Housing starts rose 4.8% in June to a 1.189 million annualized rate. Building permits rose 1.5% to a 1.153 million annual rate.
Redbook reports that last week’s retail sales growth plunged to 0.4% on a year-ago basis, from the previous week’s already-soft 0.8%.
And that’s despite this administration doing everything in its power to impede this:
Hydrocarbon trade between the Middle East and the United States has historically been something of a one-way street, as petrostates have made billions selling off their prodigious oil reserves and Qatar has solidified its position as the world’s largest exporter of liquified natural gas (LNG). But the American shale revolution is shaking up the status quo, and two recent shipments of LNG have recently punctuated that shift. . . .
A decade ago, the United States was busy building massive, costly LNG import facilities along its Gulf Coast. What a difference ten years and an energy revolution can make, as those import projects have been idled in favor of export terminals, where workers are chilling America’s substantial stores of shale gas into liquid form and sending them off to ports around the world. The first shipment went to Brazil, but since then cargoes have made their way to Europe and, now, the Middle East.
Like its oil counterpart, the global LNG market is well supplied at the moment, with Qatar and Australia already exporting larger and larger volumes while the United States looks to become a major player in the coming years as more export terminals come online. It’s a buyer’s market, too, as prices have steadily come down both as a result of contracts that have included linkages to oil prices (which are today less than half of what they were two years ago) as well as sluggish demand coupled with surging supplies.
Selling LNG to Kuwait and Dubai won’t suddenly make the Middle East beholden to U.S. suppliers, but it does signal an important and ongoing change in global energy dynamics. And, as more Middle Eastern countries look to derive less of their electricity from costly and relatively inefficient oil-fired power plants, LNG demand should rise in the region. If and when that happens, there will be plenty of producers here in the United States willing to step up and subvert the traditional energy flows between the Middle East and America.
Capitalism, risk taking and innovation are the reason this is happening. Government was an impediment because government was sure it had a better way, despite the evidence to the contrary.
Government picking the “winners and losers” in an economic situation is simply another form of socialist tyranny, where it acts as though it is the owner of the means of production and rewards the industries it backs while finding ways to punish those in disfavor. Thankfully, at least in this case, government – specifically the Obama administration – has been out maneuvered by the shale industry and it’s favored industries have all but gone bust.
More irony – the administration tries at every opportunity to take credit for the hydrocarbon boom in the US.
There’s a coup in Turkey, and we don’t know how it’ll turn out…but probably badly. Another terrorist attack occurred in Nice, France. Also, Driving While Black is a real thing, but some people just need to be shot by cops. Oh, and we should distribute income better.
This week’s podcast is up on the Podcast page.
Consumer prices rose 0.2% in June, both overall, and with prices less food and energy—the so-called core rate. On a year-over-year basis, the CPI is up 1.0% overall, and 2.3% at the core.
Retail sales rose 0.6% in June, with sales less less autos up 0.7%, and sales less autos and gas up 0.7%.
Industrial production rose 0.6% in June, while capacity utilization in the nation’s factories rose 0.5% to 75.4%.
The Empire State Manufacturing Survey fell from 6.01 to 0.55 for July.
Business inventories rose 0.2% in May, while a 0.2% sales increase kept the stock-to-sales ratio at 1.40.
The University of Michigan’s Consumer Sentiment Index fell a sharp -4.0 points to 89.5 in the preliminary July reading.
We were told this was something which would never happen:
On Monday the Bonneville County Sheriff’s Office responded to the Ammon Target store where an adult female says a person taking pictures of her while she was inside a changing room trying on clothes. The woman noticed the person reaching over the wall of the changing room with a cell phone to take pictures. The victim confronted the subject who ran from the store.
Detectives interviewed witnesses and security footage from Target which led them to 43-year-old Sean Patrick Smith, who also identifies as Shauna Patricia Smith, a transgender female. After interviewing Smith she was taken into custody by Detectives and booked into the Bonneville County Jail for one felony count of voyeurism.
Like I’ve said many times, leftists get an “F” in “Human Nature 101”.
Laugh of the week from one of the most irony impaired women on the planet:
Hillary: “Can you imagine electing a vindictive man who might … send the IRS after his critics?”
And, of course, Legal Insurrection has it right:
Hillary has one thing going for her here. The media has pretty much abandoned all reportage of the IRS targeting scandal. How many average Americans even know Obama used the IRS to silence tax paying Americans in the run up to the 2012 election and got away with it?
I don’t know about you, but I can certainly imagine a vindictive Hillary Clinton doing exactly what she’s trying to project on Trump.
All you need to know about the lie that is ObamaCare:
Say, Mr. Obama, where’s that $2,500 dollars of savings you promised we’d all experience if we went along with your scam?
Had enough of Barry in the White House? Well, if Hillary has her way, he may have a new lifetime community organizing gig in his future:
At a campaign event in Iowa Tuesday, Mrs. Clinton told the crowd the next president may have to appoint up to three Supreme Court justices. When one attendee mentioned Mr. Obama as a contender, she seemed excited by the recommendation.
“Wow, what a great idea. No one has ever suggested that to me, I love that, wow,” Mrs. Clinton said. “He may have a few other things to do, but I tell you, that’s a great idea.
“I mean, he’s brilliant, he can set forth an argument and he was a law professor,” she added. “So he’s got all the credentials, but we would have to get a Democratic Senate to get him confirmed.”
If you think he’s taken a wrecking ball to your liberties these past 8 years, make sure he ends up on the Supreme Court. He’ll make the last 8 years seem like a walk in the park as concerns your freedom and the Constitution.
Law professor – ha!
Nice, France. Ban assault trucks … no one needs a truck that big. Enough said.
Your “feel good” story of the week. A kid who wants a college degree badly and the town which rallied to help make that a reality. Oh, and a cop is featured in this and he doesn’t even shoot the kid, even though he’s black.
Have a great weekend.
Producer Prices for Final Demand jumped 0.5% in June, with PPI-FD less food and energy up 0.4% and up 0.3% less trade services. On a year-over-year basis PPI-FD is up 0.3% overall, 1.3% less food and energy, and 0.9% less food, energy, and trader services.
Initial weekly jobless claims were unchanged at 254,000. The 4-week average fell 6,000 to 259,000. Continuing claims rose 32,000 to 2.149 million.
The Bloomberg Consumer Comfort Index rose a sharp 1.2 points to 44.7 in the latest week.
The Fed’s balance sheet rose $1.6 billion last week, with total assets of $4.472 trillion. Reserve bank credit rose $1.9 billion.
The Fed reports that M2 money supply rose by $27.0 billion in the latest week.
June import prices rose 0.2%, while export prices jumped 0.8% on petroleum price increases. On year-over-year basis, import prices have fallen -4.8% while export prices have dropped -3.5%.
The US Treasury posted a $6.3 billion surplus in June but the government’s fiscal year deficit is up 27% to $400.9 billion vs $316.4 billion this time last year.
The Fed’s Beige Book today reported that 11 of 12 Fed districts are reporting only modest to moderate economic growth.
The Atlanta Fed Business Inflation Expectations report showed 12-month inflation expectations fell -0.1% to a 1.7% annual rate.
The MBA reports that mortgage applications rose 7.2% last week, with purchases unchanged but refis up 11.0%.
So much for honoring 5 slain police officers. Oh, Obama started out alright, but then he just couldn’t help himself. He had to slip into ideological mode and tell a whopper of a lie to try and get it headed around the world before the truth could put on its shoes. The lie?
“It’s easier for a teenager to get his hands on a Glock than a computer…or even a book.”
Is it? Really? This is rhetorical garbage presented as “the truth”. It is a base assumption you are supposed to swallow so when he says you need to give up your right to arm yourself in self defense, you will assume it is “for the children”.
The truth? To get a book, all you need is the price of one or, if that’s not available, there are libraries which will give a child a book to read for just showing a library card. I’m sure he’s heard of them. And, as for a computer, again, it’s a price thing – come up with the money, get the computer. Ironically, most libraries also have public computers.
But, and he might not know this, they won’t check out a Glock to you.
No, that process involves just a bit more work. First you have to be 18 to even be considered as eligible to buy a gun. Then, there’s that price thing again, not to mention a federal background check. Hmm … I’ve never had a federal background check to buy a computer nor was I required to get one to buy a book.
Like most other things this man says, it is falsifiable nonsense. It’s propaganda. It’s the big lie, told often enough to be believed by low information citizens, especially on the left. It is a false trail diverting the country from the real problem, a problem he has been instrumental in enabling.
Why couldn’t he just be a president for a day and join the country in mourning 5 officers who did gave their lives protecting others from a murderer?
The Fed’s Labor Market Conditions index improved, but couldn’t make it it into positive territory in June, rising from -4.8 to -1.9.
The Labor Department’s JOLTS survey fell sharply to 5.500 million job openings in May, down from April’s revised 5.845 million.
NFIB’s Small Business Optimism Index rose 0.7 points to 94.5 in June, the third straight monthly increase.
Wholesale trade inventories grew 0.1% in May, while a 0.5% sales increase lowered the stock-to-sales ratio from 1.36 to 1.35.
Redbook reports that last week’s retail sales growth rose to 0.8% on a year-ago basis, from the previous week’s 0.6%.