Chicago Business Barometer Surged in November
The Chicago Business Barometer surged +11.8 points in November. This represents the first expansionary reading since August 2022, the highest level since May 2022, and the biggest monthly rise since September 2020.
Production, New Orders, Inventories, Supplier Deliveries all increased to levels above 50. Inventories entered expansion for the first time since March 2023. Order backlogs remain in contraction.
Consumer Confidence Index Rose in January
The Conference Board Consumer Confidence Index rose in January to 114.8 (1985=100), up from a revised 108.0 in December. The reading was the highest since December 2021, and marked the third straight monthly increase.
The Federal Reserve Bank held interest rates steady at their meeting this week.
Manufacturing Business Outlook Survey Reports 2-Point Gain
The Institute for Supply Management (ISM) issued its Manufacturing Business Outlook Survey results and reports the index notched a 2-point gain to start 2024, with a 49.1 reading in January. It was better than expected, and while the index remains below the break-even fifty, it signals the slowest pace of contraction in over a year. We are not out of the woods, but even the beleaguered factory sector is shaking off the gloomy recession vibes.” Wells Fargo
US Raw Steel Production Down from Previous Week
In the week ending January 27, 2024, US raw steel production was 1,680,000 net tons at an ACUR of 75.6 percent, down 0.1 percent from the previous week ending January 20, 2024.
US Drill Rigs Running Up from Previous Week
There were 621 drill rigs running in the US last week, up one rig from the previous week, down 150 rigs from one year ago. Canadian drillers added seven rigs, to 230, which is down seventeen rigs from one year ago.
Headline News
Three Americans killed and twenty-five, or more, wounded by an Iranian drone last Sunday. It is Tuesday, no response from the Biden administration. When is someone in Washington going to grow a set of balls? I mean, really, as badly as Biden has decimated our military, we can still kick Iran’s ass. Without question.
The sorry truth is that these casualties are the result of the President’s policy choices. Mr Biden has tolerated more than 150 Iranian proxy attacks on US forces in the Middle East since October. Only occasionally has he or the administration registered more than rhetorical displeasure by retaliating militarily, and only then with limited airstrikes…
Mr Biden has spent months fretting about a broader regional war without confronting the reality that the US is already in one. The result is that US deterrence has collapsed in the region, and Americans are dying. Mr Biden’s repeated displays of weakness are inviting more attacks. Iran helped to ruin Jimmy Carter’s Presidency by seizing hostages. Mr Biden should worry that it will also take down his Presidency if he won’t respond with enough force that the mullahs get the message.” WSJ
All of a sudden, Biden wants to secure the border; “give me border agents, give me more money…” he is so full of crap. Can you tell it is an election year?
It has been five days since three Americans were killed and many others injured by an Iranian drone. STILL NO MILITARY RESPONSE FROM THE BIDEN ADMINISTRATION. That is an embarrassment.
Also on Thursday, the idiot in the Oval Office made a visit to East Palestine, Ohio, the site of a huge chemical spill. ONE YEAR AFTER ITS OCCURRENCE. A lot of good that does for the people there. The water quality is still suspect. Only God knows what the ramifications will be, long term, for the residents, wildlife, plants, and trees in the area.
US negotiators are pushing for a cease-fire deal that would stop the war in Gaza long enough to stall Israel’s military momentum and potentially set the stage for a more lasting truce.” WSJ
If I were Netanyahu, I would tell them to go pound salt. Anything like that would be a victory for Hamas, which is unacceptable. Your enemy must be vanquished, or they will rise again and do worse, and continued harm.
Why is Lloyd Austin still Secretary of Defense? As you should know, he was admitted to a hospital for prostate cancer treatment, did not tell his boss, the President of the United States, did not inform his immediate staff, and has been absent from the public until he made an apology speech on Thursday. This is not the behavior of a dedicated, patriotic warrior. He should be fired.
“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.”
