September Employment Report Strong Across the Board
September employment report strong across the board. Nonfarm payrolls jumped by 254k in the month (manufacturing however, lost 7,000 jobs), and job growth in August and July was revised higher. The unemployment rate dipped down by one-tenth to 4.1%. Wells Fargo
August Manufacturing ISM Reports Sector Contracted in August
The Institute for Supply Management (ISM) released its Manufacturing ISM Report on Business for August 2024 and reports activity in the manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months.
The report was issued Tuesday by Timothy R. Fiore, CPSM, CPM, Chair of the Institute for Supply Management Manufacturing Business Survey Panel:
The Manufacturing PMI registered 47.2 in August, up 0.4 percentage point form the 46.8 percent recorded in July. The overall economy continued in expansion for the 52nd month after one month of contraction in April 2020. (A manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy.)”
Fiore continues, “While still in contraction territory, US manufacturing activity contracted slower compared to last month. Demand continues to be weak, output declined, and inputs stayed accommodative.”
US Raw Steel Production Down from Previous Week
In the week ending September 28, 2024, US raw steel production was 1,646,000 net tons at an ACUR of 74.1 percent, down 3.6 percent from the previous week ending September 21, 2024.
Adjusted year-to-date production through September 28, 2024 was 66,212,000 net tons at an ACUR of 76.7 percent, down 1.7 percent from the like period last year.
US Drill Rigs Running Down from Previous Week
There were 587 drill rigs running in the US last week, down one rig from the previous week, down thirty-six rigs from one year ago. Meanwhile Canadian drillers added seven rigs, to 218, which is up twenty-seven rigs from one year ago.
Chicago Business Barometer Rose in September
The Chicago Business Barometer rose slightly by 0.5 points in September. The Barometer has been in a tight range for four consecutive months.
The marginal rise was due to two of the five subcomponents improving significantly: Order Backlogs and Employment. Meanwhile reductions in Supplier Deliveries, New Orders and Production restricted the upward move.
Texas Manufacturing Outlook Survey Reports Factory Activity Fell in September 2024
The Federal Reserve Bank of Dallas released its Texas Manufacturing Outlook Survey results for September 2024, and reports Texas factory activity fell modestly in September, according to business executives responding to the survey. The production index, a key measure of state manufacturing conditions, slipped to -3.2, with the negative reading signaling a slight decline in output from August.
Most other measures of manufacturing activity also indicated declines this month.
Perceptions of broader business conditions remained negative in September.
News Headlines
On Tuesday, the International Longshoreman’s Association (ILA) chose to go on strike, demanding large pay raises and who knows what else. The strike will close the ports on the east coast and will purportedly cost the economy about $5 billion dollars a day if it goes past a week.
The Longshoremen agreed to suspend their strike until January 15, 2025, to give the two sides time to negotiate a deal.
I understand there are some fifty thousand members in the ILA but only half actually work. Those who do not work collect their pay through a company approved rule protecting the jobs. The leader of the ILA, Dagget, has known criminal ties, made $900,000 last year, has a 76-foot yacht and he wants more money to keep his grift going for him and his friends.
The vice-presidential debate between Tim Walz and JD Vance will be televised Tuesday night. If anything of interest happens, I will report tomorrow. I do not expect much substance.
The vice presidential debate was not a fire-starter. Both participants executed political posturing. JD Vance, in my opinion, won the debate simply because Tim Walz was caught in a lie and he predicated every answer on Trump, not his differences with JD Vance. Again, all the Democrats have in their pocket is their constant attacks on Trump. The American people are tired of it after eight years of this…and they have nothing to show for it.
It was reported Tuesday morning that Iran is planning a ballistic missile attack on Israel. They are fucking with the wrong people… Iran has fired about two hundred ballistic missiles at Israel in the afternoon Tuesday. Most or all the missiles were intercepted and there was no loss of life as a result of the attack.
We lost Kris Kristofferson this week, a big loss for those who love music. RIP
We lost Pete Rose this week, baseball great, he was eighty-three, should have been in the Hall of Fame. RIP
“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.”
