15 July 2024 Market Close & Major Financial Headlines: Sixth Session In A Row The S&P 500 Set New Historical Highs And The Dow Again Climbed To A New High, The S&P 500 Then Looses Half Of The Session Gains

Summary Of the Markets Today:

  • The Dow closed up 211 points or 0.53%, (Closed at 40,212, Historic high 40.351)
  • Nasdaq closed up 0.40%,
  • S&P 500 closed up 0.28%, (Closed at 5,631, New Historic high 5,667)
  • Gold $2,427 up $6.00,
  • WTI crude oil settled at $82 down $0.30,
  • 10-year U.S. Treasury 4.224 up 0.038 points,
  • USD index $104.22 up $0.130,
  • Bitcoin $63,433 up $2,628 or 4.32%,

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


Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The July 2024 Empire State Manufacturing Survey headline general business conditions index was little changed at -6.6. New orders remained steady, while shipments inched just slightly higher. Manufacturing remains in a recession in the U.S.

Here is a summary of headlines we are reading today:

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

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted July 15, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Mon Jul 15 2024
Valid 12Z Mon Jul 15 2024 – 12Z Wed Jul 17 2024

…There is an Enhanced Risk of severe thunderstorms over parts of the
Middle Mississippi Valley/Western Ohio Valley into the Great Lakes on
Monday and a Slight Risk of severe thunderstorms over parts of the Eastern
Ohio Valley/Lower Great Lakes/Northeast and over portions of the Central
High Plains on Tuesday…

…There is a Slight Risk of excessive rainfall over parts of the Middle
Mississippi Valley into the Great Lakes on Monday and the Middle
Mississippi Valley to Ohio Valley on Tuesday…

…There are Excessive Heat Warnings/Watches and Heat Advisories over
parts of the Mid-Atlantic to New England and over parts of
Central/Southern Plains and Middle/Lower Mississippi Valley and parts of
the Western Ohio Valley/Western Tennessee Valley…

A front extending from the Great Lakes across the Middle Mississippi
Valley into the Northern Plains will move to the Lower Great Lakes/Ohio
Valley across the Middle Mississippi Valley and trail off into the
Northern Plains by Wednesday. A wave of low pressure over the Northern
Plains will move northeastward to the Upper Great Lakes by Monday evening,
bringing the cold front northward into the Upper Great Lakes to the Middle
Mississippi Valley/Central Plains. On Monday, the boundary will produce
showers and severe thunderstorms over the Middle Mississippi
Valley/Western Ohio Valley into the Great Lakes. Therefore, the SPC has
issued an Enhanced Risk (level 2/5) of severe thunderstorms over parts of
the Middle Mississippi Valley/Western Ohio Valley through Tuesday morning.
The hazards associated with these thunderstorms are frequent lightning,
severe thunderstorm wind gusts, hail, and a few tornadoes. Moreover, there
is an increased threat of severe thunderstorm wind gusts of 65 knots or
greater, mainly over parts of the Middle Mississippi Valley/Western Ohio
Valley.

In addition, the showers and thunderstorms will create heavy rain over
parts of the Middle Mississippi Valley into the Great Lakes. Therefore,
the WPC has issued a Slight Risk (level 2/4) of excessive rainfall over
parts of the Middle Mississippi Valley into the Great Lakes through
Tuesday morning. The associated heavy rain will create mainly localized
areas of flash flooding, with urban areas, roads, small streams, and
low-lying areas the most vulnerable.

Furthermore, on Monday, upper-level energy and tropical moisture will
produce showers and thunderstorms from parts of the Central Gulf Coast
eastward to the Southeast. Additionally, moisture over the Southwest and
diurnal heating will produce late afternoon into late evening showers and
thunderstorms over parts of the Great Basin, Southwest, and
Central/Southern Rockies.

On Tuesday, the threat of severe thunderstorms reduces slightly. As the
front moves eastward, showers and severe thunderstorms will develop over
parts of the Eastern Ohio Valley, Lower Great Lakes, and Northeast.
Therefore, the SPC has issued a Slight Risk (level 2/5) of severe
thunderstorms over parts of the over parts of the Eastern Ohio
Valley/Lower Great Lakes/Northeast from Tuesday through Wednesday morning.
The hazards associated with these thunderstorms are frequent lightning,
severe thunderstorm wind gusts, hail, and a few tornadoes.

Furthermore, showers and thunderstorms will produce heavy rain over parts
of the Middle Mississippi Valley to Ohio Valley. Therefore, the WPC has
issued a Slight Risk (level 2/4) of excessive rainfall over parts of the
Middle Mississippi Valley to Ohio Valley from Tuesday through Wednesday
morning. The associated heavy rain will create mainly localized areas of
flash flooding, with urban areas, roads, small streams, and low-lying
areas the most vulnerable.

Moreover, as the western end of the front moves across the Central High
Plains, showers and severe thunderstorms will develop over the region.
Therefore, the SPC has issued a Slight Risk (level 2/5) of severe
thunderstorms over parts of the over parts of the Central High Plains from
Tuesday through Wednesday morning. The hazards associated with these
thunderstorms are frequent lightning, severe thunderstorm wind gusts,
hail, and a minimal threat of tornadoes.

Also, upper-level energy and tropical moisture will produce showers and
thunderstorms over parts of the Southeast. Further, moisture over the
Southwest and the Central/Southern Rockies, along with diurnal heating,
will produce late afternoon into late evening showers and thunderstorms
over parts of the Great Basin, Southwest, and Central/Southern Rockies.

Meanwhile, a flat upper-level ridge extending from the Four Corners Region
eastward to the Mid-Atlantic and Southeast will aid in creating a major to
extreme HeatRisk for the East part of the country. The developing heat has
prompted Excessive Heat Warnings/Watches and Heat Advisories over parts of
the Mid-Atlantic to New England and over parts of the Central/Southern
Plains and Middle/Lower Mississippi Valley and parts of the Western Ohio
Valley/Western Tennessee Valley. The near-record temperatures and high
humidity suggest Major to Extreme HeatRisk conditions for portions of the
East, Monday and Tuesday. Extremely dangerous and potentially deadly heat,
particularly for urban areas in the Southeast and East Coast, are forecast
for Monday and Tuesday. Many daily record highs are possible for the East
Coast, and numerous warm overnight lows will provide little relief from
the heat overnight. Heat stress will build rapidly for those without
adequate cooling or hydration.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted July 14, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Sun Jul 14 2024
Valid 12Z Sun Jul 14 2024 – 12Z Tue Jul 16 2024

….There is a Slight Risk of severe thunderstorms over parts of the
Northern Plains into the Upper Mississippi Valley on Sunday and the
Upper/Middle Mississippi Valley into the Great Lakes on Monday…

…There is a Slight Risk of excessive rainfall over parts of Middle
Mississippi Valley into the Great Lakes on Monday…

…Dangerous and record-breaking heat begins to build across the Central
Plains, Mid-Atlantic, and Southeast…

A front extending from the Upper Mississippi Valley/Upper Great Lakes to
the Northern Plains will move to the Great Lakes/Middle Mississippi Valley
and trail off into the Northern High Plains by Monday. A wave of low
pressure over the Northern Plains will move northeastward into Ontario,
Canada, by Tuesday, bringing the cold front into the Great Lakes to the
Middle Mississippi Valley/Central Plains. The boundary will produce
showers and severe thunderstorms over the Northern Plains/Upper
Mississippi Valley on Sunday. Therefore, the SPC has issued a Slight Risk
(level 2/5) of severe thunderstorms over parts of the Northern
Plains/Upper Mississippi Valley through Monday morning. The hazards
associated with these thunderstorms are frequent lightning, severe
thunderstorm wind gusts, hail, and a few tornadoes. Further, there is an
increased threat of severe thunderstorm wind gusts of 65 knots and hail
two inches or greater, mainly over parts of the Northern Plains.

Also, showers and thunderstorms will develop over parts of the Great Lakes
into parts of the Mid-Atlantic. Furthermore, upper-level energy and
tropical moisture will produce showers and thunderstorms from parts of the
Western Gulf Coast eastward to the Southeast. Additionally, moisture over
the Southwest and diurnal heating will produce late afternoon into late
evening showers and thunderstorms over parts of the Great Basin,
Southwest, and Central/Southern Rockies.

On Monday, a wave of low pressure along the front over the Upper Midwest
will pull the front back over parts of the Great Lakes, creating showers
and severe thunderstorms in some parts of the area. Therefore, the SPC has
issued a Slight Risk (level 2/5) of severe thunderstorms over parts of the
Upper/Middle Mississippi Valley into the Great Lakes from Monday through
Tuesday morning. The hazards associated with these thunderstorms are
frequent lightning, severe thunderstorm wind gusts, hail, and a few
tornadoes.

Moreover, the showers and thunderstorms will produce heavy rain over parts
of the Middle Mississippi Valley into the Great Lakes. Therefore, the WPC
has issued a Slight Risk (level 2/4) of excessive rainfall over parts of
the Middle Mississippi Valley into the Great Lakes from Monday into
Tuesday morning. The associated heavy rain will create mainly localized
areas of flash flooding, with urban areas, roads, small streams, and
low-lying areas the most vulnerable.

Also, upper-level impulses will create showers and thunderstorms over
parts of the Lower Great Lakes into parts of the Mid-Atlantic.
Furthermore, upper-level energy and tropical moisture will produce showers
and thunderstorms from parts of the Southeast.

Meanwhile, an upper-level subtropical high over the Great Basin/Southwest
into the Central/Southern Rockies will weaken, allowing heat to expand
over portions of the central and eastern U.S. on Sunday into Tuesday.
Confidence is increasing in extremely dangerous, potentially deadly heat,
particularly for urban areas in the Southeast and East Coast beginning
Monday. Many daily record highs are possible for the East Coast, and
numerous warm overnight lows will provide little relief from the heat
overnight. Heat stress will build rapidly for those without adequate
cooling or hydration.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

NOAA Updates its ENSO Alert on July 11, 2024 – We are Now in La Nina Watch but the Expected Arrival Date has Been Delayed. – Published July 13, 2024

“Synopsis:  ENSO-neutral is expected to continue for the next several months, with La Niña favored to emerge during August-October (70% chance) and persist into the Northern Hemisphere winter 2024-25 (79% chance during November-January).”

So we are really in ENSO Neutral but NOAA may not want to admit their forecast was wrong so they present it this way. It is correct that we are in La Nina Watch but it is also correct that we currently remain in ENSO Neutral..

On the second Thursday of every month, NOAA (really their Climate Prediction Center CPC) issues its analysis of the status of ENSO. This includes determining the Alert System Status.  NOAA now describes their conclusion as “ENSO Alert System Status: La Nino Watch”

The exact timing of the transition is now less clear which should decrease the reliability of the Seasonal Outlook to be issued next Thursday.

We have included an ENSO Blog article by Emily Becker.

 >

CLIMATE PREDICTION CENTER ENSO DISCUSSION

The second paragraph is what is important:

“Compared to the previous month, the most recent IRI plume delayed the emergence of La Niña to September-November 2024, with La Niña then persisting through the Northern Hemisphere winter.  The forecast team is also favoring a delayed development of La Niña this month, but is anticipating the transition to occur earlier (August-October).  This is, in part, supported by the continuation of below-average subsurface ocean temperatures and near-term forecasts suggesting a resurgence of easterly wind anomalies in July.  In summary, ENSO-neutral is expected to continue for the next several months, with La Niña favored to emerge during August-October (70% chance) and persist into the Northern Hemisphere winter 2024-25 (79% chance during November-January).”

Below is the middle paragraph from the discussion last month.

“The most recent IRI plume indicates La Niña may develop during July-September 2024 and then persist through the Northern Hemisphere winter. The forecast team is also favoring the development of La Niña during July-September because the rate of cooling has slowed since last month. The team still favors La Niña to emerge sometime during the summer months, given the persistent below-average subsurface ocean temperatures and changes in the tropical atmospheric circulation. In summary, ENSO-neutral conditions are present. La Niña is favored to develop during July-September (65% chance) and persist into the Northern Hemisphere winter 2024-25 (85% chance during November-January; “

We now provide additional details.

CPC Probability Distribution

Here are the new forecast probabilities. The probabilities are for three-month periods e.g. JJA stands for June/July/August.

Here is the current release of the probabilities:

This chart shows the forecast progression of the evolution of ENSO from the current El Nino State to Neutral and by the summer to La Nina.  This kind of bar chart is not very good at showing uncertainty.

Here is the forecast from last month.

The analysis this month and last month are a bit different with again the transition to La Nina being slower than thought last month. This seems to be a trend. I am not sure that we will actually have a La Nina.

Some will need to click on “Read More” to read the rest of this article.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted July 13, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Sat Jul 13 2024
Valid 12Z Sat Jul 13 2024 – 12Z Mon Jul 15 2024

…There is a Slight Risk of severe thunderstorms over parts of the
Northern Plains into Upper Mississippi Valley on Saturday and Sunday…

…There is a Slight Risk of excessive rainfall over parts of northern
Mid-Atlantic on Saturday…

…Dangerous and record-breaking heat will continue for much of the West
through Saturday, while sizzling temperatures will also begin to build
across the Central Plains and Southeast...

A weak front with tropical moisture will be quasi-stationary over parts of
the Northeast, Mid-Atlantic, and Southeast through Sunday morning. Showers
and thunderstorms will develop along and near the boundary as the tropical
moisture produces heavy rain over parts of the Easter Seaboard. Therefore,
the WPC has issued a Slight Risk (level 2/4) of excessive rainfall with
these thunderstorms over parts of the northern Mid-Atlantic through Sunday
morning. The associated heavy rain will create mainly localized areas of
flash flooding, with urban areas, roads, small streams, and low-lying
areas the most vulnerable.

In addition, on Saturday, a front over the Northern Plains will move
across the Northern Plains into the Upper Mississippi Valley and extending
into the Upper Great Lakes by Monday. The boundary will produce showers
and severe thunderstorms over the region. Therefore, the SPC has issued a
Slight Risk (level 2/5) of severe thunderstorms over parts of the Northern
Plains into Upper Mississippi Valley through Sunday morning. The hazards
associated with these thunderstorms are frequent lightning, severe
thunderstorm wind gusts, hail, and a few tornadoes. Further, there is an
increased threat of severe thunderstorm wind gusts of 65 knots and hail
two inches or greater over parts of the Northern High Plains.

Moreover, upper-level energy and tropical moisture over the Western and
Central Gulf Coast will produce showers and thunderstorms. Furthermore,
moisture streaming northward from the Gulf of California and weak
upper-level energy will aid in producing scattered showers and
thunderstorms over parts of Southern California and Southwest.

On Sunday, a wave of low pressure along the front over the Upper Midwest
will move from Montana to North Dakota, creating showers and severe
thunderstorms in parts of the area. Therefore, the SPC has issued a Slight
Risk (level 2/5) of severe thunderstorms over parts of the Northern Plains
into Upper Mississippi Valley from Sunday through Monday morning. The
hazards associated with these thunderstorms are frequent lightning, severe
thunderstorm wind gusts, hail, and a few tornadoes. Also, showers and
thunderstorms will develop over parts of the Great Lakes into parts of the
Mid-Atlantic. Furthermore, upper-level energy and tropical moisture will
produce showers and thunderstorms from parts of the Western Gulf Coast
eastward to the Southeast. Moisture over the Southwest and diurnal heating
will produce late afternoon into late evening showers and thunderstorms
over parts of the Great Basin, Southwest, and Central/Southern Rockies.

Meanwhile, an upper-level subtropical high over the Great Basin/Southwest
into the Central/Southern Rockies will allow an extremely dangerous heat
wave to persist over the area. The upper-level ridging will produce a near
all-time high temperature record, and heat will continue over portions of
the Southwest through Sunday. This long-duration heat wave remains
extremely dangerous and deadly if not taken seriously. Dozens of daily
record high temperatures are forecast over much of the West through
Sunday. Hazardous heat will expand in coverage over portions of the Middle
Mississippi Valley and Southeast on Sunday and Monday.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

12 July 2024 Market Close & Major Financial Headlines: Fifth Session In A Row The S&P 500 Set New Historical Highs And The Dow Climbed To A New High, Both Losing Half Of The Session Gains During The Last Hour Of Trading

Summary Of the Markets Today:

  • The Dow closed up 247 points or 0.62%, (Closed at 40,001, Historic high 40.257)
  • Nasdaq closed up 0.63%,
  • S&P 500 closed up 0.55%, (Closed at 5,615, New Historic high 5,656)
  • Gold $2,418 down $4.10,
  • WTI crude oil settled at $82 down $0.41,
  • 10-year U.S. Treasury 4.182 down 0.010 points,
  • USD index $104.09 down $0.340,
  • Bitcoin $57,595 down $254 or 0.44%,
  • Baker Hughes Rig Count: U.S. -1 to 584 Canada +14 to 189

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


Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

There are underlying elements for inflation. One of the major elements is the Producer Price Index (PPI). Unfortunately, the PPI Final Demand edged upward from 2.4% last month to 2.7% year-over-year in June 2024. This increase was driven by the services sector which jumped from 3.0% last month to 3.5% this month. I keep reminding readers that there are inflationary elements and forces that are not subsiding – and it is a mistake to believe inflation is going away.

Here is a summary of headlines we are reading today:

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

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted July 12, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Fri Jul 12 2024
Valid 12Z Fri Jul 12 2024 – 12Z Sun Jul 14 2024

…There is a Slight Risk of severe thunderstorms over parts of the
Northern Plains into Upper Mississippi Valley on Saturday…

…There is a Slight Risk of excessive rainfall over parts of the
Mid-Atlantic into the Northeast on Friday and a Slight Risk over Southern
New England on Saturday…

…Dangerous and record-breaking heat will continue for much of the West
through Saturday, while sizzling temperatures will also begin to build
across the Central Plains and Southeast…

A weak front with tropical moisture will be quasi-stationary over parts of
the Northeast, Mid-Atlantic, and Southeast through Sunday. Showers and
thunderstorms will develop along and near the boundary as the tropical
moisture produces heavy rain over parts of the Easter Seaboard. Therefore,
the WPC has issued a Slight Risk (level 2/4) of excessive rainfall with
these thunderstorms over parts of the Mid-Atlantic into the Northeast
through Saturday morning. The associated heavy rain will create mainly
localized areas of flash flooding, with urban areas, roads, small streams,
and low-lying areas the most vulnerable.

In addition, on Friday, weak upper-level energy and a nearby front will
help produce showers and thunderstorms over parts of the Upper Midwest and
Great Lakes. Likewise, upper-level energy over the Western and Central
Gulf Coast will produce showers and thunderstorms.

On Saturday, the weak front will dissipate over the Southeast while
tropical moisture will aid in producing showers and thunderstorms with
heavy rain over parts of Southern New England. Therefore, the WPC has
issued a Slight Risk (level 2/4) of excessive rainfall with these
thunderstorms over parts of Southern New England from Saturday through
Sunday morning. The associated heavy rain will create mainly localized
areas of flash flooding, with urban areas, roads, small streams, and
low-lying areas the most vulnerable.

Also, on Saturday, a front over the Northern High Plains will move across
the Northern Plains into the Upper Mississippi Valley. The boundary will
produce showers and severe thunderstorms over the region. Therefore, the
SPC has issued a Slight Risk (level 2/5) of severe thunderstorms over
parts of the Northern Plains into Upper Mississippi Valley from Saturday
through Sunday morning. The hazards associated with these thunderstorms
are frequent lightning, severe thunderstorm wind gusts, hail, and a few
tornadoes. Furthermore, showers and thunderstorms will develop over parts
of Texas on Saturday.

Meanwhile, an upper-level subtropical high over Central/Southern
California into the Southwest and parts of the Great Basin will allow an
extremely dangerous heat wave to persist over the area. The upper-level
ridging will produce a near all-time high temperature record, and heat
will continue over portions of the Southwest through Saturday. This
long-duration heat wave remains extremely dangerous and deadly if not
taken seriously. Dozens of daily record high temperatures are forecast
over much of the West through Saturday. Hazardous heat will expand in
coverage over portions of the central and eastern U.S. late this weekend.
Moreover, moisture over the Southwest will produce scattered showers and
thunderstorms on Saturday.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

11 July 2024 Market Close & Major Financial Headlines: Fifth Session In A Row The S&P 500 And The Nasdaq Set New Historical Highs, Then Fell Sharply After Inflation Falls 0.1% In June Report, Closing Mixed

Summary Of the Markets Today:

  • The Dow closed up 32 points or 0.08%,
  • Nasdaq closed down 1.95%, (Closed at 18,283, New Historic high 18,671)
  • S&P 500 closed down 0.88%, (Closed at 5,585, New Historic high 5,642)
  • Gold $2,422 up $41.80,
  • WTI crude oil settled at $83 up $0.89,
  • 10-year U.S. Treasury 4.203 down 0.076 points,
  • USD index $104.48 down $0.570,
  • Bitcoin $57,385 down $327 or 0.57%,

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


Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Inflation, measured by the Consumer Price Index for all Urban Consumers (CPI-U), declined from 3.3% last month to 3.0% year-over-year in June 2024. This index if one removes food and energy declined from  3.4% year-over-year to 3.3%. I consider this a moderate decrease in inflation.

In the week ending July 6, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 233,500, a decrease of 5,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 238,500 to 238,750. Unemployment claims have remained in a narrow range for over 2 years – and is showing little sign of growing unemployment.

Here is a summary of headlines we are reading today:

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

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted July 11, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Thu Jul 11 2024
Valid 12Z Thu Jul 11 2024 – 12Z Sat Jul 13 2024

…Stalled surface front to cause scattered Flash Flooding across portions
of the Mid-Atlantic through Friday…

…Dangerous heat and record high temperatures to continue for much of the
West through the end of the work week…

A cold front associated with once Beryl will stall out along the East
Coast today and be a focus for thunderstorm activity across the
Mid-Atlantic through the end of the work week. At least a few inches of
rainfall are forecast to impact areas from coastal South Carolina to
southern New Jersey, including much of the eastern Mid-Atlantic. A Slight
Risk (at least 15%) of Excessive Rainfall has been issued for the Virginia
Tidewater down across the North Carolina coast today and then the broader
Mid-Atlantic coastal region on Friday. Not only will this frontal boundary
increase rainfall chances, but dangerous heat experienced across the East
will greatly abate for the end of the week.

Extreme and record-breaking heat will continue throughout much of the
West, with the focus beginning to shift out of the Pacific Northwest and
towards the High Plains, while remaining in the Southwest. Highs are
forecast to soar into the upper 90s and triple digits for these locations,
with 110s and 120s possible in the typically hot desert/interior valley
locations of California, Arizona, and Nevada. Dozens of daily high
temperature records are forecast today and Friday from the West Coast to
the High Plains. Excessive Heat Warnings and Heat Advisories remain in
effect for much of the western United States in order to further highlight
the dangerously hot temperatures. This level of heat for many people will
create an extreme risk of heat-related illnesses when access to adequate
cooling or hydration is not available. Be sure to follow proper heat
safety, which includes staying hydrated, wear light clothing, avoid
outdoor activity, and using air conditioning.

Elsewhere, the combination of power outages from Hurricane Beryl and heat
indices up to 106 degrees prompted Heat Advisories to be issued across
parts of southeast Texas. The Storm Prediction Center issued a Slight Risk
(level 2/5) for Severe Thunderstorms over portions of southeast
Arizona/the greater Tucson area today between 3-8pm MST. The main concern
will be severe wind gusts from thunderstorms that form in the north near
the Mogollon Rim and work their way south throughout the afternoon. A
series of dry microbursts and MCSs are possible. For the southern Rockies,
locally heavy rain overlapping with sensitive burn scars could create
chances for additional rounds of flash flooding today. Flood Watches are
in effect.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.