Confidence Increased in July
Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years,” said Dana M. Peterson, Chief Economist at the Conference Board. “Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
The Conference Board Consumer Confidence Index rose in July to 100.3, from a downwardly revised 97.8 in June.
Texas Factory Activity Flat in July
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey results and reports Texas factory activity was flat again in July, according to business executives responding to the survey. The production index, a key measure of state manufacturing conditions, held fairly steady. Other measures of manufacturing activity weakened in the month. The new orders index dropped, the capacity utilization and shipments indexes also slipped.
Perceptions of broader business conditions continued to worsen in July.
Chicago Business Barometer Slipped in July
The Chicago Business Barometer slipped 2.1 points, to 45.3 in July, after rising in June for the first time since November 2023.
The fall was broad based with four of the five subcomponents down. Production led the decline this month, with New Orders, Order Backlogs, and Employment also lower. Meanwhile supplier deliveries edged up.
US Raw Steel Production Down from Previous Week
In the week ending July 27, 2024, US raw steel production was 1,729,000 net tons at an ACUR of 77.9 percent, down 0.6 percent from the previous week ending July, 20, 2024. Adjusted year-to-date production through July 27, 2024 was 50,772,000 net tons, at an ACUR of 77.3 percent.
US Drill Rigs Running Up from Previous Week
There were 589 drill rigs running in the US last week, up three rigs from the previous week, but down 75 rigs from one year ago. Meanwhile, Canadian drillers added 14 rigs, to 211, up eighteen rigs from one year ago.
Unemployment Jumped in July
The ongoing deterioration in the jobs market was on full display in the July Employment report. Nonfarm payrolls expanded by just 114k, and the unemployment rate jumped to 4.3 percent to formally surpass the Sahm Rule threshold historically associated with the economy being in recession.” Wells Fargo
News Headlines
The Paris Olympics: if you happened to watch the opening ceremonies, I am sure you were aghast at the devil worship proudly (?) displayed to the world. What have we come to, where devil worship is applauded and celebrated? A collection of queers, perverts and pedophiles, I suspect. That the IOC allowed this to happen is a disgrace, same for the network television channels. They can take their diversity, equity and inclusion, and shove it up their collective rectums.
Iran (Hezbollah) bombed a soccer field over the weekend, killing twelve innocent children. No outrage, no word from the White House, except demands for Israel to stop the fighting. Why would they?
Biden attacks the Supreme Court:
This nation was founded on a simple yet profound principle: no one is above the law. Not the president of the United States. Not a justice on the Supreme Court of the United States. No one.”
…Except him and all his corrupt associates-on both sides of the aisle.
He is demanding term limits for Supreme Court Justices, who have enjoyed life-time appointments since 1869. He has been sucking off the government teat (and quite well, I might add) for fifty years. Never held a real job, never signed a paycheck or run a business. It is all aimed at keeping conservative justices off the court or limiting what they do:
If Mr. Biden and Democrats were really concerned about ethics in government, they’d impose a total ban on Congress of all gifts, trips to conferences at fancy resorts, speaking fees, or anything else that provides even the appearance of a conflict of interest. But they won’t because the Members enjoy those perks and their anger at the Court has nothing to do with ethics. They are using ethics as a political ruse to gain more influence over the Court and its decisions.” Wall Street Journal 7/30/24
Evan Gershkovich, along with ex-Marine, Paul Whelan came home from a Russian gulag on Thursday. Evan had been held on espionage charges for well over 400 days, Whelan had been imprisoned for the same crime since 2018.
I am reading a good detective book named “Light of the World” by James Lee Burke, who authored a series of books named the Dave Robicheaux Novels. He and his buddy are detectives in New Orleans. I have read most if not all the books in the series. I highly encourage anyone to read one. You will not put it down. Anyway, there is a statement in the book which reads “Bureaucracy protects the people in charge from accountability.” It is a true and profound statement. Look around folks, We the People, who are supposed to be steering the ship, are taking orders from a bunch of egg-sucking dogs who have only their own interests at heart. They don’t care about you or the country, only what they can fill their pockets with.
Naturally, all the economic geniuses are now calling for a recession-again. I do not doubt it, I have been saying recession since the idiot took the presidency. I just could not see avoiding a recession with our government spending and printing so much money, all the regulations, all the progressive policies and executive orders. At some point, the excess must be paid for. I know manufacturing is in the toilet, and has been. I do not believe any numbers disseminated by the government, it is an election year, and both sides will say anything to retain or, obtain power. As good as Trump’s economic policies were, and will be, he is not a magician. Anything he is able to do will take at least a year to come to fruition and be a benefit to the people. When he is elected, it will change the mood of industry and the economic wheels will begin to turn favorably.
“MAKE AMERICA GREAT AGAIN”
and
“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.”
