The U.S. economy created 157,000 net jobs in July on a seasonally adjusted basis, down from 248,000 in June, according to Bureau of Labor Statistics (BLS) data released on Friday. This decline was partly mitigated by revisions to May and June, which improved by 24,000 and 4,000, respectively. Conditions remain very positive in the U.S. […]
In June 2018, 12,751,000 people were employed in manufacturing and 7,242,000 in construction. Construction employment has grown by 4.4 percent in the last 12 months, while jobs in manufacturing have increased by 2.6 percent. In the last three months, however, manufacturing employment has gained almost twice the number of jobs as construction, according to Steel […]
Construction employment totaled 7,242,000 in July, the highest level since May 2008 and a gain of 4.4 percent over the past 12 months, said a new analysis of government data by the Associated General Contractors of America. The industry added 19,000 jobs in July and 303,000 jobs over the past year, reaching a 10-year high, […]
Stelco is enjoying an unaccustomed perspective, the view from the catbird’s seat in the North American steel market. The once-troubled Canadian steelmaker reported operating income of $161 million on sales of $711 million (Canadian dollars) for the second quarter as steel shipping volumes increased by 49 percent over the prior-year quarter. Sales were up 67 […]
Construction is on a roll with expenditures in June at an all-time high, according to Steel Market Update’s latest analysis of Commerce Department data. In the Aug. 1 data release, which reported expenditures through June, the growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to […]
ArcelorMittal NAFTA posted sales of $5.4 billion for the second quarter of 2018, a jump of 12.7 percent from the first quarter. Steel shipments increased by 4.4 percent to 5.8 million metric tons. Improved results were driven by strong market demand and higher shipment volumes. NAFTA segment EBITDA rose 19.6 percent year-over-year. NAFTA segment crude […]
The Institute for Supply Management’s Manufacturing ISM Report on Business expanded for the 111th month in July. The PMI registered a solid 58.1, although decreasing 2.1 points from the June reading of 60.1 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally […]
June construction spending declined 1.1 percent after an upwardly revised record level in May, according to government data analyzed by the Associated General Contractors of America. However, the first half of 2018 was marked by widespread gains in public and private investment spurred by recent tax and regulatory reform. “There appears to be plenty of […]
Construction employment increased in 272 (76 percent) out of 358 metro areas between June 2017 and June 2018, declined in 44 (12 percent) and was unchanged in 42, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that, for now at least, the […]
China’s share of global steel production is setting a new high each month. Global steel production was down by 1.1 percent in June, but May’s production hit an all-time high and June was the second highest month ever, according to the latest Steel Market Update analysis of World Steel Association data. In three months through […]
Reliance Steel & Aluminum, North America’s largest service center organization, set a new company record with net sales of $2.99 billion for the second quarter of 2018. Sales grew by 20.8 percent from a year ago and 8.4 percent from the previous quarter. Net income totaled $230.8 million, up 124.1 percent from Q2 2017 and […]
Sales of new single-family houses slipped 5.3 percent from May to June to a seasonally adjusted annual rate of 631,000, according to the latest report by the U.S. Census Bureau and Department of Housing and Urban Development. The decline was accompanied by a downwardly revised estimate of 666,000 for May. The June SAAR was at […]
Steel prices held the top spot on the IHS Markit PEG Engineering and Construction Cost Index for July. The survey of procurement executives showed construction costs have increased for 21 consecutive months, with July’s reading up 1.4 points from June to register 68.0. Prices for materials and equipment grew in eight of the 12 categories […]
Trading in steel futures shows many companies betting that prices will decline as the year-end approaches, following the normal seasonal pattern. But current market conditions, under the influence of unprecedented government trade action, are anything but normal, leaving steel executives deeply divided over what to expect. Steel Market Update canvassed the market this week, asking […]
The ferrous scrap market is showing small signs of weakness looking ahead to August, report Steel Market Update sources, who say prices on obsolete grades such as shredded and heavy melt are likely to decline anywhere from $5 to $20 per ton next month, while pricing of busheling and bundles will remain unchanged. Demand for […]
A housing shortage is impacting existing home sales and pushing prices to a new high, reported the National Association of Realtors. The June data from NAR shows existing home sales decreased 0.6 percent in June, falling for the third month in a row and the fifth time this year. Sales were at a seasonally adjusted […]
While manufacturers generally reported favorable business conditions all over the United States, companies in all the Federal Reserve Districts pointed to Trump administration tariffs as cause for concern, according to the Fed’s July 18 Beige Book report. Economic activity continued to expand across the United States, with 10 of the 12 Federal Reserve Districts reporting […]
Construction jobs increased in 32 states and the District of Columbia from May to June, and in 43 states and D.C. between June 2017 and June 2018, according to an analysis of Labor Department data by the Associated General Contractors of America. “Construction is proving to be a reliable source of employment growth in nearly […]
The European Commission has announced it will impose provisional steel quotas to prevent steel imports from being diverted from the U.S. to Europe. The safeguard measures will go into effect July 19 and will remain in place for a maximum of 200 days. The provisional measures will affect 23 steel product categories and take the […]
Housing starts in June dropped 12.3 percent from May to a seasonally adjusted annual rate of 1,273,000. June starts were 4.2 percent below the level in June 2017. A plunge in multi-family housing starts led the decline, falling 20.2 percent to a rate of 304,000 for buildings with five units or more. Single-family starts were […]
A Missouri senator is calling for the end of the trade war instigated by Trump administration tariffs that are threatening agricultural producers and manufacturers in her home state. “Missouri jobs and livelihoods are at stake—and I don’t understand the decision to escalate this trade war with no end in sight, risking critical foreign markets and […]
The 2018 SMU Steel Summit Conference is on pace to become the largest conference we have ever hosted. Our conference will be the premium networking event for manufacturers, fabricators, steel distributors, steel mills, trading companies and toll processors, as well as the industries that supply those groups. Based on the current registration rate, we anticipate […]
The industries that move the nations’ freight are scrambling to find ways to mitigate risks from U.S.-imposed tariffs and foreign-imposed retaliatory tariffs that will impact supply lines and trade flow. Volatility seems to be the new normal as industries face uncertainty over international trade conflicts. Ports Prepare for Tariff Disruptions The Trump administration’s addition of […]
Sales by NLMK’s U.S. mills grew 15 percent to 638,000 metric tons in the second quarter of 2018 compared to the first, triggered by trade restrictions, said the company in a trade update on Friday. NLMK USA sales included 369,000 metric tons of hot-rolled steel, 129,000 tons of cold-rolled, and 139,000 ton of galvanized steel. […]
As the first state in the nation to require all new homes to have solar power, California’s recent decision mandating solar panels in residential construction is likely to increase demand for metal roofing systems, said the Metal Roofing Alliance (MRA), a non-profit trade organization. The initial cost of metal roofing is higher than conventional roofing […]
Constructions costs are escalating due to tariffs on a wide range of building and road construction materials, said the Associated General Contractors of America in a new analysis of Labor Department data. The producer price index rose sharply on construction inputs in June. Aluminum mill shapes jumped 20 percent year-over-year, copper and brass mill shapes […]
Construction spending has accelerated for six straight months, according to Steel Market Update’s latest analysis of Commerce Department data. Growth of total construction expenditures on a rolling three-month basis year over year increased from 0.9 percent in November 2017 to 4.4 percent in May 2018. In the DOC’s July 2 release, which included data through […]
In the last 12 months, manufacturing employment has grown by 2.3 percent and construction employment by 4.1 percent, according to Bureau of Labor Statistics data for June—positive indicators of future steel sales volume. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. Most of the goods-producing […]
The Dodge Momentum Index, a measure of the nonresidential construction projects in planning, moved higher in June, gaining 0.8 percent to post a score of 165.5. The commercial component of the index outpaced the institutional component, with gains of 1.1 percent and 0.3 percent, respectively. “June’s advance marks the fifth straight monthly increase for the […]
The U.S. economy created 213,000 net jobs in June, bringing total job creation to 2,374,000, an increase of 1.6 percent year over year, according to Steel Market Update’s latest analysis of Bureau of Labor Statistics (BLS) data. Rising employment and wages are the basis of most U.S. gross domestic product growth as personal consumption accounts […]