Durable Goods Orders Declined for the Second Consecutive Month
Durable goods orders declined for the second consecutive month in August, but in stripping away volatile factors, the underlying details of the report point to some stabilization in core orders. While the August durable goods report suggests new demand is not yet falling off a cliff, the broader manufacturing sector is still facing tough conditions. Wells Fargo
CFNAI Decreased to Neutral Value in August
Led by declines in production-related indicators, the Chicago Fed national Activity Index (CFNAI) decreased to a neutral value in August from +0.29 in July. The index’s three-month moving average, CFNAI-MA3, moved up to +0.01 in August from -0.08 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.
Texas Manufacturing Activity Picked Up in September
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey for September 2022 and reports growth in Texas manufacturing activity picked up in September, according to business executives responding to the survey. The production index, a key measure of state manufacturing conditions, rose eight points to 9.3, a reading suggestive of stronger output growth.
Other measures of manufacturing activity showed mixed signals in the month.
US Raw Steel Production Down from Previous Week
In the week ending 9/24/22, US raw steel production was 1,683,000 net tons at an ACUR of 76.4 percent, down 0.6 percent from the previous week ending 9/17/22.
US Drill Rigs Running Up from Previous Week
There were 764 drill rigs running in the US last week, up one rig from the previous week, up 243 rigs from one year ago. Meanwhile, Canadian drillers added 4 rigs, to 215 operating, up 53 rigs from one year ago.
GET OUT THE VOTE NOVEMBER 8, 2022
Why is it that every other sovereign country on the planet, aside from the USA, have secure borders? No one else allows immigrants to just walk over their border without question. The Marxist bastards in Washington are ruining our country, and they are doing it deliberately.
Italy has wisely elected Giorgia Meloni to be their next prime minister. She is a conservative and although her party’s history has roots in Mussolini’s fascism, she is no fascist. From LGBTQ to woke, she is against all the left wing nonsense going on in Europe, Italy and around the world. Her message has resonated with the Italian people. Personally, I pray it is a wake-up call for ALL people to stand up for what is right and good and put this progressive nonsense to death.
“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.”
