US LEI Increased 0.3% in June
The Conference Board Leading Economic Index was released on Thursday and reports the LEI increased 0.3 percent in June following a 0.2 percent decline in May and a 0.5 percent increase in April.
The US LEI increased in June, reversing its May decline. Improvements in initial claims for unemployment insurance, building permits and financial indicators were the primary drivers. While the LEI continues to point to moderating economic growth in the USA through the end of 2016, the expansion still appears resilient enough to weather volatility in financial markets and a moderating outlook in labor markets.
US Raw Steel Production Rose 2 Percent Last Week
US raw steel production rose 2 percent last week as mills operated at an ACUR of 74.7 percent. In the corresponding week last year mills operated at an ACUR of 73.2 percent. Thus far this year mills have produced prox 49,000,000 tons at an ACUR of 72.5 percent, down from the prox 49,500,000 tons produced in the like period last year, at an ACUR of 72.3 percent.
Manufacturing Business Outlook Survey for July Reports Manufacturing Activity Fell
The Federal Reserve Bank of Philadelphia released its Manufacturing Business Outlook Survey for July and reports manufacturing activity in the region fell slightly during the month. The survey’s index of future activity improved slightly.
Chicago Fed National Activity Index (CFNAI) Rose in June
Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.16 in June from -0.56 in May. Three of the four broad categories of indicators that make up the index increased from May and two of the four categories made positive contributions to the index in June. The index’s three-month moving average (CFNAI-MA3) increased to -0.12 in June from -0.39 in May. June’s CFNAI-MA3 suggests growth in national economic activity was slightly below its historical trend.
What do the numbers mean? When the CFNAI-MA3 value moves below –0.70 following a period of economic expansion, there is an increasing likelihood that a recession has begun. Conversely, when the CFNAI-MA3 value moves above –0.70 following a period of economic contraction, there is an increasing likelihood that a recession has ended.
When the CFNAI-MA3 value moves above +0.70 more than two years into an economic expansion, there is an increasing likelihood that a period of sustained increasing inflation has begun.
Blue Lives Matter
Another shooting over the weekend, once again in Baton Rouge, Louisiana: Seven officers were shot and three were killed. The gunman was identified as Gavin Long, a 29 year old African-American man. This guy was a former US Marine sergeant, according to a person briefed on the investigation. He was from Kansas City, MO., and was affiliated with an anti-government group. A MARINE, I cannot believe it! This man served this country and likely lost some comrades in arms. What a shame that all of this anti-American propaganda has taken the life of one of our soldiers and several of our police officers. Semper Fidelis
This venom against our safety forces is madness, I expressed that in last week’s View along with what I believe are some of the reasons behind these atrocities. Somehow, someway the American people must regain their sense of morality, to be part of the solution and not part of the problem. Doing nothing is not acceptable.
We continue to hear these words but hearing and doing are two different things. Common sense action must be taken by ALL Americans. We must show respect for our peace officers, for as I have said, they are the last line of defense between peace and chaos. BLUE LIVES MATTER
RNC in Cleveland
I don’t know about you but I was and continue to be, impressed by the message presented to the American people during the 4 days of the Republican National Convention gathering in my home town of Cleveland, Ohio this week as Republicans overwhelmingly confirmed Donald J. Trump their as their nominee for president in the upcoming general election. Mr. Trump’s daughter Ivanka made a superior presentation speech about her father, her relationship with him, what she has learned from him and his dedication to America and her people. Followed by Donald Trump himself, who spoke for over an hour in a rousing, impassioned speech that should galvanize conservatives and should also cause democrats and independents to think seriously about the choices they face in November.
The legacy of Hillary Clinton: “death, destruction, terrorism … and weakness.” This statement is right on point about crooked Hillary and her ne’er do well husband (?) Bill.
Friday PM: Multiple people were killed and others injured as three men with long guns opened fire in Munich Germany’s city center. The police are conducting a dragnet search for these creeps right now.
Hey, let’s have open borders and let anyone come in who wants to. Are you kidding me? “We don’t want them in our country!”
“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.
Remember these tidbits as the election cycle grinds on:
- Fast & Furious-Americans killed by guns supplied to the drug cartels…by the Department of Justice-Eric Holder presiding. The president was clueless. No one held accountable
- Benghazi: Four Americans killed in an assault described as the result of a viral video. This was proved to be a false narrative. This was in fact, a planned act of terror. The president was clueless. No one even knows where he was as this went down. No one held accountable
- “At this point, what difference does it make?” Hillary Clinton as Secretary of State
- The IRS targeting of conservative groups and individuals. No one held accountable, Lois Lerner is on paid vacation and has refused to testify. The president was clueless. No one held accountable
- Hillary using a private server for correspondence during her term as Secretary of State against the orders of the president. She thought “it would be more convenient…” Though the records were due when she left office, they were not submitted, subpoenas were issued, which she ignored for two years. Finally, she released 30,000 of some 60,000 alleged emails then she deleted the rest of the emails and will NOT turn over the server for investigation.