Member Briefing June 24, 2025
S&P Global: US Manufacturing Expands While Inflation Measures Accelerate
S&P Global’s headline US PMI came in at 52.8 in June, down from 53.0 in May. S&P’s flash June factory PMI held at 52, the highest since February, with figures above 50 indicating growth. Although service sector output growth cooled slightly to 53.1 from 53.7 the month prior, it remained solid while manufacturing output rose for the first time since February at 51.5.
Despite data indicating that the US economy continued to grow at the end of Q2, Chris Williamson, chief business economist at S&P Global Market Intelligence said that the outlook remains uncertain while inflationary pressures have risen sharply over the past two months. “While domestic demand has strengthened, notably in manufacturing, to encourage higher employment, this in part reflects a boost from stock building, in turn often linked to concerns over higher prices and supply issues resulting from tariffs,” Williamson said. “Such a boost is likely to unwind in the coming months.”
May Home Sales Increase Very Slightly Eve As Prices Hit Another Record High
Sales of previously owned homes rose very slightly in May, up 0.8% from April, to a seasonally adjusted, annualized rate of 4.03 million units, according to the National Association of Realtors. Housing analysts had been predicting a 1% decline. Sales were 0.7% lower than May of last year. Sales were strongest in the Northeast, up 4.2% month-to-month. They also rose in the Midwest and South, but they fell in the West, down 5.4%. The West is the most expensive region of the country, according to NAR.
A big jump in the supply of homes for sale was likely behind the small gain in sales from April. There were 1.54 million units available at the end of May, an increase of over 20% from May of last year. At the current sales pace, that represents a 4.6-month supply, which is still historically on the light side. And that is why there is still pressure on prices. The median price of an existing home sold in May was $422,800, up 1.3% year over year. That’s a record high for the month of May. Demand is still strong relative to supply; consequently, 28% of homes sold above list price, up from last month’s 18% but down slightly from 30% in May 2024.
See The First Jaw-Dropping Space Photos From Humanity’s Biggest-Ever Camera
In a moment long-awaited by astronomers, the Vera C. Rubin Observatory in the Chilean Andes has today published its first images and time-lapse videos. A combination of a unique telescope and the largest digital camera ever built for astronomy, Rubin will begin a 10-year mission later this year, during which it's expected to discover 10 million supernovas, 20 billion galaxies, and millions of asteroids and comets.
The facility, named after Vera C. Rubin — the astronomer who confirmed the existence of dark matter in galaxies — aims to continue her legacy by mapping dark matter and probing dark energy. It will also supernova, help model how stars die and study the accelerating expansion of the universe Using a rapid 39-second imaging cycle, its unique camera will produce around 800 images per night and scan the entire southern sky every three to four nights, allowing scientists to track phenomena as they occur over months, days, or even seconds. It will create an evolving, decade-long time-lapse of the cosmos in what is known as time-domain astronomy. At about 20 terabytes every night, the amount of data gathered by Rubin Observatory in just the first year of the LSST will be greater than that collected by all other observatories combined.
Global Headlines
US and Iran
- Trump Announces Ceasefire Between Iran And Israel After Iran’s Missile Attack On US Base In Qatar - AP
- Iran Launches Missile Attacks On US Bases In Qatar And Iraq - AP
- Iran Has an Oil Card to Play. So Does the U.S - WSJ
- US Officials Issue Warning On Heightened Threats From Iran – USA Today
- Trump Floats Iran 'Regime Change' - Forbes
- US And UK Tells Citizens In Qatar To Shelter In Place Until Further Notice - Reuters
- Americans Issued 'Worldwide' Travel Warning After Iran Strikes - Newsweek
- Putin Condemns ‘Unprovoked’ Strike - Forbes
- U.N. Atomic Agency Chief Says Significant Damage Likely At Fordow - WSJ
Middle East
- Israel Hammers Iran but Seeks to Wrap Up Conflict Soon – WSJ
- Iran’s Exiled ‘Crown Prince’ Says He Is Ready To Take Over From Khamenei - Politico
- Israel Pounds Tehran, Strikes Fordow Again - Newsweek
- UK Bans Palestine Action Group After Attack On RAF Facility, Home Secretary Confirms - BBC
- Interactive Map- Israel’s Operation In Gaza – Institute For The Study Of War
- Map – Conflicts in the Middle East – Live Universal Awareness Map
Ukraine
- Russia Hits Kyiv With Huge Attack While Condemning US Strikes On Iran – Politico
- Nine Killed In Kyiv In Intense Russian Air Attack - BBC
- NATO Chief: Ukraine’s Path To Alliance Still ‘Irreversible’ - Politico
- NATO Chief Says Ukraine Remains Vital At Summit Despite Zelenskyy’s Absence From Leaders’ Meeting - AP
- Zelensky Meets King Charles For Lunch At Windsor Castle – The Times
- Russia Says Its Partnership With Iran Is 'Unbreakable' - Reuters
- Russia's Economy Is Down But Not Out - BBC
- Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
- Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map
Other Headlines
- US Allies Ramp Up Sea Power as North Korea Threat Rises – Newsweek
- China Flexes Chokehold on Rare-Earth Magnets as Exports Plunged in May - WSJ
- Israel Savages EU Over ‘Outrageous And Indecent’ Human Rights Review - Politico
- NATO Agrees To Higher Defence Spending Goal, Spain Says It Is Opting Out– Reuters
- Kirsty Coventry Begins Her IOC Presidency As Outgoing Bach Says Olympic Body In ‘Best Of Hands’ – France 24
- How Are Investigators Looking Into The Air India Crash - And How Long Could They Take? – Sky News
- Spain Opts Out Of NATO’s New 5% Defense Spending Target - Reuters
Policy and Politics
GOP Leaders Face Internal, Parliamentarian Pushback On ‘Big Beautiful Bill’
Senate Majority Leader John Thune (R-S.D.) is moving full speed ahead toward a planned vote this week on his chamber’s version of President Trump’s “big, beautiful bill,” despite pushback from GOP colleagues and serious doubts about his prospects. Senate Republicans crossed an important hurdle Saturday when they received a report from Joint Committee on Taxation scoring the extension of 26 provisions of the expiring 2017 Trump tax cuts as a continuation of “current policy” that should not be counting as adding to future deficits. If the score survives review by the Senate parliamentarian, it would allow Republicans to make Trump’s 2017 marginal tax cuts permanent.
Senate Republicans and Democratic aides were scheduled to present arguments to the parliamentarian over the weekend on the portion of the bill that covers the extension of the 2017 tax cuts, new tax relief, renewable energy tax credits and Medicaid cuts. Democrats scored a victory Sunday when Parliamentarian Elizabeth MacDonough ruled against a provision tucked into the bill by House Republicans that would severely limit the ability of courts to find Trump administration officials in contempt for failing to comply with injunctions or other court orders.
New York to Build One of First U.S. Nuclear-Power Plants in Generation
New York intends to build a large nuclear-power facility, the first major new U.S. plant undertaken in more than 15 years and a big test of President Trump’s promise to expedite permitting for such projects. Gov. Kathy Hochul said in an interview that she has directed the state’s public electric utility to add at least 1 gigawatt of new nuclear-power generation to its aging fleet of reactors. A gigawatt is roughly enough to power about a million homes. “I’m going to lean into making sure that every company that wants to come to New York and everyone who wants to live here will never have to worry about reliability and affordability when it comes to their utility costs,” she said.
The New York Power Authority—created nearly a century ago by then-Gov. Franklin D. Roosevelt to manage hydropower production on behalf of the public—will find a site in upstate New York and determine the reactor’s design. The utility may pursue the project alone or in partnership with private entities, Hochul said. Nuclear-generation capacity is down more than 4% from its 2012 peak while other means of producing electricity have boomed, including with solar panels and natural-gas fueled turbines. Among notable retirements was the Indian Point nuclear plant roughly 40 miles upriver from Manhattan, which was closed in 2021 because of environmental concerns and its proximity to so many people down the Hudson River.
Affordability, Trump And What To Do About Late Budgets: A Look At The 2025 Legislative Session In Albany
It was a legislative session which drained the patience of even some of Albany’s seasoned participants and observers in a six-month grind that came to a close this week. As members jetted off to their districts upon the completion of the Assembly’s session, three days tacked on due to the late state budget, ongoing are postmortem discussions over what was accomplished, and what is still left to do. Deputy Senate Majority Leader Mike Gianaris argued that the Legislature lived up to the promise made in January, in conjunction with Gov. Kathy Hochul, to address the affordability crisis. “Making it easier to afford child care, or providing more meals for kids when they go to school so it’s not something that has to come out of the pockets of the parents,” he said. “We’ve taken a number of steps in areas that will impact people like utility, costs which has been a sore point for so many, so I think while it may take some time for these things to be seen in the monthly bills people get, it will ultimately show that state government at least heard them loud and clear and did what we did to help.”
State Sen. George Borrello objected to the idea that the affordability box was checked. “There were a lot of missed opportunities when it comes to affordability,” he said. Ortt agreed. “They talk about affordability and yet they passed a budget that was $11 billion more year over year,” he said at a recent news conference. “Our budget is $60 billion more than Florida’s budget even though Florida has way more people, soon Florida will have more New Yorkers. They have done everything they can to make this state less affordable.”
Read more at NY State of Politics
Political Headlines
- Supreme Court Allows Trump Administration to Swiftly Deport Migrants to Third Countries - WSJ
- Donald Trump Calls For Immediate Boost In US Oil Production – FT
- Why the New York Mayor’s Race Matters - Politico
- Judge Will Order Kilmar Abrego Garcia’s Release Before Trial, But ICE Plans To Detain Him - AP
- 5 Things To Watch On Election Night In NYC – City & State
- Vance Says Troops Still 'Necessary' In Los Angeles Despite Relative Calm – France 24
- Free Buses, Lower Rent, Taxing The Rich: How Zohran Mamdani Has Gone Viral In The New York Mayor’s Race – Guardian
- Trump Tracker: Keep Tabs On The Latest Announcements And Executive Orders - WSJ
Health and Wellness
Health Plans Commit to Reform Prior Authorization Practice
AHIP, the political advocacy and trade association of health insurance companies, announced in a press release on June 23 that health insurance plans made a series of commitments to streamline, simplify, and reduce prior authorization. “Building on health plans’ existing efforts, these new actions are focused on connecting patients more quickly to the care they need while minimizing administrative burdens on providers. These commitments are being implemented across insurance markets, including for those with Commercial coverage, Medicare Advantage, and Medicaid managed care consistent with state and federal regulations, and will benefit 257 million Americans,” the news release stated. According to AHIP’s news release, the participating health plans commit to:
- Standardizing electronic prior authorization.
- Reducing the scope of claims subject to prior authorization.
- Ensuring continuity of care when patients change plans.
- Enhancing communication and transparency on determinations.
- Expanding real-time responses.
- Ensuring medical review of non-approved requests.
Read more at Healthcare Innovation
Industry News
Cutting Tool Demand Undercut by Uncertainty
U.S. manufacturers purchased $212.8 million worth of cutting tools during April, 2.7% more than during March but -2.8% less than the total for April 2024. “Tariff negotiations change every week without clear direction, stagnating key market segments for our products,” commented Steve Boyer, president of the U.S. Cutting Tool Institute. For the current year to-date, cutting tool purchases have totaled $818.3 million, which is -5.1% less than the total for January-April 2024.
“Industries like aerospace and automotive, which are heavy users of our products, have been lagging due to uncertainty regarding raw materials, inventories, and acquisition costs of components for assembly,” Boyer continued. “The uncertainties have led to declines in year-over- year orders and delayed what most of us expected would be a considerable uptick for the first half of this year. Gaining traction in the second half of 2025 will be significantly impacted by the speed at which clarity is gained, and manufacturing can be ramped up once that’s achieved,” according to Boyer.
Read more at American Machinist
IBM Develops AI-Powered PFAS Screening Tool
IBM has developed and implemented an artificial intelligence-powered PFAS screener tool that helps identify and eliminate fluorochemicals from its research operations, according to a June 13 blog post. Dubbed the Safer Materials Advisor, the technology also suggests alternatives the company can use in place of “forever chemicals,” if there are viable substitutes available. While the screener cannot guarantee the product is PFAS-free, it reduces errors and frees up IBM employees’ time to do other tasks, Angela Hutchinson, a chemical coordinator at IBM Research’s headquarters in Yorktown, New York, said in the blog post
Usually, chemical coordinators must review each chemical request, which consists of reviewing a substance safety data sheet. The sheet contains a chemical’s data, including toxicity, procedures for spills and leaks, storage guidelines, first-aid and firefighting measures and regulatory information. They must also check that the chemicals are not restricted or banned within the company, or on the local, state or federal level. The Safety Materials Advisor can put the chemical through up to three screenings to provide the same information, which also helps find alternatives for other toxic substances. The AI-powered tool can be adapted to new hazardous chemicals.
Read more at Manufacturing Dive
600+ Commercial Aircraft Orders: Summary Of A Somber 2025 Paris Air Show
Aptly derived from French in the mid-18th century, somber was the unfortunate buzzword at the 2025 Paris Air Show in Le Bourget. The original word comes from Latin, of course. A combination of "under" (sub) and "shade" (umbra), of which, ironically, there was very little in the steaming Parisian summer sun. Thursday's tragic Air India disaster in Ahmedabad eliminated Boeing's commercial presence at the airshow almost entirely. No new orders were to be unveiled at the airshow from Boeing, therefore, and staff wore pins of Air India's logo in tribute to those who perished. On the commercial aircraft side, the airshow was set to be very unusual indeed.
Airbus won the most orders by a margin given that its main competitor, Boeing, was effectively out of the race. It managed to accumulate 248 firm orders, including Memoranda of Understanding (MoUs) and Letters of Intent (LoIs). The manufacturer also booked a further 156 aircraft as options. The largest order by far was VietJet's announcement for up to 150 Airbus A321neos. Embraer also boasted a fairly modest performance, securing 77 aircraft in firm commitments (once again including MoUs and LoIs) and 55 options. The most significant was, of course, SkyWest Airlines' announcement for up to 90 E175s, solidifying the aircraft's presence in the US market for years to come.
Tesla Robotaxi 'Low-Key' Launch In Texas
Tesla's long-awaited robotaxis rolled out for the first time on roads in Austin, Texas on Sunday. In videos shared by Tesla on X, a small group of invited analysts, influencers and shareholders were shown participating in paid rides. The small number of vehicles deployed had a human safety operator in the passenger seat, according to reports. Analysts said the "low-key" robotaxi launch highlights Tesla's big bid to compete with existing self-driving taxi operators in the US and China, as the sector grows.
The small fleet of vehicles do not yet include the Cybercab - the futuristic car concept unveiled by Musk at Tesla's "We, Robot" event in October - which Musk says will be the company's driverless taxi in the future. Instead it was existing Tesla vehicles, with a small "robotaxi" logo on the side, that took to Austin streets on Sunday.
Domino Sugar Refinery In Yonkers Set To Close At End Of 2025
The Domino Sugar refinery in Yonkers is slated to close at the end of 2025, parent company ASR Group said in a news release. Domino will work with the state Department of Labor to offer job placement and resume-building services to employees, Spano said, and Yonkers will work with the city Workforce Development Board to support those affected. The Journal News/lohud.com reported in 2020 that the refinery has been operating on the Hudson River since the late 1800s. In 2020 it refined more than 4.2 million pounds of sugar a day and produced 19 premium products on eight packaging lines, employing some 350 people and supporting an additional 140 positions through trucking, terminal operations, cargo handling and ship piloting.
ASR Group's release said the company's strategy includes, to complement its large-scale refineries, having "more flexible production facilities that are strategically located to best serve its customers and deliver a diverse portfolio of sweetener products when needed by customers" For that strategy, ASR said it acquired last year Rochester-based sweetener company ingredientsPLUS with production facilities in Lakeville, New York, and Landisville, Pennsylvania, to service the Northeast and Mid-Atlantic. ASR said it's also investing in building a new station in the Northeast that's planned to start running next year. The company also plans to double its Buffalo plant's size.
New Stellantis CEO Faces Slew Of Challenges, Vows To Avoid ‘Mediocrity’
“Mediocrity is not worth the trip.” That was part of incoming Stellantis CEO Antonio Filosa’s first public message after being named to lead the global automaker. It was a mantra decades in the making, as he spent 25 years climbing through the company’s ranks, starting from a role as a night shift paint shop supervisor in Spain. The quote also referenced late Fiat Chrysler CEO Sergio Marchionne, a mentor of Filosa’s who is revered in the company. Marchionne unexpectedly died in 2018, years before the automaker merged to form Stellantis, the parent for brands such as Jeep, Ram, Fiat and Chrysler.
In addition to financial issues, industry experts said Filosa will need to continue to mend bonds with dealers, politicians and employees that were damaged during former CEO Tavares’ tenure. And he’ll have to handle the company’s investment plans between traditional vehicles and “electrified” models such as hybrids and EVs. Filosa — a native of Naples, Italy — said in January the top priority for the U.S. was to grow retail market share, which includes sales to customers as opposed to those to fleets or businesses.
Airbus, MTU Aero Engines Announce Hydrogen Fuel Cell For Aviation Agreement
Airbus and MTU Aero Engines in Munich have signed a memorandum of understanding (MoU) related to the development of hydrogen fuel cell propulsion for aviation. The MoU was signed at the Paris Air Show. The collaboration builds on Airbus' ZEROe initiative, which focuses on hydrogen-powered flight, and MTU's Flying Fuel Cell concept. Under the agreement, the two companies will follow a three-step development roadmap. Initial efforts will mature key technologies through joint research, including participation in Europe’s Clean Aviation program. The next phase will align both firms' hydrogen research and technology plans, potentially leading to full-scale development of a fuel cell propulsion system.
MTU is currently leading the Clean Aviation HEROPS (Hydrogen-Electric Zero Emission Propulsion System) project, launched in early 2024, and has recently advanced its demonstrator work in Munich. Airbus announced in March 2025 that it would prioritize the development of fully electric fuel cell systems based on encouraging prototype testing. The company continues to support the development of hydrogen aviation infrastructure and regulatory frameworks essential for widespread adoption.
Read more at Military Aerospace Electronics
RTX Raytheon Wins Orders Worth Nearly $1.2 Billion Within A Week For Surface Warships Air-Defense Radar
Shipboard electronics experts at RTX Corp. will provide air-defense radar systems for U.S. Navy surface warships in two contracts awarded within one week of each other collectively worth nearly $1.2 billion. Officials of the Naval Sea Systems Command in Washington announced a $646.5 million order to the RTX Raytheon segment in Marlborough, Mass., on 6 June 2025 for AN/SPY-6(V) Air and Missile Defense Radar (AMDR) integration and production.
The Raytheon AN/SPY-6(V) air-defense radar will improve the Burke-class destroyer's ability to detect hostile aircraft, surface ships, and ballistic missiles, Raytheon officials say. The AMDR will supersede the AN/SPY-1 radar, which has been standard equipment on Navy Aegis Burke-class destroyers and Ticonderoga-class cruisers. That order followed a $536.8 million Navy AMDR contract to Raytheon on 30 May 2025 for late-model Arleigh Burke-class (DDG 51) Aegis destroyer surface warships.
US Electric Vehicle Sales Are Slowing Amid Policy Shifts: BNEF
Sales are still growing, but policy changes in the United States are significantly slowing the country’s adoption of electric vehicles, BloombergNEF said June 18 in its annual global outlook for the sector. This “is the first year where we have reduced both our near-term and long-term passenger EV adoption outlook,” BNEF said in its 2025 Electric Vehicles Outlook. “Policy changes in the US are the biggest factor, with national fuel-economy targets being rolled back, supportive elements of the Inflation Reduction Act either being removed or under threat, and the potential removal of California’s ability to set its own air quality standards.”
Electric vehicles set global sales records last year, and adoption rapidly increased in emerging markets across Asia and Latin America, according to Colin McKerracher, lead author of the report and BNEF’s head of clean transport and energy storage. “Despite these positive tailwinds, we see slower EV adoption in the short and long-term,” McKerracher said in a statement. BNEF now expects passenger EV sales in the United States to rise from 1.6 million this year to 4.1 million in 2030, to make up 27% of total passenger car sales by the end of the decade. In last year’s report, the firm had anticipated EVs would make up 48% of sales by that time.
FedEx Names New Chairman To Replace Founder Fred Smith Who Passed Away Last Week
The FedEx Corp. board of directors has elected R. Brad Martin as chairman to replace founder and executive chairman Frederick Smith, who died Saturday, and voted to reduce the size of the board to 12 members, the company said in a regulatory filing. Martin previously served as vice chairman. He leads the board’s audit and finance committees. Smith founded FedEx Express Corp. fifty-four years ago and revolutionized the parcel delivery business. He is considered a giant of the modern freight transportation industry, along with Malcolm McLean, who invented the ocean shipping container.
Born in Mississippi and raised in Memphis, Tennessee, Smith entered Yale College in 1962 to pursue a degree in economics. While at Yale, he worked as a charter pilot and conceived the idea for an integrated air-to-ground system that would ensure overnight delivery, a concept that would eventually become Federal Express. After graduating from Yale in 1966, he served four years in the United States Marine Corps, including two tours of duty in Vietnam where he served as a rifle platoon leader, a company commander, and aerial observer/ tactical air controller. He was decorated with the Silver Star, Bronze Star, and two Purple Hearts for his military service. He left the Marine Corps in 1970 as a captain. Smith launched Federal Express in 1973 with a fleet of 14 Dassault Falcon jets and a vision to disrupt the transportation and logistics sector. He built the company into a multinational giant with $88 billion in annual revenue today.