Retail Sales Rose in June
Retail sales rose 0.5 percent in June and May’s gain was revised up from 0.8 to a whopping 1.3 percent.
Monday’s report of another increase in business inventories in May is in-line with our expectation for Q2 GDP to get a boost of nearly ½ percentage point from inventories.” Wells Fargo
July 2018 Empire State Manufacturing Survey Reports Brisk Business Activity Growth
The Federal Reserve Bank of New York released its July 2018 Empire State Manufacturing Survey and reports business activity continued to grow at a fairly brisk pace during the month. The headline general business conditions index edged down by over 2 points but remains at a high level, suggesting a continuation of robust growth.
Sec 232 Tariffs’ Effects
Cold finished special bar quality (SBQ) prices in the US have moved up, with the Sec 232 tariffs starting to limit imported product from European and Asian countries as well as Canada. Prices have risen for cold finished carbon and alloy bar from about 1.5% to 3.2% depending on grade.
The Sec 232 tariffs are being felt in the sense that there is SBQ supply from Canada that would be beneficial to users but that the market has now been cut off, a second distributor said, but indicated that the overall impact is relatively muted since there are “enough domestic options in the States to fulfill demand.”
A third distributor agreed.
In the grand scheme of things, its not a huge increase,” this distributor said of the emerging pricing impact from the Section 232 tariffs. “I don’t think its an issue at this point other than that it’s an increase.”
Overall, sources indicated healthy demand with varying lead times.” American Metal Market (AMM)
Industrial Production Index Reached a New High in June
The Industrial Production Index rose 0.6% in June, reaching a new high of 107.7. Much of the improvement was owed to a 0.8 percent rebound in manufacturing output. Wells Fargo
US Raw Steel Production Eased Back Last Week
US raw steel production eased back 0.5 percent last week as mills operated at an ACUR of 76.1 percent. In the corresponding week last year mills operated at an ACUR of 74.3 percent. Thus far this year mills have produced prox50,000,000 tons compared to the prox 48,000,000 tons produced in the like period last year.
Leading Economic Index (LEI) for June Reports the Index Increased
The Conference Board released its Leading Economic Index (LEI) for June and reports the index increased 0.5 percent following no change in May. The renewed strength in the LEI signals continued growth in the second half of 2018.
Federal Reserve Bank of Philadelphia Manufacturing Business Outlook Survey for July 2018 Reports Continued Expansion
The Federal Reserve Bank of Philadelphia released its Manufacturing Business Outlook Survey results for July 2018 and reports regional manufacturing activity continued to expand. All broad indicators remained positive with the general activity and new orders indexes improving in the month. Expectations for the next six months continued to moderate but remain positive overall.
My view on the Helsinki Summit: It was a good thing for President Trump to meet with President Putin. Would it not be better to have good relations with a current adversary? We should not even have to ask that question for the answer is common sense and as plain as the nose on your face.
But no, all the swamp creatures, on the left and the right, try to make our president appear weak and feckless when he is in fact, quite the opposite. Let us not forget it is a mid-term election year and the idiots in office will sling as much crap as they can.
We do not know what was said in the private meeting, what progress or steps toward real progress may or may not have been made. Why guess? Why assume something when you know nothing?
All these geniuses in the press and in Washington expected the president to give Putin a good thumping…really? Had he done that, they would be saying he should have done what he did. I think you accomplish more with a conciliatory tone than with demands of this or that in a situation like this.
The president cannot win with these morons, nor should he try to placate them. His ideas are right on, he needs to stay the course and aim to do what he knows is right and good for the United States and the American people. That is why we elected him. That is why we must vote conservative this November and in 2020. There is way too much to lose to let leftists gain power in Washington again. Think about it.
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform XX Entitlement Reform
Business Tax Reform XX Education Reform X
Healthcare Reform Veterans Administration Reform X
Rebuild our Military X Trade Reform X
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor XX Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS XX Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“MAKE AMERICA GREAT AGAIN”
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.”