Interest rates held steady
Interest rates held steady at 3.5-3.75% at the Fed’s Wednesday 29 July 2026 meeting.
US raw steel production up from previous week
In the week ending July 25, 2026, US raw steel production was 1,858,000 net tons at an ACUR of 80.5 percent, this is up 1.5 percent from the previous week ending July 18, 2026.
Adjusted YTD production through July 25, 2026 was 53,640,000 net tons at an ACUR of 78.9 percent.
Texas manufacturing output growth accelerated in July 2026
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey results for July 2026 and reports Texas manufacturing output growth accelerated during the month, according to business executives responding to the survey. The production index, a key measure of state manufacturing conditions, increased six points to 10.1. other measures of manufacturing activity also showed solid growth. The new orders index increased to 6.4 from 2.3.
Perceptions of broader business conditions improved in July. While the general business activity index was little changed at 1.3, the company outlook index jumped 11 points to 13.4, signaling a notable improvement in outlooks. The outlook uncertainty index fell five points to 6.4.
Consumer Confidence Index decreased in July
The Conference Board Consumer Confidence Index decreased by 1.4 points to 90.8 in July, down from an upwardly revised 92.2 in June.
Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021,” said Dana M. Peterson, Chief Economist, The Conference Board.
Manufacturing activity was mostly flat in July
The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity results and reports manufacturing activity was mostly flat in July. The composite manufacturing index was nearly unchanged in July, increasing from 4 to 5. Two of its three component indexes increased somewhat in July; shipments to 8 from 4 and employment to 2 from -1. Meanwhile the new orders index edged down to 5 from 8.
Real GDP increased in second quarter of 2026
Real gross domestic product (GDP) increased at an annual rate of 1.5 percent in the second quarter of 2026 according to the advance estimate released Thursday by the Bureau of Economic Analysis (BEA). This is the first of three readings for the second quarter. It must be the war in Iran, because the economy seems fairly healthy to me. Prices and inflation are moderating, manufacturing business is and has been, improving, wages are rising, business is hiring, the fall-off in jobs predicted from the arrival of AI has NOT materialized, and likely will not. In my view, it will create jobs, as all new technologies seem to do.
Chicago Business Barometer edged up in July
The Chicago Business Barometer edged up 0.9 points to 57.6 in July. The Barometer remained in expansionary territory for a third consecutive month.
The modest increase was driven by stronger New Orders, largely offset by weaker Supplier Deliveries, Order Backlogs, Employment and Production.
US drill rigs running up from previous week
In the week ending July 31, 2026, there were 588 drill rigs running in the US, up one rig from the previous week ending July 24, 2026, up forty-eight rigs from one year ago. Canadian drillers added fifteen rigs, to 219, up forty-two rigs from one year ago.
News Headlines
Still at war in Iran. This week, they rejected an offer to share control of the Strait of Hormuz. I do not know who would make such a stupid offer to such a rogue regime. It is STUPID> the Strait is an INTERNATIONAL waterway and under on ones individual control. Ceding control to Iran is like putting a fox in the chicken coop. Fortunately, they rejected the offer, hopefully we will continue the bombing, and I would suggest we start taking control of critical infrastructure, such as Kharg Island. Screw these animals.
Wednesday Iran executed a surprise missile attack on an American military base in Jordan. Fortunately, all the missiles were intercepted an destroyed. President Trump has promised a swift and heavy military response, hopefully that is happening right now and will continue. This whole thing now borders on the ridiculous. The enemy has been vanquished but will not stop. They MUST be destroyed, I can see no other way to end it.
Anthony Fauci “testified” (I use the term lightly) before the Senate on Wednesday where he pleaded protection from the fifth Amendment to the Constitution and answered ZERO questions. The guy is an egotistical, self-serving liar, he caused the deaths of millions world-wide, immeasurable damage to the education of our children with school closures and other needless nonsense, made himself a multi-millionaire and it appears he will get off free of any charges. Scumbag
MAKE AMERICA GREAT AGAIN
“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.”
