Federal Reserve Lowered Interest Rates by 50 Basis Points
Federal Reserve lowered interest rates by 50 basis points on Wednesday, September 18, 2024 afternoon.
US Raw Steel Production Down from Previous Week
In the week ending September 14, 2024, US raw steel production was 1,749,000 net tons at an ACUR of 78.8 percent, down 1.3 percent from the previous week ending September 7, 2024.
Adjusted year-to-date production through September 14, 2024 was 62, 859,000 net tons at an ACUR of 76.8 percent.
Shaky Flat Rolled Steel Market
US steelmakers, Nucor and Steel Dynamics, this week projected lower quarterly profits as weakening demand has created a shaky steel market. They are speaking directly of flat rolled steel used for such things as automotive and appliance manufacturing. Flat rolled steel accounts for about ninety percent of US steel production.
Business Activity Grew in New York State for the First Time in Nearly a Year
The Federal Reserve Bank of New York released its Empire State Manufacturing Survey results for September 2024 and reports business activity grew in New York State for the first time in nearly a year, according to firms responding to the survey. The headline general business conditions index rose sixteen points. New orders climbed, and shipments grew significantly. Delivery times and supply availability were steady, and inventories levelled off.
Housing Starts Increased in August
Housing starts increased 9.6% in August, driven by an uptick in single family construction. Builder outlooks have brightened as the anticipation of lower mortgage rates lead to higher sales expectations. Multifamily building remains volatile but generally weak overall. Wells Fargo
US Raw Steel Production Down from Previous Week
In the week ending September 14, 2024, US raw steel production was 1,749,000 net tons at an ACUR of 78.8 percent, down 1.3 percent from the previous week ending September 7, 2024.
Adjusted year-to-date production through September 14, 2024 was 62, 859,000 net tons at an ACUR of 76.8 percent.
US Drill Rigs Running Up from Previous Week
There were 590 drill rigs running in the US last week, up eight rigs from the previous week, down 51 rigs from one year ago. Meanwhile, Canadian drillers capped 2 wells, to 218, up 28 rigs from one year ago.
September 2024 Manufacturing Business Outlook Survey Reports Manufacturing Activity Mixed Overall
The Federal Reserve Bank of Philadelphia released its September 2024 Manufacturing Business Outlook Survey results and reports manufacturing activity in the region was mixed overall, according to firms responding to the survey. The survey’s indicator for current general activity turned positive, while the indexes for new orders and shipments declined and turned negative. Firms continued to expect growth over the next six months, with expectations more widespread this month.
Existing Home Sales Fell in August
Existing home sales fell 2.5% in August to a 3.6 million annualized rate, resembling the most recent trough experienced in October 2023, due entirely to a fallback in single-family home sales, much of the loss can be attributed to near 7% mortgage rates that prevailed through the summer. Wells Fargo
The Conference Board Leading Economic Index (LEI) for the US Declined by 0.2% in August, 2024
The Conference Board Leading Economic Index (LEI) for the US declined by 0.2% in August, 2024, following an unrevised 00.6% decline in July.
In August, the US LEI remained on a downwards trajectory and posted its sixth consecutive monthly decline,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at the Conference Board. “The erosion continued to be driven by new orders, which recorded its lowest value since May 2023. A negative interest rate spread, persistently gloomy consumer expectations of future business conditions, and lower stock prices after the early August financial market tumult also weighed on the index. Overall, the LEI continued to signal headwinds to economic growth ahead.”
News Headlines
Last Sunday, while we were all enjoying a peaceful day, Donald Trump decided to golf on his West Palm Beach golf course. Hiding in the bushes waiting, apparently for around twelve hours, was a man with an AK-47. Fortunately security spotted the rifle barrel poking through a fence, the agent fired, the would-be assassin fled but a passerby saw what was happening and took a photograph of the escape car. The man was apprehended shortly thereafter. The man had been on FBI radar for some time, we don’t yet know much else about him at this time.
This is the second attempt on the former president’s life in two months. What is the defect in our Secret Service, that security can be so lax around elected and formerly elected dignitaries? This is ridiculous. The things Donald Trump has subjected himself and his family to, for the country and her people, is beyond the pale. Impeachments, indictments, false accusations, weaponization of our institutions to “get Trump,” it is not normal for America. Where have we gone wrong that we are in such a dire situation?
A congressional investigation found that technology embedded in Chinese cargo cranes used in the United States could serve as a “Trojan horse, giving Beijing the ability to spy on port traffic and even “halt” commerce at US seaports. The report follows questions from congressional and senate leaders in the spring surrounding the use of communication equipment discovered on Chinese-manufactured cranes. The report detailed the rising threat to US maritime supply chain and national security posed by Chinese-made equipment that could be accessed by Beijing’s military.” Epoch Times
“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.”
