Improved Week in Review

Home sales, manufacturing, & more

This light-on-economic-data week brought us updates on home sales (both new and existing), a few manufacturing surveys, durable goods orders, and more.

Monday

TSA Checkpoint Travel Numbers

Summer travel stayed hot this week, according to TSA data, with air travel remaining about 1-2% above year-ago levels. This is a good sign for the consumer side of the economy. Keep in mind that that's the part of the economy that needs to hold up to avoid recession, and it's holding up!!

Baker Hughes Rig Count & EIA Oil Production

The number of active U.S. oil rigs fell for a fifteenth consecutive week and is down approximately 14% since the initial Liberation Day tariffs were announced in early April.

Perhaps unsurprisingly, U.S. oil production fell last week and is at its lowest level since a particularly frigid week last November.

Gas Prices & Diesel Prices

Gas prices were flat this week. Diesel prices rose again and are at their highest level since the same week last year.

Tuesday

Richmond Fed Manufacturing Index

Manufacturing activity in the Richmond Fed district (SC, NC, VA, WV, MD, and DC) contracted in July, and expectations for future capital expenditures are particularly bleak. The survey failed to discuss the Orioles, but their outlook is also particularly bleak as we approach the MLB trade deadline.

Wednesday

Existing Home Sales