Strongest New Home Sales Since 2006
The strongest new home sales since September 2006 are at a 1.011-million-unit pace, having risen 4.8% in August, following an upwardly revised 14.7% gain in July.
Conference Board LEI Reports Successive 3-Month Increases
The Conference Board Leading Economic Index (LEI) for the US, released 9/18 reports an increase of 1.2 percent in August following a 2.0 percent increase in July and a 3.1 percent increase in June. The Covid induced recession has ended….Typically 3 consecutive increases in the LEI after several months of declines heralds the end of a recession.
While the US LEI increased again in August, the slowing pace of improvement suggests that this summers economic rebound may be losing steam heading into the final stretch of 2020,” said Ataman Ozyildirim, Senior Director of Economics Research at the Conference Board.
“Despite the improvement, the LEI remains in recession territory, still 4.7 percent below its February level.” I will add that February’s reading was likely a high, so I do not see his statement as a threat.
Consumer Sentiment Picked Up in September
Consumer sentiment picked-up in early September as perceptions about the economy improved. Confidence remains below its pre-Covid levels but is moving in the right direction.
US Raw Steel Production Down from Previous Week
In the week ending 9/19/20 US raw steel production was 1,446,000 net tons at an ACUR of 64.5% down 0.9 percent from the previous week.
The Chicago Fed National Activity Index (CFNAI) for August
Led by some further moderation in growth of production-related indicators, the CFNAI declined to +0.79 form +2.54 in July. Two of the four broad categories of indicators used to construct the index made positive contributions in August, but all four categories decreased from July. The index’s 3-month moving average (CFNAI-MA3) moved down to +3.05 in August from +4.23 in July.
Why are there three index values? Each month, we provide a monthly index (the CFNAI), its three-month moving average, and a diffusion index. Month-to-month movements can be volatile, so the monthly index’s three-month moving average, the CFNAI-MA3, provides a more consistent picture of national economic growth. The CFNAI Diffusion Index instead captures the degree to which a change in the monthly index is spread out among its 85 indicators, averaged over a three-month period. What do the numbers mean? A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth; negative values with below-average growth (in standard deviation units); and positive values with above-average growth. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above -0.70 and the CFNAI Diffusion Index above -0.35. Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below -0.70 and the CFNAI Diffusion Index below -0.35. An increasing likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +0.70 more than two years into an economic expansion. Similarly, a substantial likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +1.00 more than two years into an economic expansion.
Fifth District Manufacturing Activity Improved in September
The Federal Reserve Bank of Richmond released its Fifth District Survey of Manufacturing Activity for September 2020 and reports manufacturing activity in the Fifth District improved in September. The composite index climbed, buoyed by increases in the indicators for new orders and employment. Shipments decreased but did remain positive.
Supreme Court Justice Ruth Bader Ginsburg Passed
Supreme Court Justice Ruth Bader Ginsburg passed over the weekend, the Democrats had immediate diarrhea and attacks of vomiting. This will turn into a real shit show. Thing is, the Constitution mandates the power to nominate a replacement to the President. Nowhere in the Founding document does it mention a time or a month or an event which precludes the President from making such a nomination. Take your ball and go home Democrats, you are a collection of cry-babies. The law is the law and it will be followed, as it should.
Zero-Emissions Passenger Cars by 2035 in California
California Governor Gavin Newsom signed an executive order requiring all passenger cars sold in the state to be zero-emission vehicles by 2035. Idiot…
The blatant lying continues: In the case of Breonna Taylor’s death, the jury charged one officer (a nod to the protestors) with a charge of “wanton endangerment” relating to her neighbors, no murder charges were filed. The lie perpetrated by BLM and other activists was that she was the victim of a “no-knock warrant,” which is a lie. The officers had a warrant for HER arrest, they did announce themselves prior to entering. Miss Taylor stood behind her boyfriend, another criminal, as he fired on police. The police returned fire, wounding the shooter but Breonna suffered fatal injuries.
Last night in Louisville the riots began. Two police officers were shot and wounded.
The violence which is instigated by the left always comes PRIOR to the truth. Personally, I am sick and tired of this horse shit, as I am sure are many Americans. At some point, good people will reach the end of complacency against the lawlessness which we see in our cities, towns and streets, shots will be fired, bad people will be killed or wounded, along with innocent people protesting against perceived injustice. That will be unfortunate for the innocents, none of whom would be there if they knew the facts. The communists keep pushing and pushing, it is evident their desire to overthrow our government knows no bounds, they must be stopped, crushed. This movement is not unlike the battle we continue to wage against radical islamists.
As an American citizen, how do you want our country to move forward for you and your family:
SECURE BORDERS? OPEN BORDERS?
MORE GOVERNMENT? LESS GOVERNMENT?
A STRONG MILITARY? A WEAK MILITARY?
LESS TAXATION? MORE TAXATION?
LESS GOVERNMENT REGULATION? MORE GOVERNMENT REGULATION?
FAIR TRADE AGREEMENTS? QUID PRO QUO TRADE AGREEMENTS?
PROPER CARE FOR OUR VETERANS? DON’T CARE FOR OUR VETERANS?
MERIT BASED IMMIGRATION? THE SHIT WE HAVE NOW?
RESPONSIBLE HELP FOR THE POOR? THROW MONEY AT THE PROBLEM?
TEACH AMERICAN HISTORY TO OUR CHILDREN? ERASE AMERICAN HISTORY?
RESPECT OUR FLAG? DON’T GIVE A SHIT?
SAY THE PLEDGE OF ALLEGIANCE IN SCHOOL? WHAT IS THAT?
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”
“KEEP AMERICAN 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.”