Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Following is an analysis of Bureau of Labor Statistics (BLS) Producer Price Index data. The PPI is a family of indexes that measure the average change over time in the prices received […]
The U.S. dollar weakened against 12 of the 16 steel and raw materials trading nation currencies in the last 30 days and against 11 in the last 90 days, which is similar to the declines that we reported for June and July. The biggest changes in the last 90 days were in the value of […]
U.S. manufacturing indicators continued to show signs of improvement in July and August data as the economy recovers from the coronavirus shutdowns. The health of the manufacturing economy has a direct bearing on the health of the steel industry. The Industrial Production Index The Industrial Production (IP) index is a gauge of output from factories, […]
Business activity continued to improve in New York State in September. The Empire State Manufacturing Survey general business conditions index soared 13 points to a reading of 17.0, its third consecutive positive reading this year. New orders rose modestly while shipments increased significantly, gaining seven points to register 14.1. Delivery times lengthened and inventories and […]
Ashland, Ky., will get a welcome infusion of jobs from Danieli USA after the closing of AK Steel Ashland. Danieli has rented a 130,000-square-foot building near the AK Steel mill and will operate a repair and refurbishment center serving steel producing clients in North America. The Italian firm is one of the world’s largest suppliers of […]
Employment in manufacturing and construction is recovering much more slowly than in the overall economy. The net change in employed persons was negative 20.8 million in April. Each month since then has had positive growth, but the recovery slowed in July and August. We have created a new summary chart for August to track the overall […]
The net change in employed persons in September was 661,000. Employment gains have slowed each month since June when 4.8 million jobs were recovered. The baseline against which future comparisons will be made is February 2020, the all-time high for nonfarm employment. Figure 1 shows the total number of people employed in the nonfarm economy. […]
Through October, manufacturing has added 742,000 jobs and construction 789,000 since the pandemic-driven crash in April. The baseline against which future comparisons are made in this analysis is February 2020, the all-time high for nonfarm employment. Figure 1 shows the total number of people employed in the nonfarm economy. Table 1 is designed on rolling […]
By CRU Chief Economist Jumana Saleheen, from CRU’s Global Economic Outlook Since lockdown restrictions eased in May the global recovery has been strong, but with marked differences across countries and sectors. The strong recovery in China is partly due to its better virus trajectory over the summer, which has allowed confidence to return. This has […]
Steel Market Update is please to share this Premium content with Executive members. For information on upgrading to a Premium-level membership, email Info@SteelMarketUpdate.com. Nonfarm employment is improving, but made back less than half the losses seen in the two months of March and April in the four-month period from May through August. The August jobs […]
The September jobs report was released by the Bureau of Labor Statistics (BLS) on Friday and failed to meet the consensus expectation. September’s net gain was 661,000. The average monthly gain in the four months May through August was 2.7 million. In the September data, the July gain was revised up by 27,000 and August […]
The economy added 638,000 jobs in October, exceeding consensus expectations, reported the Bureau of Labor Statistics. Expectations were for a gain of 600,000. In the October data, the August gain was revised up by 4,000 and September was revised up by 15,000. Of the job losses in March and April, 10,090,000 are still unemployed. Figure […]
Zekelman Industries has launched a national advertising campaign advocating for increasing the level of manufacturing in the United States. Over the course of September and October, the company estimates its campaign will generate an estimated 315 million impressions, reaching decision-makers and policy influencers outside of the brand’s typical target audience of distributors, contractors, building developers and […]
Economic activity increased modestly in most of the U.S. in August but remained well below pre-COVID-19 levels, said the Federal Reserve in its latest Beige Book publication. “Continued uncertainty and volatility related to the pandemic, and its negative effect on consumer and business activity, was a theme echoed across the country,” said the Fed in […]
Steel prices gained momentum in August as demand improved and the mills announced a new round of price increases. As of last week, Steel Market Update’s hot rolled price average had risen to $485 per ton, up $45 in just two weeks from the mid-month low, and has since topped the $500 mark. Scrap prices were flat […]
The U.S manufacturing sector expanded faster in August, according the Manufacturing ISM Report on Business. The August PMI rose 1.8 points to 56.0 in August for the highest reading of the year and indicated a fourth month of expansion after a contraction in April. The new orders Index jumped 6.1 points to 67.6 percent, while […]
The J.P. Morgan Global Manufacturing PMI rose to a 21-month high in August, driven by the restart of production and businesses following COVID-19 shutdowns. The composite PMI rose to 51.8 in August from 50.6 in July, its second month in a row in expansion territory. Manufacturing output grew for a second month after five months […]
Census Bureau data for downstream steel product shipments lags, but supports AISI data for crude steel production. The Census Bureau provides monthly data on manufacturing inventories, shipments and new orders for total U.S. manufacturing and for individual industries, one of which is steel products. Therefore, the Census Bureau provides a useful reality check for steel […]
The U.S. consumer’s confidence in the present situation has deteriorated drastically in response to the pandemic. The composite value of consumer confidence in August, reported by The Conference Board, was 84.8 with a three-month moving average (3MMA) of 91.6. The 3MMA has decreased from 130.4 in February. This indicator is quite volatile, therefore the moving […]
Orders for durable goods jumped 11.2 percent in July after rising 7.7 percent in June, posting gains for the third straight month and beating all expectations. Automotive orders drove the increase, leaping 22 percent following a robust 24 percent increase in June. Orders for core capital goods–nondefense goods excluding aircraft which are considered an indicator […]
Metalforming companies across the country reported a slight improvement in business conditions in August but are still expecting the next few months to be challenging, according to the latest survey by the Precision Metalforming Association. Most metalforming companies (45 percent) are expecting no change in economic activity in the next three months, while 38 percent […]
By CRU Chief Economist Jumana Saleheen from CRU’s Global Economic Outlook Our global economic forecast has stabilized as our understanding of the economic impact brought on by the virus has improved. In August, there have been some offsetting changes across regions with the USA and China data a little stronger than expected and the EU […]
Manufacturing activity in the New York region slowed in August, according to the Federal Reserve Bank of New York. The Empire State Manufacturing Index slid 14 points to 3.7 in August, well below economists’ estimates in the range of 14-17. A reading above zero indicates activity is expanding. “After increasing significantly in July for the […]
Nonfarm employment rose by 1.7 million in July, but from May through July has made back less than half the losses of March and April. The July jobs report was released by the Bureau of Labor Statistics on Friday and slightly exceeded analyst’s expectations by adding 1.8 million jobs. May’s job gain was revised up […]
The primary metals sector is looking much worse than manufacturing as a whole in the employment picture. The net change in employed persons was negative 20.8 million in April, positive 2.7 million in May, positive 4.8 million in June and positive 1.8 million in July. Table 1 breaks total employment down into service and goods-producing […]
Mill shipments and supply of sheet products began to turn around in June. This analysis based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export data from the U.S. Department of Commerce. The analysis summarizes total steel supply by product from 2008 through June 2020 and year-on-year changes. The […]
Steel prices declined throughout the month of July, although mills announced price increases in the third week of the month. As of last week, Steel Market Update’s hot rolled price average had declined to $450 per ton. Scrap prices declined from June to July by $18-48 per ton. SMU adjusted its Price Momentum Indicator from Lower […]
The coronavirus has claimed another casualty—the FABTECH trade show. Organizers of the annual event, which showcases the latest and greatest in metal fabricating technology, have cancelled the gathering, which they had hoped to hold in Las Vegas on Nov. 18-20, due to the ongoing COVID-19 pandemic. FABTECH is jointly sponsored by SME (formerly the Society […]
The Conference Board Consumer Confidence Index decreased in July, a decline from June but an improvement over recent months. The composite index now stands at 92.6, down from 98.3 in June, and down from 135.8 percent one year prior. “Consumer Confidence declined in July following a large gain in June,” said Lynn Franco, Senior Director […]
The U.S. manufacturing sector expanded again in July indicating a third consecutive month of growth for the overall economy, said the Institute for Supply Management in the latest Manufacturing ISM Report on Business. The July PMI rose 1.6 points from June to register 54.2. “The growth cycle continues for the second straight month after three […]