US Oil Prices Dropped
US oil prices dropped below $40.00 a barrel Friday as increased drilling, a backup of motor fuels and continuing fears of a weak Chinese economy pushed crude to new lows.
US crude is on track for its eight-consecutive weekly loss, the longest losing streak in 29 years. Prices have not fallen this low since March 2009.
~WSJ
The August Empire State Manufacturing Survey
The survey indicates that business activity declined for New York manufacturers. The headline general business conditions survey tumbled nineteen points to -14.9, its lowest level since 2009. The New Orders and Shipments indexes also fell sharply, pointing to a marked decline in both.
US Raw Steel Production
US raw steel production rose 0.7 percent last week as mills operated at an ACUR of 73.9 percent, its highest level since early February. In the corresponding week last year mills operated at an ACUR of 80.2 percent. Thus far this year mills have produced approx. 57,000,000 tons at an ACUR of 72.6 percent, down from the approx. 60,000,000 tons produced in the same period last year, an ACUR of 78.0 percent.
American Metal Market Report
Special Bar Quality (SBQ) prices have edged lower in the wake of August scrap settlements with market participants citing a sluggish US market.”
Domestic mills are running at capacity utilization rates of anywhere from 40-60 percent as spot pricing declined gradually over the past month” said one Midwest mill source.
Business is slow, outside of automotive, the rest of the markets are slow,” he said,” and pricing has become competitive because many mills now run at low capacity rates and need sales volume.”
The Conference Board Leading Economic Index (LEI) for July
The LEI declined 0.2 percent following a 0.6 percent increase in both May and June.
The US LEI fell slightly in July after four months of strong gains. Despite a sharp drop in housing permits, the USA LEI is still pointing to moderate economic growth through the remainder of the year. Current conditions, measured by the coincident economic index, have been rising moderately but steadily, driven by rising employment and income and even industrial production has improved in recent months.”
Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board
The Federal Reserve Bank of Philadelphia Manufacturing Business Outlook Survey for August
Manufacturing activity in the region increased according to firms responding to this month’s Outlook Survey. The indicators for general activity are holding fairly steady and suggest modest growth.”
Domestic News
Are you aware that a monument to Dwight D. Eisenhower has been in the works for quite some time? The design offerings have been garbage, according to what I have read and the best news is that our politicians have spent $60 million dollars so far-and not 1 (ONE) shovelful of dirt has been turned. Now that’s bureaucracy for you.
The Dow Industrial lost 358 points on Thursday and as I am writing this on Friday it is down over 450 points, getting close to correction territory. The losses are attributed to the weak Chinese economy and the possible escalation of fighting between north and south korea….for starters. There is plenty of bad news elsewhere in the world and right here at home.
Addiy
The FDA approved Addiy a “little pink pill, often dubbed “Viagra for women” but there are “serious risks” of low blood pressure, fainting and nausea and drowsiness, especially while taken when drinking alcohol…” Well, that sounds wonderful! She is feeling really sexy… then vomits and falls asleep. Does not sound like a positive step forward to me.
Said Lenore Tiefer, clinical associate professor in the psychiatry department at New York University School of Medicine “the problem of low libido in women stems more from “hopelessness, self-critical feelings and lack of self-confidence” She said that without question, psychiatric therapy can improve these feelings in women-and their sex drives as much or more than Addyi. And, I might add, without the side effects.
Iran Nuclear Deal
Amazing…it has been reported that a “side deal” agreed to by the IAEA as part of the Iran nuclear deal will allow the control and inspections of the Parchin military base south of Tehran, to be made by, you guessed it…the Iranians! Intelligence has allegedly shown Iran conducted tests on nuclear triggering devices at that location in the early 2000’s…and now these liars will be inspecting and submitting the soil samples and pictures etc. which they deem to be reliable to submit as verification. This is beyond reason. What have these idiots gotten us in to???
ISIS
ISIS beheaded and then hung the body of a Syrian antiquities expert this week as he attempted to protect certain treasures from being destroyed or stolen by the low life scumbags. The beheadings, rapes, murders and abuse of Christians, Muslims, Yazidis continues unabated…the world watches…and does nothing. We have become so often exposed to their acts of terror that we no longer react in disgust and horror. This is not a good sign.
On Friday the WSJ reported a US military strike had killed Islamic state’s second in command earlier in the week, according to the White House. The strike near Mosul on Tuesday killed Fadhi Ahmad Al-Hayali. He was a useless piece of shit and will not be missed by anyone with any sense.
North and South Korea appear close to war as the two sides have been trading artillery fire Friday.
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.
