Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted May 3, 2023

May 3, 2023Posted inweatherNo Comments

Updated at 4:37 p.m. EDT Wednesday, May 3, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
323 PM EDT Wed May 03 2023

Valid 00Z Thu May 04 2023 – 00Z Sat May 06 2023

…Damp and cool conditions expected in the Northeast and Northwest
through the end of the work week…

…Above average temperatures will continue in the northern Intermountain
West and High Plains through Friday…

…Scattered severe thunderstorms possible in the Southern Plains on
Thursday…

02 May 2023 Market Close & Major Financial Headlines: No Green Today As Investors Fret Over Bank And Fed Issues Finally Closing Sharply Down

May 2, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 367 points or 1.08%,
  • Nasdaq closed down 1.08%,
  • S&P 500 closed down 1.16%,
  • Gold $2,026 up $34.10,
  • WTI crude oil settled at $72 down $4.03,
  • 10-year U.S. Treasury 3.426% down 0.148 points,
  • EUR/USD $1.100 up $0.003,
  • Bitcoin $28,718 up $863,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

The U.S. Bureau of Labor Statistics (BLS) reported today that job openings decreased to 9.6 million on the last business day of March, a decrease of 632,000 from the previous month. The decline was driven by a decrease in openings in professional and business services, health care and social assistance, and transportation and warehousing. The decline in job openings is a sign that the labor market is cooling. This is likely due to a number of factors, including rising inflation, concerns about a recession, and the war in Ukraine. Note that the number of job openings per unemployed person has significantly declined (see graph below)

New orders for manufactured goods in March increased by $4.9 billion or 0.9% month-over-month to $539.0 billion (1.3% year-over-year gain). This follows two consecutive monthly decreases. The increase was driven by a rise in demand for transportation equipment, which increased by $4.4 billion or 5.4%. Excluding transportation equipment, new orders increased by 0.3%. Excluding defense, new orders increased by 1.0%. If one inflation adjusts this data, new orders declined 0.2% year-over-year.

A summary of headlines we are reading today:

  • Tesla Hikes Prices Of Model 3, Model Y In The U.S. And China
  • Platinum May Soon Be In Short Supply
  • Oil Prices Unlikely To Get Support From Rising Jet Fuel Demand
  • WTI Crude Falls 4% As Economic Fears Trigger Selloff
  • Diamondback Energy Misses Q1 Forecasts As Oil Prices Slide
  • BP Beats Q1 Profit Forecast With “Exceptional” Oil And Gas Trading
  • Dow tumbles more than 300 points as banking sector worries reignite before Fed rate decision: Live updates
  • Drugs, guns and crypto seized, 288 arrested, in ‘unprecedented’ dark web crackdown
  • Job openings fell more than expected in March to lowest level in nearly two years
  • Washington Watch: Debt-ceiling standoff: Here’s what’s next, as U.S. faces potential default on June 1

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted May 2, 2023

May 2, 2023Posted inweatherNo Comments

Updated at 6:29 p.m. Tuesday, May 2, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
344 PM EDT Tue May 02 2023

Valid 00Z Wed May 03 2023 – 00Z Fri May 05 2023

…Much below average temperatures expected Wednesday across the Northeast
and Mid-Atlantic…

…Moderate to heavy snow in the West Virginia Appalachians will continue
into Wednesday…

…Much above average temperatures in the Northwest will cause snowmelt
and flooding concerns this week…

…Scattered severe thunderstorms possible in the Southern Plains
Thursday…

01 May 2023 Market Close & Major Financial Headlines: Wall Streets Main Indexes Opened Higher Struggled To Continue Rally And Closed In The Red And Flat

May 1, 2023Posted inmarketsNo Comments

Summary Of the Markets Today:

  • The Dow closed down 46 points or 0.14%,
  • Nasdaq closed down 0.11%,
  • S&P 500 closed down 0.04%,
  • Gold $1,989 down $10.30,
  • WTI crude oil settled at $76 down $1.01,
  • 10-year U.S. Treasury 3.589% up 0.135 points,
  • EUR/USD $1.097 down $0.005,
  • Bitcoin $27,821 down $1,506,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Click here to read our Economic Forecast for May 2023

Today’s Economic Releases:

Construction spending in the United States increased by 0.3% in March 2023 to a seasonally adjusted annual rate of $1,834.7 billion. This was the third consecutive month of growth. Unfortunately, inflation is high, and when subtracting the inflation rate from the construction growth rate – construction spending continues to slow (see graph below).

The Institute for Supply Management (ISM) Services Report On Business for March 2023 registered 51.2%, 3.9 percentage points lower than February’s reading of 55.1%. The Services PMI® Index is a composite indicator of the performance of the non-manufacturing sector, including service-providing industries such as retail, transportation, and warehousing, as well as finance and insurance. The index is based on a survey of purchasing managers in the United States. The decline in the Services PMI® Index in March was driven by a number of factors, including:

  • Rising inflation
  • Supply chain disruptions
  • Labor shortages

A summary of headlines we are reading today:

  • A summary of headlines we are reading today:
  • U.S. April Oil Exports Beat Expectations
  • Harvard Study: Divesting From Coal Is More Beneficial Than Previously Thought
  • New Nuclear Technology Is Safer, More Efficient And More Sustainable
  • Oil Prices Fall On Disappointing Manufacturing Data
  • Jamie Dimon says ‘this part of the crisis is over’ after JPMorgan Chase buys First Republic
  • Dow closes slightly lower following JPMorgan’s takeover of fallen First Republic: Live updates
  • Bonds, Bitcoin, & Bullion Battered After Bank Bailout, Stagflation Scare
  • The Economy Is A Powder Keg, Boiling Over And Ready To Blow
  • Key Words: ‘It is hard to see how you can prevent the bad actors from using it for bad things’: Google’s former ‘Godfather of AI’ warns of misuse after quitting tech giant

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

NOAA Updates It’s May 2023 Outlook on April 30, 2023

May 1, 2023Posted inweatherNo Comments

At the end of every month, NOAA updates its Outlook for the following month which in this case is May of 2023. We are reporting on that tonight.

There have been some significant changes in the Outlook for May and these are addressed in the NOAA Discussion so it is well worth reading. We highlighted some of the important changes within the NOAA Discussion. We also provided the prior Mid-Month Outlook for May for comparison.  From the NOAA Discussion:

  • A weak tilt toward below normal temperatures is indicated over the interior eastern CONUS beneath the persistent early-May trough
  • Enhanced probabilities of above normal temperatures remain over New England and Florida
  • The area of above normal [temperature] probabilities over the Pacific Northwest is expanded into the western Northern Plains
  • The region of below normal [temperature] probabilities is maintained and expanded over the West Coast into the Southwest
  • Enhanced probabilities of below normal precipitation over the Great Lakes  are expanded into the Upper and Middle Mississippi, Ohio, and Tennessee Valley regions
  • The tilt towards above normal precipitation is maintained over the Gulf States and expanded into parts of eastern Texas
  • A tilt toward above normal precipitation is now indicated over the western CONUS

The article includes the Drought Outlook for May. We have also included the current fire incidents (starting to increase) and four months of Wildland Fire Potential Outlooks and also a map showing the current snowpack in the West and the streamflow forecast. We also provide the Week 2/3 Tropical Outlook for the World. We also provide an interesting Podcast that reviews the Winter and looks ahead to the Spring.

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted May 1, 2023

April 30, 2023Posted inweatherNo Comments

Updated at 4:18 p.m. EDT Monday, May 1, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
345 PM EDT Mon May 01 2023

Valid 00Z Tue May 02 2023 – 00Z Thu May 04 2023

…Heavy snow will persist across Upper Peninsula of Michigan through
early work week…

…Well-below-average temperatures spread from Great Lakes/Midwest into
Northeast/Mid-Atlantic on Wednesday, with snow chances in higher terrain…

…Cool and unsettled weather spreads into the West Coast, with well above
average temperatures continue across the Intermountain West,
northern/central Rockies, and northern High Plains…

Weather: Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted April 30, 2023

April 30, 2023Posted inweatherNo Comments

Updated at 4:47 p.m. EDT Sunday April 30, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
347 PM EDT Sun Apr 30 2023

Valid 00Z Mon May 01 2023 – 00Z Wed May 03 2023

…Heavy rainfall and flooding concerns linger across the Northeast into
early Monday morning…

…Significant and long-duration heavy snowfall event expected for the
U.P. of Michigan through Tuesday…

…Cool and unsettled weather spreads into the West Coast, while well
above average temperatures continue across the Intermountain West,
northern/central Rockies, and northern High Plains…

Weekly Crop Report April 29, 2023 – It looks like a good start but it is very early in season so too early to draw conclusions.

April 29, 2023Posted inagriculture, weatherNo Comments

Updated at 3:52 a.m. EDT Sunday, April 30, 2023 to add the March Agriculture Cost and Price Report

This is the April 25, 2023, USFA Crop Bulletin which covers the Period April 16 – 22  for some information and April 17 – 23 for other information. The report becomes available on Tuesdays but I plan to present it on Saturdays as it will be featured all day on Saturday. I may later decide to publish this report on Tuesday nights.  I might add additional information. For those who need the information as soon as possible, the links to the information are provided at the end of the article.

It is early in the season so we are just beginning to have information on most crops. Moisture is not the issue but some areas have to get a bit warmer.