2024Q1 GDP Increased Per Advance Estimate 2024Q1 GDP Increased. Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. This is the first of three readings for first quarter GDP. [...]
Industrial Activity Indicates Strength Industrial activity indicates strength. US machine shops and other manufacturers ordered $214.6 million worth of cutting tools during February, up 4.9% from January and 9% more than February 2023. The two-month order volume for 2024 (Jan-Feb) is $419.1 million, up 6.5% above the same month totals for 2023. Cutting Tool Market [...]
Three Month Core CPI Annualized Rate Climbed Three month core CPI annualized rate climbed to 4.5%, the fastest pace since May 2023. Despite acceleration in core prices in Q1, we still expect inflation to trend lower throughout the year , but progress will likely be gradual. “ Wells Fargo Economics The Consumer Price Index for [...]
LEI Notched Positive Gain - First Time in Twenty-Three Months LEI notched first positive gain in 23 months. The overall signal in the Conference Boad Leading Economic Index is still historically consistent with recession, but the tide may be beginning to turn. The persistent recessionary signal from the LEI should not yet be completely waved [...]
Future Activity Indicators Suggest Overall Growth Future activity indicators suggest overall growth. In the March 2024 Manufacturing Business Outlook released by the The Federal Reserve Bank of Philadelphia, survey results report manufacturing activity in the region continued to expand overall, according to firms responding to the survey. The survey’s indicator for general activity edged lower but [...]
All Items Index Increased 3.2% Over Last Twelve Months Before Seasonal Adjustment All items index increased 3.2% over the last twelve months before seasonal adjustment. The Consumer Price Index for all urban consumers, increased 0.4 percent in February on a seasonally adjusted basis, after rising 0.3 percent in January. NFIB Optimism Index in February Fell [...]
Number of US Drill Rigs Running Up From Previous Week There were 629 drill rigs running in the US last week, up three rigs from the previous week, down 120 rigs from one year ago. Canadian drillers stood pat at 231 rigs, no change from the previous week, but down fifteen rigs from one year [...]
Both US Raw Steel Production and Drill Rigs Running UP Both US raw steel production and drill rigs running UP from previous week. In the week ending February 17, 2024, US raw steel production was 1,721,000 net tons at an ACUR of 77.5 percent, up 0.6 percent from the previous week ending February 10, 2024 [...]
Taxation: with Draconian Obfuscation The #1 and Eternal Rule of Taxation: No matter how much you give politicians to spend, they will always spend more. Need no more proof than 1. the US Debt Clock https://www.usdebtclock.org/ and 2. Figures from 2023: Tax revenue $8.1 Trillion, government spending $10.1 Trillion. 3. Deficit grew 1/2 Trillion in the 1st 3 months of the fiscal year (government budget runs from Oct.1 to Sept. [...]
Keep Your Powder Dry I am amazed. Joe Biden has been exonerated from unlawfully taking classified documents from the White House while vice president and will not be charged for breaking the law. The special counsel says they can’t charge him because he is an old man with a failing memory. Yet, he is running [...]
