U.S. steel product shipments rebounded in May, up 3.1% following a 7.1% decrease the month prior. Steel product shipments have been irregular from month to month since bottoming out in May 2020. The seesaw pattern over the past year is attributable to several factors including mill outages, factory curtailments and seasonal disruptions as the marketplace […]
The U.S. labor market accelerated in June, seeing the largest gain in 10 months, reported the U.S. Bureau of Labor Statistics (BLS). The latest data shows a surge of 850,000 new workers added to payrolls in June after a spring lull. Wages also saw noticeable improvements, both positive signs of growing demand for workers. Following a disappointing jobs […]
The U.S. economy continued to push forward in June, the labor market recovery accelerating after a weaker-than-expected showing in April. Employers added a net 850,000 jobs last month, according to the Bureau of Labor Statistics (BLS), the most added in one month since last August and outpacing the consensus expectation from market experts. Despite the […]
New orders and production picked up in June, while employment contracted, supplier deliveries slowed and backlogs lengthened, said the Institute for Supply Management in its June 2021 Manufacturing ISM Report on Business. The Manufacturing PMI fell a slight 0.6 percentage point to 60.6 after rising in May and indicates expansion for the overall economy. “Business Survey Committee panelists […]
The Chicago Business Barometer fell to a four-month low in June with a PMI reading of 66.1, according to MNI Indicators. The June PMI slipped 9.1 points from May. Through Q2, however, the index jumped by 7.9 points to 71.1, its highest quarterly reading since Q4 1973. Demand was not as robust as anticipated. Supplier […]
Steel prices rose even higher through the month of June, now the 10th consecutive month prices have increased. Hot rolled steel prices increased an average of $30 per ton each week, reaching $1,770 per ton in SMU’s latest check of the market. The SMU Price Momentum Indicator has remained unchanged since the August 2020 adjustment […]
U.S. GDP grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the Bureau of Economic Analysis’ (BEA) third and final revision. The third revision saw no change in overall GDP compared to the advance and second estimates; however, upward revisions to nonresidential fixed investment, private inventory investment, and exports […]
World crude steel production kept its upward momentum in May with another record-breaking month, according to World Steel Association (worldsteel) data. Global output, at an estimated 174.4 million metric tons, was 16.5% higher than the year-ago period and 2.8% higher than April. Since March’s historic 12.7% jump, world crude steel production has been trending up. May’s […]
U.S. consumer confidence improved further in June on top of repeated gains in each of the four previous months, according to the latest data from The Conference Board. The June index rose by 7.3 points month on month, following increases of nearly 25 points from February through May. “Consumer confidence increased in June and is currently […]
Mark Bula sees an analogy between the latest green steel technology and the electric arc furnaces (EAFs) that transformed traditional steelmaking back in the 1980s. “Just as minimills once disrupted the industry, we must once again take a monumental leap forward,” he said. Bula is well known in the steel industry for his prior role […]
World crude steel production, at an estimated 174.4 million metric tons, was 16.5% higher in May than in the same month last year, reported the World Steel Association (worldsteel). May’s data is significant not just due to a stellar recovery from the coronavirus-driven doldrums, but the fact that May’s output is 2.8% higher than April’s […]
Orders for manufactured durable goods rebounded in May after a surprise tumble of 0.8% (revised) in April. Orders rose 2.3 percent to $253.3 billion, reported the U.S. Census Bureau. Transportation led the increase after falling in April due to the semiconductor shortage that stalled auto production. Transportation jumped 7.6%, more than reversing April’s revised decline […]
Demand for design services from architecture firms in the U.S. continued to be robust in May, said the American Institute of Architects. AIA’s Architecture Billings Index rose to 58.5 from 57.9 in April for one of the highest scores in the ABI’s 25-year history. The ABI has expanded every month since January. The index for […]
Producer prices have not only recovered from the COVID-19-driven fallout, but have now overtaken pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. May’s index registered a 3.2% increase versus the […]
The next three months will be challenging, said metalforming companies in the June 2021 Precision Metalforming Business Conditions Report. Only 36% of companies expect an improvement in economic activity during the period, down from 41% in May, while 12% anticipate a decline in activity, up from 10% in the previous month. The percentage of respondents […]
Mill shipments of steel products declined by 2.0% in April compared with the month prior, while apparent supply increased by 2.8% during the same period. April’s totals were a letdown from the strong performance in March, which saw shipments of steel products leap by 18.3% and apparent supply accelerate by 18.1%. This analysis is based […]
Manufacturing growth in New York State slowed a bit in June, according to the data collected in the Empire State Manufacturing Survey. The general business index fell seven points to 17.4. Indices for new orders and shipments fell by double digits from May, sliding 12.6 points and 16.5 points, respectively. Unfilled orders were slightly higher. […]
We are all concerned about the economy. Is inflation going to return to the devastating levels seen in the late 1970s and early 1980s (for those of you who were not around at the time, we saw interest rates rise to the high teens/low 20s)? When will demand ease and what are the implications for […]
By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen In this mid-year update to our global economic outlook, we look back at our expectations at the beginning of the year, and those of our surveyed clients, and compare them with actual outcomes over the past six months. Overall, the global economy is in vastly better shape […]
U.S. steel and metals trade associations warned Congressional leaders that the condition of the nation’s infrastructure is “dire.” They urged legislators to support the “historic” and metal-intensive infrastructure bill proposed by the Biden administration. The trade groups—which claim to represent more than 74,000 domestic facilities—pointed out that an American Society of Civil Engineers (ASCE) 2021 report card gave U.S. […]
Crowe LLP, a public accounting, consulting and technology firm, announced two new executive appointments of particular interest to those in the steel and manufacturing industries. Scott L. Spencer, CPA, has been named managing partner of the manufacturing and distribution services group at Crowe LLP. In this role, Spencer will oversee the delivery of the firm’s […]
U.S. steel product shipments fell by 2.4% in April following an increase of 15.6% in the month prior. The decline, although disappointing, is not surprising because steel product shipments have been irregular from month to month since bottoming out in May 2020. The lack of consistency has been attributed to seasonal factors at times but […]
The U.S. economy recovered from the disappointing showing in April by adding 559,000 new jobs in May, the Bureau of Labor Statistics (BLS) reported. Although fewer workers were added to the payroll than the 700,000-plus forecasted by economists, the May jobs report was in line with February and March totals. The gains underscore the positive impact of steady […]
The U.S. labor market gained some ground in May following a disappointing performance the month prior. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 559,000 workers to their payrolls in May, a vast improvement from the measly 266,000 new jobs added in April – but still behind the 770,000 new hires in […]
U.S. gross domestic product (GDP) grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the second estimate from the Bureau of Economic Analysis (BEA). The second estimate saw no change in overall GDP compared to the advance estimate; however, upward revisions to consumer spending and nonresidential fixed investment were […]
The U.S. economy expanded at a moderate pace from early April to late May as vaccine rates increased and social activity began to normalize, said the Federal Reserve in its latest Beige Book report. Consumers spent more dollars on leisure travel and restaurants, giving a boost to the tourism industry that was among the hardest […]
Good news on the global manufacturing front in May: The J.P. Morgan Global Manufacturing PMI showed production accelerating at one of the fastest rates in a decade and new order growth was at an 11-year high. The PMI, produced by J.P Morgan and IHS Markit, rose to 56.0 in May. Only six of the 20 […]
Global manufacturing remained in a strong growth phase in June, with output, new orders and employment all rising and business optimism at robust levels. However, stressed global supply chains continued to disrupt production schedules and delay input deliveries resulting in sharp price increases. The J.P. Morgan Global Manufacturing PMI dipped slightly to 55.5 in June, […]
Steel prices continued to climb higher in May, now the ninth consecutive month prices have increased. Hot rolled steel prices increased an average of $23 per ton each week, reaching $1,590 per ton as of last week when this article was filed. The SMU Price Momentum Indicator has remained unchanged since the August 2020 adjustment […]
The Chicago Business Barometer reached its highest level since November 1973, coming in at 75.2 for May. New orders jumped 7.7 points, indicating strong demand in the region. Survey respondents noted that high consumer demand may be due in part to worries about raw material shortages. Production slowed by 2.3 points and order backlogs were […]