CFNAI Increased in August 2024
CFNAI increased in August 2024. The Chicago Fed National Activity Index (CFNAI) increased to +0.12 in August from a revised -0.42 in July and better than market estimates of -0.20. It follows two consecutive monthly declines. The index’s three-month moving average, CFNAI-MA3 decreased to -0.17 from -0.13 in July
US Raw Steel Production Down from Previous Week
In the week ending September 21, 2024, US raw steel production was 1,707,000 net tons at an ACUR of 76.9 percent, down 2.4 percent from the previous week. Adjusted year-to-date production through September 21, 2024, was 64,566,000 net tons at an ACUR of 76.8 percent, down 1.6 percent from one year ago.
US Drill Rigs Running Down from Previous Week
There were 588 drill rigs running in the US last week, down two rigs from the previous week, down 42 rigs from one year ago. Canadian drillers capped 7 rigs, to 211, up twenty-one rigs from one year ago.
Despite an upwardly revised surge in July durable goods orders, the payback decline that had been feared did not materialize in August, with durable goods orders technically positive, but essentially flat. Excluding transport categories, durable goods orders had their best month of the year . Wells Fargo
News Headlines
The main-stream media is reporting violent crime as being down this year. THAT IS TOTAL BULLSHIT! If crime is down, it’s because police law enforcement has been largely curtailed in Democrat controlled cities, and crimes are not prosecuted in Democrat controlled cities. What the so-called Democrats are doing to the USA is criminal, and anyone who votes for a Democrat is a complete moron, or a communist. If you cannot see what’s going on here, go somewhere else. Americans do not want you here.
Climate optimism is fading. Higher costs, pushback from businesses and consumers, and the slow rollout of technology are delaying the transition from fossil fuels.”
Thank God!
Trillions of dollars in government and private investment flowed into technologies to address greenhouse-gas emissions. Industries such as autos embraced major shifts in their businesses…”
They are all running for the door now. This climate hysteria has cost the American people trillions of dollars, for what? NOTHING. The planet cannot do without oil and gas. I don’t even like the term “fossil fuels,” we use OIL and GAS, not fossils. The activists have all gotten rich while you and I, and the country, are going broke paying for their folly.
Just because our politicians have sold our manufacturing capabilities overseas, it does not mean the United States cannot once again assume its rightful place as a leading manufacturing nation. Trump has plans to incentivize foreign companies to build factories here and produce their goods here. He will place tariffs on companies or countries whose exports to the US are harming our manufacturing base, such as it is now; as a share of the economy, US manufacturing slid slightly to 10.3% in 2023 from 10.9% in 2016, that is even as private sector manufacturing employment has rebounded from 2010 lows to around 12.9 million in August.
I do not have the historical figures for the size our manufacturing base was prior to our politicians selling us out. I am quite sure it was considerably larger than 10.9%. None-the-less, lower energy prices, lower taxes, and less regulation are good for business and therefore, good for workers. We need to be making goods here. Everyone says tariffs will raise costs for Americans, and they will, if consumers choose to buy highly tariffed goods, but what if, instead, we were buying American made goods, which is the ultimate goal?
What a complete liar Kamala Harris is. Everything she says is a lie, outright. It is so sad that half the country is willing to vote for someone who has done nothing worthy for the people who pay her. Look at her career, look at what she supports, listen to what she says. Do you really think she means the blather she puts out there every day? God help us if “Democrats” win the day in November.
From a Wall Street Journal editorial, Tuesday September 24, 2024:
Kamala Harris is vying for votes in the Midwest by touting the Biden administration’s efforts to boost US manufacturing. In the recent debate, she boasted about “building a clean energy economy” and “investing in American-made products.” So, what’s the administration’s actual record?
Start with the top line, which is that US manufacturing output hasn’t fully recovered from its pandemic plunge and is lower than in 2013. Most manufacturing growth under Biden occurred during his first year in office amid the post-covid rebound. Businesses scaled up production owing to an increased demand for goods that was supercharged by the pandemic largesse (government spending. Remember paying people to not work?).
It’s true that spending on construction of new factories has more than doubled during the Biden years, no doubt partly owing to a gusher of subsidies. The Inflation Reduction Act (a huge misnomer) includes rich tax credits for green manufacturing and renewable electricity projects built with US-made materials, yet there are already signs that this government-driven investment is a mistake. Auto makers are scaling back electric-vehicle production (no one wants them, except Democrats), which may lead to under-utilized factories. Some green startups are struggling to stay in business (they would already be broke if it weren’t for government subsidies-YOUR money), such as Lordstown and Fisker.
The Institute for Supply Management’s (ISM) PMI index showing the manufacturing industry as a whole, has been in almost continuous contraction since autumn 2022, right after Biden signed the IRA and Chips Act.
Meanwhile investment in new industrial equipment has been notably weaker under Biden than Donald Trump. This suggests fewer manufacturers are refurbishing existing plants and investing in technology that will make them more globally competitive.
Manufacturing employment has grown in businesses boosted by subsidies, such as semi-conductors (17,800) and batteries (8,800). But jobs have declined in others smacked hard by regulation and inflation, such as oil and gas machinery (-10,400), foundries (-7,200) and fabricated metals (-6,800).
Jobs and hours worked have declined since 2022 when the Biden subsidy gusher began. Real average weekly wages for manufacturing workers are 2.7% lower than in January 2021.
The problem for US companies is that Biden’s anti-business policies offset the impact of subsidies. Inflation caused by all that government spending has raised business costs, and soaring electricity prices have been especially damaging.
The Environmental Protection Agency imposed rules requiring steel mill and iron foundries to limit carbon emissions. EPA’s regulations “stand to paralyze an industry” and “impose billions of dollars in mandates” on US manufacturers, warned Sens. Bob Casey, John Fetterman, Amy Klobuchar, Sherrod Brown and independent Joe Manchin. (hard to believe these leftists can see that, Manchin is not too bad, but the others are progressives)
…to the extent policy makers want to encourage more investment and hiring in manufacturing, the answer is to reduce costs to make US firms more competitive. Low energy prices, low taxes and fewer regulatory costs are better than government directed investment in industries that might not have a market (and isn’t the government good at that). biden-harris policy has been to raise costs for all businesses and then slather on subsidies for those they like. It isn’t paying off for most US companies or workers.”
The Democrats once again are eating their own. New York City Mayor, Eric Adams has been indicted on corruption charges. I doubt he is innocent, as he proclaims, but this was instigated because he chose to blame the Biden administration for the influx of illegals to this once great city. So, the party big wigs have decided he must go, and they will get rid of him. Like they did Cuomo and so many others who have displeased them.
“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.”
