Optimism Index Highest Since 2022
Optimism Index highest since 2022, according to the National Federation of Independent Business (NFIB). The Small Business Optimism Index rose to 93.7 in July, its highest reading since February 2022. It’s hard to mistake this four-month string of upticks for anything other than a trend improvement in sentiment. Yet, the underlying details continue to reveal hesitancy about the demand outlook amid a cloudy economic and political landscape.
US Raw Steel Production Up from Previous Week
In the week ending August 10, 2024, US raw steel production was 1,735,000 net tons at an ACUR of 78.1 percent, this is up 0.8 percent from the previous week ending 8/3/24. Adjusted year-to-date production was 54,156,000 net tons at an ACUR of 76.5 percent.
US Drill Rigs Running Up from Previous Week
There were 588 drill rigs running in the US last week, up two rigs from the previous week, but down sixty-six rigs from one year ago. In Canada there were 217 drill rigs running, down two rigs from the previous week, up twenty-seven rigs from one year ago.
Empire State Manufacturing Business Activity Edged Lower
The Federal Reserve Bank of New York released its Empire State Manufacturing Survey results and reports business activity in August edged slightly lower in New York State, according to firms responding to the survey. The headline general business conditions index was little changed. New orders declined modestly, while shipments held steady. Firms were fairly optimistic that conditions would improve in the months ahead.
Manufacturing Business Outlook Reports Activity Softened Overall
The Federal Reserve bank of Philadelphia released its August 2024 Manufacturing Business Outlook survey results and reports manufacturing activity in the region softened overall, according to firms responding to the survey. The survey’s indicators for current general activity, new orders, and shipments all declined with the former turning negative. Firms continue to expect growth over the next six month, but expectations were less widespread this month.
Inflation fell below 3% for the first time in July, since 2021.
Thursday brought a batch of manufacturing data that was rather grim. Regional manufacturing surveys (see above) were all in contraction territory in August and industrial production fell in July with downward revisions to prior data. Well Fargo
News Headlines
A tidbit about Kamala:
Healthcare:
Ms Harris is a California progressive, and if you like your health insurance…look at the vice president’s record. Harris campaign aides are whispering that she no longer supports single-payer healthcare…she co-sponsored a bill from Vermont senator Bernie Sanders that would set up a single -payer system in the US in four years. That would toss 150 million Americans who receive health insurance at work into a new government plan, inevitably financed by ferocious tax increases across every income level…most dishonest was her claim to exempt those earning less than $100,000 from tax increases. Ms Harris proposed a stock transaction that wouldn’t put a dent in the $30 trillion over 10 years that single payer could cost under mid-range estimates…progressives have not abandoned their aim to convert US healthcare into a European entitlement system, with the attendant delays, shortages and declines in quality of care.” Wall Street Journal 08/12/24
PAY ATTENTION TO WHAT THESE LEFTISTS ARE PLANNING IN PUBLIC AND PRIVATE, TO FURTHER CONTROL YOUR LIFE AND TAKE YOUR HARD-EARNED MONEY.
Stellantis is showing what the real green-energy transition looks like: on Friday the automaker announced plans to lay off 2,450 workers in Michigan as it ramps up electric-vehicle production. As consolation, the laid-off workers will receive a generous parting gift.
Car makers are struggling to sell higher-priced cars as consumers pull back after three years of inflation. At the same time, the rich labor agreement that Stellantis, Ford, and GM struck last autumn is raising costs. The companies need healthy profits from gas-powered trucks to subsidize their money-losing EV production.
Stellantis is offering laid-off workers 52 weeks of unemployment assistance and 52 weeks of “transition assistance” plus two years of health coverage, on top of state unemployment benefits. That’s generous, but many employers won’t be able to afford such charity.” WSJ 08/12/24
Guess who will end up paying for all that? You.
Thursday August 15 marks the 79th anniversary of VJ Day, victory over Japan.
Any visitor to Stonehenge in southern England will have marveled at how prehistoric Britons managed to transport, carve and carefully arrange the large standing stones that can weigh up to 30 tons. Now it turns out one of those stones-the 6 ton altar stone-came all the way from the northernmost tip of Scotland, some 430 miles away…the revelation by a team of UK and Australia based geologists and researchers, published in the science journal Nature on Wednesday, solves one of the enduring mysteries of the famous monument. The circular stones near Salisbury in southern England are believed to have been placed in phases starting some 5,000 years ago, around 3000 BC. This is an amazing revelation for all.
“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.”
