June Business Activity Rebounded Strongly in New York State
Business activity rebounded strongly in New York State according to firms responding to the Federal Reserve Bank of New York Empire State Manufacturing Index Survey for June. The headline general business conditions shot up to its highest level in more than two years. The New Orders index increased and the shipments index also increased as well as the inventories index, foretelling a rise in inventory levels.
A.M. Castle Commences Voluntary Chapter 11
A.M. Castle & Co has received support from the vast majority of its secured creditors for its prepackaged joint Chapter 11 restructuring plan…
We intend to file our plan with the court in Delaware shortly and anticipate that it will be approved later this summer, hopefully within 45 to 60 days of the filing.” Said Steve Scheinkman, CEO. AMM
US Drill Rigs Running Increase Again Last Week
The number of drill rigs running in the US increased by 11 last week, led by Oklahoma (5) and New Mexico (4) as Canadian drilling surged by 33 rigs compared with the previous week. AMM
Short Term Interest Rates Increased .25%
The Fed raised short term interest rates by a quarter percentage point and expect to raise them one more time this year.
US Raw Steel Production Slipped
US raw steel production slipped 1.8 percent last week as mills operated at an ACUR of 73.7 percent. In the corresponding week last year mills operated at an ACUR of 75.1 percent. Thus far this year mills have produced prox 40,000,000 tons compared to the prox 39,000,000 tons produced in the like period last year.
The Federal Reserve Bank of Philadelphia Manufacturing Business Outlook Survey for June Reports Continued Expansion in the Region
The Federal Reserve Bank of Philadelphia released its Manufacturing Business Outlook Survey for June reports manufacturing continues to expand in the region. The diffusion index for general activity fell from its May reading but remained positive and continues to reflect growth.
Current indicators reflect continued growth though the index did decrease but has been positive for eleven months.
GM Summer Shutdown
General Motors said Thursday it will extend its summer shutdown at certain US plants due to slumping sales and bloated inventories. WSJ…Not good sign for SBQ bar.
Political Shooting
Wednesday morning, James T. Hodgkinson opened fire at Republican lawmakers practicing for a charity baseball game in Virginia. Rep. Steve Scalise, a top House Republican is in stable condition after being shot once in the hip, a congressional aide and at least one law enforcement officer were also wounded before the shooter was hit. The piece of shit died later in the day.
Current research reveals he was a Trump hater, a Bernie Sanders supporter and generally a left wing radical nut case. Good riddance. Pray for peace…prepare for war… This, in my view, is the result of the non-stop attacks, lies, innuendo and other bullshit directed at President Trump and his administration and perpetrated by elected Democrats and the mainstream left leaning media.
It is reported Thursday that Representative Scalise is in critical condition. Our prayers go out to him and his family for a speedy and complete recovery. Most people seem to agree that the divisive rhetoric, unsubstantiated news stories, unsubstantiated Democrat talking points aimed to obstruct and resist the Trump administration has resulted in this tragedy. The blood of Steve Scalise and those wounded is on their hands.
It is reported Friday that a military strike has killed that piece of shit Baghdadi, ISIS leader, along with 30 other high ranking pieces of shit. Another good riddance.
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform Entitlement Reform
Business Tax Reform Education Reform
Healthcare Reform X rollback begun Veterans Administration Reform
Rebuild our Military Trade Reform
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS X 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@ : rhb@summitsteel.com
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.”
