Raw Steel Production Higher than Year Ago
US raw steel production higher than year ago. In the week ending October 14, US raw steel production was1,695,000 net tons at an ACUR of 73.8 percent. The current week’s production, oddly enough, was 3.1 percent higher than one year ago, and is down 0.2 percent from the previous week.
Other Economic Indicators
The US industrial sector continues to wobble amid the unfavorable mix of regulation and heightened economic and geopolitical uncertainty. The 0.3% gain in industrial production in September continues a recent seesaw trend in monthly manufacturing activity. Wells Fargo
The housing market continues to cool alongside the recent run-up in borrowing costs. Existing home sales declined 2.0% to a 3.96-million-unit pace during September-the fourth straight monthly drop and the slowest pace of re-sales since 2010. Wells Fargo
The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period in 2008. Sales of previously owned homes in 2023 are expected to dwindle to a rate not seen since at least 2011, when the US population was smaller and the country was recovering from one of the worst housing crises ever, according to many economist forecasts. Sales rates are not likely to pick up next year.” WSJ
Empire State Manufacturing Activity Edged Lower in October
The Federal Reserve Bank of New York released its October Empire State Manufacturing Survey results and according to executives responding to the survey, business activity edged lower in the month. The headline general business conditions index fell seven points to -4.6. new orders fell slightly, while shipments were little changed.
US Drill Rigs Running Up from Previous Week
There were 622 drill rigs running in the US last week, up three rigs from the previous week, down 147 rigs from one year ago. Meanwhile, Canadian drillers opened thirteen rigs, to 193, which is down twenty-three rigs from one year ago.
Firms Expect Overall Growth for Next Six Months
The Federal Reserve Bank of Philadelphia released its October 2023 Manufacturing Business Outlook Survey results and reports manufacturing activity in the region was mixed, according to firms responding to the survey. The survey’s indicators for general activity remained negative, while the indicators for new orders and shipments were positive, but low. Firms continue to expect growth overall for the next six months, but most future indicators declined.
LEI Declined in September 2023
The Conference Board Leading Economic Index (LEI) for the US declined by 0.7 percent in September 2023, following a decline of 0.5 percent in August. The LEI is down 3.4 percent over the six-month period from March-September 2023, an improvement from the 4.6 percent contraction in the previous six-month period from September 2022 to March 2023.
The LEI for the US fell again in September, marking a year and a half of consecutive monthly declines, since April 2022,” said Justyna Zabinska-LaMonica, Senior Manager, Business Cycle Indicators, at the Conference Board.
In the meantime, the Marxists continue in their quest to destroy Donald Trump, the vitriol displayed by them is disgusting. Last week I listed some of the benefits President Trump brought to our country. He helped all Americans, and we need his vision, strength, and leadership once again. Like the Jewish people getting ready to destroy the vermin, Hamas, and likely Iran, which funds all of this, the Marxists must be removed from our country for they are destroying her, our beautiful America.
On Tuesday an errant Hamas rocket hit a hospital in Gaza, and has killed five hundred civilians, naturally, Hamas blames the Jews, their lies do not hold water.
Our strategic petroleum reserve (SPR) is down some 45% thanks to Biden selling it, and yet he will not unleash drilling in the USA. Think about it, another reason to rid ourselves of these Marxist idiots.
No one will say it, but I will tell you that our economy is IN recession and has been for at least a year and I will tell you something else; the way the Biden administration has fucked up our country, in all respects is about to be paid for by the American people, and it ain’t gonna be pretty, for anyone…except the bastards who have caused it, and they don’t give a shit about anyone but themselves and their greedy friends.
Friday morning, as the world sits literally on the brink of a World War, the idiots in the House of Representatives cannot get their shit together enough to elect a speaker of the house. It is a disgusting display from our elected lawmakers. I mean really, the House is closed for business while all of this shit is going on in the world?
The woke idiots in our universities of higher learning (?) are demonstrating against Israel across the country. It is unbelievable that this kind of hate exists in America. Aside from the wealth of good they have brought to the world in science, music, literature, medicine, industry and on and on, what have they done that is so bad. I really doubt anyone could answer the question truthfully. These are the people that will be in control of the world in the coming years. Another disgusting display by the left, who despite evidence to the contrary, blame the Jewish people for the rocket which killed some five hundred Palestinian and Arab hospital patients. That they do not stop, despite the contrary evidence is a symptom of a cancer in our society, namely, the leftist, Marxist Democrats.
“MAKE AMERICA GREAT AGAIN”
“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.”