˽¿âav

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in July 2024 was up 9.9%(m/m) to $289.6, following the 2.2% decrease in June. The always-volatile nondefense aircraft orders, down 34.4% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.1% in July 2024 (seasonally adjusted), after increasing 0.2% in June. The index for final demand goods increased 0.6% in July, the largest advance since February, while the index for final demand services fell 0.2% in July, the largest decrease since March 2023. Nearly 60 percent of the broad-based increase in July can be traced to the index for final demand energy, which moved up 1.9 percent.

Employment by Industry (U.S.): In July 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.7 million (M) – an increase of 114,000 (+0.1%) month on month (m/m). When compared to July 2023, total employment is up by 1.6% year on year (y/y). Among the employment sectors that we track at ˽¿âav, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.3% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending July 26th was 144 oil and 67 gas (totaling 211). In percentage terms, on a month on month (m/m) basis, oil rigs were up 24.1% and gas up 13.6%. On a year on year (y/y) comparison, rigs were up 19.0% for oil and down 6.9% for gas. The combined figure for y/y was +9.3% or +18 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending July 26th was 482 oil and 101 gas (totaling 583). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.6% and gas up 4.1%. On a year on year (y/y) comparison, rigs were down 8.9% for oil and down 21.1% for gas. The combined figure for y/y was -11.3%, or -75 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in June 2024 was down 6.6%(m/m) to $264.5, following the 0.1% increase in May. The always-volatile nondefense aircraft orders, down 39.2% y/y, influenced this trend significantly.