Seven-Point Surge in Expectations for Better Business Conditions
Seven-point surge in expectations for better business conditions was the most substantial component improvement in October. The start of the Fed’s easing cycle appeared to give small business owners a dose of optimism in October, while expectations surrounding November’s election also likely played a role (let me tell you something, the optimism is totally due to the Trump effect, in my view. Everyone I speak with has a feeling of optimism as it relates to the election results). The NFIB Small Business Optimism Index rose 2.2 points, to 93.7, tied with July for the biggest month-over-month jump this year.
Double-digit month/month and year/year Improvements in Order Volume
Continued strong demand from contract machine shops has resulted in double-digit month/month and year/year improvements in order volume to finish Q3, with some help from automotive sector demand. Overall, down 7.7 percent from the nine-month total for 2023.
Consumer Price Index Increased in October
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis in October, the same increase as in each of the previous three months, the US Bureau of Labor Statistics reported Wednesday. Over the last twelve months, the all items index increased 2.6 percent before seasonal adjustment.
US Raw Steel Production Up from Previous Week
In the week ending November 9, 2024, US raw steel production was 1,649,000 net tons at an ACUR of 74.2 percent. Production for the week ending November 9, 2024 is down 2.3 percent from one year ago, but up 1.2 percent from the previous week ending November 2, 2024. Adjusted year-to-date production through November 9, 2024 was 75,760,000 net tons at an ACUR of 76.0 percent.
US Drill Rigs Running No Change from Previous Week
There were 585 drill rigs running in the US last week, no change from the previous week (November 1,2024), down 31 rigs from one year ago. Meanwhile, Canadian drillers capped six rigs, to 207, up eight rigs from one year ago.
Empire State Manufacturing Survey Reports Business Activity Grew Strongly in November
The Federal Reserve Bank of New York released its Empire State Manufacturing Survey results and reports business activity grew strongly in New York State in November, according to firms responding to the survey. The headline general business conditions index shot up 43 points, to its highest reading in nearly three years. New orders and shipments rose substantially. Inventories held steady.
Firms remained optimistic about the six-month outlook.
Headline News
Monday, November 11 was Veterans Day, and the 10th was the birthday of the United States Marine Corps. Thank a veteran for his or her service to our country, and tip your hat to the baddest men and women on the planet; United States Marines. Preserving freedom since November 10, 1775, 249 years.
Trump is selecting people to fill positions on his cabinet, and making wise decisions. Eight years ago, being new to the game, he picked a bunch of insiders, most of whom were fired, and rightly so. Now he has the benefit of experience, he knows the good guys and the bad guys and will avoid the bad. Now, there is always the chance a bad apple or two get into the basket, and will need to be replaced. Some people get greedy and can’t properly handle the responsibility being placed on them. I see good times ahead for the country, once Trump wins a majority in the House, we are off to the races, but time is short and there is much to do. Typically, the majority in a new administration changes at the mid-term election, at least historically. It will be necessary for legislators to work hard to pass the President’s agenda, keep from bickering about nonsense, focus on the agenda and get the job done. We can change the historical norms with success for the people.
Trump’s cabinet appointments are causing a stir in Washington. Good! Time to shake things up a bit.
Some time Wednesday night or in the early morning hours Thursday, Republicans won a majority in the House of Representatives. I believe there are six more races to call, so the lead may increase. I hope it does.
This has been a whirlwind of a week with the election sweep on the 5th. The people have spoken, and they want major, fundamental changes to the manner in which our government is run. Unfortunately, the Democrats don’t agree with this, their resistance has already begun. What a shame, their quest for power precludes the needs of the country.
“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.”
