Demand for Cutting Tools $1.43 Billion

Manufacturers’ demand for cutting tools totaled $1.43 billion thru July, but unit shipments are flat-suggesting the year-to-date data is a lingering effect of inflation.
Data based on purchases reported by companies who comprise the majority of the US market for cutting tools. American Machinist

CFNAI Decreased in August

The Chicago Fed National Activity Index (CFNAI) decreased to -0.16 in August from +0.07 in July. Two of the four broad categories of indicators used to construct the index decreased from July, and all four categories made negative contributions in August. The index’s three-month moving average (CFNAI-MA3, ticked up to -0.14 in August from -0.15 in July.

What do the numbers mean? A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth; negative values with below-average growth (in standard deviation units); and positive values with above-average growth. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above –0.70 and the CFNAI Diffusion Index above –0.35. Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below –0.70 and the CFNAI Diffusion Index below –0.35. An increasing likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +0.70 more than two years into an economic expansion. Similarly, a substantial likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +1.00 more than two years into an economic expansion.

US Raw Steel Production Up from Previous Week

In the week ending September 23, 2023, US raw steel production was 1,735,000 net tons at an ACUR of 76.3 percent., this is up 0.1 percent from the previous week ending September 16, 2023.

US Drill Rigs Running Down from Previous Week

There were 630 drill rigs running in the US last week, down 11 rigs from the previous week, which is down 134 rigs from one year ago. Canadian drillers stood pat at 190 rigs which is down 25 rigs from one year ago.

Real gross domestic product (GDP) grew at an annual rate of 2.1 percent in the second quarter of 2023, according to the third and final estimate. In the first quarter, GDP increased 2.2 percent.

The Consumer Confidence Index fell again in September 2023, marking two consecutive months of decline.” Dana Peterson, Chief Economist at the Conference Board.

Manufacturing Improved in Fifth District in September

The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity results and reports manufacturing activity improved in September. Each of its three component indexes-shipments, new orders, and employment-increased. This was the first positive reading since the spring of 2022.

Growth in Texas Manufacturing Activity Resumed in September

The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey results for September 2023 and reports growth in Texas manufacturing activity resumed in September, according to executives responding to the survey.

Perceptions of broader business conditions continued to worsen in September.

News Headlines

Senator Dianne Feinstein passed away Friday at 90 years of age. RIP

The first of the Biden impeachment inquiry was held on Thursday and despite the following nuggets of fact, the Democrats were focused on Trump and deflection of the facts.

  • 20 limited liability corporations formed, none of which produced or sold a product, but all received cash infusions from mostly foreign sources.
  • Some $25,000,000.00 has thus far been discovered as flowing into these LLC’s
  • At least 9 different Biden family members received cash
  • At least 20 phone calls between Joe Biden and Hunter’s business cohorts have been verified. Joe has vehemently denied any involvement in any of his son’s or brother’s business dealings.
  • Pictures of Joe golfing with Hunter and his unsavory business partners.
  • The list goes on and the evidence is overwhelming that a great deal of corruption has taken place, obviously. The problem is their shrewdness, as of now there is not one scintilla of evidence to date, that Joe received a single penny. Anyone with a brain knows the opposite is true. The Big Guy made plenty off Hunter’s grifting.

“MAKE AMERICA GREAT AGAIN”

and

“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.”