Economic activity in the New Orleans area grew modestly over the past six weeks, according to Fed’s latest assessment of regional economies. Labor markets improved, and wage pressures eased. Retail sales were robust, and new auto sales were strong. Domestic leisure travel slowed, while international and business travel rose.
The Biden administration moved to ban oil drilling in a swath of Alaskan wilderness, including canceling all remaining oil and gas leases issued in the Arctic National Wildlife Refuge under the previous administration. The announcement came after the Biden administration approved the Willow oil-drilling project in Alaska’s National Petroleum Reserve earlier this year. The Interior Department’s proposed regulation would bar new oil or gas leasing on 10.6 million acres, or more than 40%, of the National Petroleum Reserve.
Futures are lower after stocks closed lower yesterday. The Dow Industrials dropped 198, the Nasdaq fell a sharp 148 and the S&P 500 lost 31.