Economy

Fed Beige Book: Economic activity steady, manufacturing declines
Written by Laura Miller
January 19, 2024
While there was little change in economic activity since its last update, the Federal Reserve reported declines in manufacturing in nearly all districts in its January Beige Book update.
The Fed’s economic report, published eight times each year, said there was little or no change in overall economic activity in eight of its twelve districts since its November update.
Three districts – Chicago, Dallas, and Richmond, Va. – experienced modest economic growth, while one district – Kansas City – saw a moderate decline.
In the manufacturing sector, the Chicago and New York districts reported moderate contraction. Minneapolis noted decreasing activity in both construction and manufacturing.
Districts said high interest rates continue to dampen auto sales and limit real estate transactions. However, many sources were hopeful about a potential decline in interest rates.
Causes for economic uncertainty in the districts include waning demand, the 2024 election cycle, and worries about the office market, the report said.
“Firms in most districts cited examples of steady or falling input prices, especially in the manufacturing and construction sectors, and more discounting by auto dealers,” the Book noted.

Laura Miller
Read more from Laura MillerLatest in Economy

Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.