Highest Reading Since November 2023
Highest reading since November 2023, the Chicago Business Barometer increased 12.0 points in June. This is the first monthly rise after six consecutive monthly declines, making this month’s reading the highest since November 2023. All five subcomponents rose with New Orders leading the improvement.
ISM Reports Manufacturing Contraction in June
The Institute for Supply Management (ISM) released its June 2024 Manufacturing ISM Report on Business and reports manufacturing activity contracted in June for the third consecutive month, and the nineteenth time in the last 20 months, say the nation’s supply executives.
The Manufacturing PMI registered 48.5 percent in June, down 0.2 percentage point from the 448.7 percent recorded in May. The overall economy continued in expansion for the 50th month after one month of contraction I April 2020. A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates expansion of the overall economy.” Timothy R. Fiore, CPSM, CPM, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
US Raw Steel Production Down from Previous Week
In the week ending July 6, 2024, US raw steel production was 1,695,000 net tons at an ACUR of 76.3 percent, down 1.5 percent from the previous week. Adjusted year-to-date production was 45,569,000 net tons at an ACUR of 76.4 percent, down 2.7 percent from the same period last year.
US Drill Rigs Running Up from Previous Week
There were 585 drill rigs running in the US last week, up four rigs from the previous week, down 95 rigs from one year ago. Meanwhile, Canadian drillers shut one rig down, to 175, no change from one year ago.
CPI Declined
The Consumer Price Index (CPI) declined 0.1 percent, led lower by a drop in energy prices and a modest increase in food prices. This is arguably the most encouraging report the FOMC has received since it began its inflation fight nearly two and a half years ago.
Small business sentiment remains sour amid a downshift in economic momentum. The NFIB Small Business Optimism Index improved modestly in June; however, high uncertainty and poor economic outlooks have cemented the index below its 50-year average.” Wells Fargo Economics
News Headlines
I am sure most or all of you witnessed the Trump-Biden debate last week. We are in big trouble as a nation. Biden is unfit to execute the extreme responsibilities of his office. It is abundantly apparent. I am quite sure our world enemies saw this as well. What do you believe they are thinking at this moment? The fact that this president’s entire family and staff, and the mainstream media have been covering for him for all this time is a crime. Putting the retention of power over our country is unacceptable. We have an opportunity to begin turning this around in November. The choice in the voting booth will reverberate for years to come. Make the right choice…and it isn’t Joe or Kamala.
As you know, Biden is having what is labeled as a “big boy” news conference Thursday evening at 6pm. Does that mean he doesn’t know the questions? Has not been told who to call on? No teleprompter? No coaching, no earpiece for the same? It should be interesting.
Biden came through the news conference with only a few blunders. Still the fact remains, he is not capable of leading this country into the future for the next four years, and really should not be permitted to finish this term.
“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.”
