEEP AMERICA GREAT”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”
