LEI Below Recession Threshold Over a Year
LEI below recession threshold over a year fell again in June, down 0.7%. This marks the 15th consecutive monthly decline.
Total housing starts declined sharply during June, partially reversing May’s robust gain. The drop was broad-based, with both single-family and multifamily production pulling back during the month.
Business Activity Held Steady in New York State
The Federal Reserve Bank of New York released its July 2023 Empire State Manufacturing Survey results and reports business activity held steady in New York State, according to firms responding to the survey. The headline general business conditions index fell six points. New orders inched up and shipments expanded.
US Raw Steel Production Up from Previous Week
In the week ending July 15, 2023, US raw steel production was 1,716,000 net tons at an ACUR of 75.5 percent, up 0.3 percent from the previous week ending July 8.
US Drill Rigs Running Down from Previous Week
There were 675 drill rigs running in the US last week, down five rigs from the previous week. This is 81 rigs below those running one year ago. Canadian drillers added twelve rigs, to 187, down four rigs from one year ago.
Manufacturing Activity Declined Overall
The Federal Reserve Bank of Philadelphia released its July 2023 Manufacturing Business Outlook Survey and reports manufacturing activity in the region continued to decline overall, according to firms responding to the survey. The survey’s indicators for general activity and new orders remained negative. Furthermore, the index for shipments declined and turned negative. Most future indicators improved, suggesting more widespread expectations for overall growth over the next six months.
News Headlines
The whistle blower interrogation by the House Oversight Committee, to investigate the Biden crime family was actually an attack on Donald Trump by the Democrats on the committee. They do not investigate the information the FBI agents gathered about these crimes. It’s a joke with these people. The Republican members are asking relevant questions, as they should. The Democrats have no intention of investigating the Biden crime family. The evidence is so overwhelming yet all they do is attack Trump, who has been out of office for 3 years, they are so afraid of him that they just attack, attack, in an attempt to besmirch his name. Incredibly sad for our country.
Here is a good one: the Inflation Reduction Act has spurred $110 billion in US clean-energy projects since it passed nearly a year ago. You might think most, or all the money would go to American companies, but no, analysis shows companies based in Japan, South Korea, and China account for more than 60% of the spending. Fifteen of the twenty largest investments, nearly all in battery factories, involve foreign businesses.
These overseas manufacturers will be able to claim billions of dollars in tax credits, making them among the biggest winners from the climate law. WSJ
My God! How little do my countrymen know what precious blessings they are in possession of, and which no other people on earth enjoy!” Thomas Jefferson
On Friday we learned Tony Bennet passed away at the ripe age of 96 years. Probably the last of the musical crooners of the 40’s and 50’s though his career was lifelong. I loved his voice. RIP
On Thursday the Marxists had a special committee hearing on the censorship of speech, the target of which was Robert F. Kennedy, Jr. during the hearing, the Marxists did all they could to silence RFK, who has mounted a campaign to run against Biden in November 2024 for the presidency. These people are like a pack of rats, they move together, eat and sleep together, plan against the USA together. Meaning? Joe is their guy, and no one can step on his toes. They stick together, no matter the issue, I wish I could say the same for conservatives.
To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
“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.”
