LEI Notched Positive Gain – First Time in Twenty-Three Months
LEI notched first positive gain in 23 months. The overall signal in the Conference Boad Leading Economic Index is still historically consistent with recession, but the tide may be beginning to turn.
The persistent recessionary signal from the LEI should not yet be completely waved away. In paraphrasing a comment by Fed Chair Powell in last week’s post-meeting press conference , we must “be careful about dismissing data that we don’t like.” While the risk of recession has certainly abated over the past year as the economy has withstood monetary tightening much better than most initially anticipated, the risk of contraction remains elevated.
US Raw Steel Production Down from Previous up from Previous Week
In the week ending March 30, 2024, US raw steel production was 1,718,000 net tons at an ACUR of 77.5 percent, up 1.1 percent from the previous week ending March 23, 2024
US Raw Steel Production Down from Previous Week
In the week ending March 23, 2024, US raw steel production was 1,703,000 net tons at an ACUR of 76.7 percent, down 0.6 percent from the previous week ending March 16, 2024
Manufacturing Activity Slowed in March
The Federal Reserve Bank of Richmond released its Fifth District Survey oof Manufacturing Activity results and reports manufacturing activity slowed in Mach.
The February durable goods report showed a partial reversal of January’s weakness, though we’d say it’s still consistent with a stalling manufacturing sector. We expect we are a few months way from a gradual pickup in activity.” Wells Fargo Economics
US Drill Rigs Running Down from Previous Week
There were 621 drill rigs running in the US last week, down three rigs from the previous week, down 134 rigs from one year ago. Canadian drillers shut 18 rigs, to 151, down eighteen rigs from the previous week, up twelve rigs from one year ago.
News Headlines
On Thursday, the idiot in the Oval office demanded Benjamin Netanyahu to cease fire in Gaza and threatened a change in policy toward our best ally in the Middle East. That is akin to a sovereign country demanding the United States not invade Normandy on D-Day, is it not? In World War II more civilians were killed than military personnel. It is war, you do the best you can to minimize civilian casualties. That Hamas uses the Gazan people as human shields is on them, not Israel.
“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.”
