Consumer Confidence Index Surged to its Highest Level in 17 Years
Consumer confidence index surged to its highest level in 17 years. Consensus was expecting a slight decline for the month of November. The Index was also revised upward for October.
I hope very one enjoyed their Thanksgiving Holiday…time to get back to business…
Highlights from the Census Bureau Advance Report on Manufacturers’Shipments , Inventories and Orders for October 2017
- New orders for manufactured durable goods in October decreased 1.2 percent. The decrease, following two consecutive monthly increases, followed a 2.2 percent September increase.
- Shipments of manufactured durable goods in October, up five of the last six months, increased 0.1 percent. Primary metals led the increase.
- Inventories of manufactured durable goods in October, up fifteen of the last sixteen months increased 0.1 percent.
US Drill Rigs Running Climbed Last Week
The number of drill rigs running in the US climbed by 8 last week, with Wyoming up by 4. Canadian drilling increased by 7 rigs from the previous week.
Thus far this year US operating drill rigs have climbed 55.6% from a year ago while Canadian rigs are up 23.6%
Texas Manufacturing Outlook Survey for November Reports Positive Perceptions
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey for November and reports business activity continued to expand according to executives responding to the survey. Perceptions of broader business conditions remained highly positive.
Fifth District Survey of Manufacturing Activity Highest Level Since 1993
The Federal Reserve Bank of Richmond released its fifth district survey of manufacturing activity and firms reported robust growth in November. The rise was bolstered by strengthening conditions across all three components of the index. The composite index jumped to its highest level since 1993.
Third Quarter GDP Increased at an Annual Rate of 3.3 Percent
The Bureau of Economic Analysis (BEA) has released its “second” estimate of third quarter Real gross domestic product and reports GDP increased at an annual rate of 3.3 percent. In the second quarter, real GDP increased 3.1 percent. More great news!
On Thursday the Dow Industrials closed above 24,000 for the first time. The fifth major milestone for the blue chips in 2017.
MNI Chicago Business Barometer Eased Back in November
The MNI Chicago Business Barometer eased back in November from October’s six and one half year high. The Barometer has expanded for 21 straight months. Output expanded at a robust rate in November as business continued to benefit from healthy domestic conditions.
US Ferrous Scrap Market Appears to be Poised for Improvement
The US ferrous scrap market appears to be poised for improvement over the next 60 days with buyers and sellers indicating that prices will be higher in December and January. AMM
US Raw Steel Production Retreated
US raw steel production retreated 2.4% last week as mills operated at an ACUR of 73%. In the corresponding week last year mills operated at an ACUR of 67.1%. Thus far this year mills have produced prox 82,000,000 tons compared to the prox 78,000,000 tons produced in the like period last year. Holiday week?
Taxes & Politics
All the good news above and slick Chuck Schumer and that old bag, Nancy Pelosi, chose to pull out of a planned meeting with President Trump set for Tuesday afternoon after the president tweeted he didn’t see a deal emerging over how to keep the government funded. Take your ball and go home children.
I can tell you how to keep the government funded…stop stealing all the money you collect from hard working Americans by funding your entitlements which buy votes to keep you employed.
The Senate Budget committee voted to send the tax bill to the full chamber and key Republican are showing signs of supporting it. Ron Johnson (R-Wis), Bob Corker (R-Tenn), and Susan Collins (R-Maine), said they felt more optimistic about supporting the GOP tax bill. All previously opposed.
In my view President Trump will succeed in implementing his agenda for the American people along with ensuring his desire to Make America Great Again. It will take longer than we would like because the swamp creatures do NOT want him to succeed, thus they obstruct and resist. Why? Their slimy careers of filling their pockets off YOUR hard work will come to an end when he does succeed. I support him fully. Just wish he did not have to dilute his agenda to get things done…politics…blah!
North Korea Launches Again
The fat little runt of North Korea, launched his first missile since September in the early morning hours Wednesday. The launch comes roughly a week after Trump redesignated North Korea a state sponsor of terror.
More Inappropriate Behavior
NBC News fired Matt Lauer on Wednesday over “inappropriate sexual behavior”. I am not a fan of the guy so I don’t really care. What does bother me is the number of men whose careers have been ended by these accusations.
Some men are certainly predators and should be punished according to the facts. I fear that some of these accusations may be politically motivated and/or an attempt to gain publicity for oneself. Wait until men start throwing accusations at women….Attraction between the sexes is a biological fact…I don’t think you can put it in a closet and forget about it.
The lack of morality, crumbling family values and progressive ideologies are fomenting the idea that one can do as he or she pleases without consequence. Apparently not.