Total US Rig Count Declines: Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 803 in the week through Nov 22, lower than the prior-week count of 806. The current national rig count is also below the prior year’s 1079.
However, Powell added that the Fed does see some risks, including: –Trade. “Business contacts around the country have been telling us that trade-related uncertainties are weighing on their decisions. These global developments have been holding back overall economic growth.”
–Manufacturing. Powell said that U.S. manufacturing output only recently surpassed its pre-recession levels and has since declined this year. He added that business investment “has also weakened.”