Total housing starts were reported at a seasonally adjusted annual rate of 1,135,000 for the month of December, on a 3MMA basis, down 6.7% from the November rate. Single family hoiusing starts declined 9.1 % 3MMA y/y, while multi-family fell 1.6% 3MMA y/y, (Table 1). Table 1 Figure 1 presents the long term view of [...]
Square foot starts present a non-residential construction (NRC), market that was down in December on both 3 month y/y (-3.7%) and 12 month y/y (-6.7%) metrics, (Table 1). Table 1 Looked at in expenditure terms, starts posts positive growth on both time comparisons, +22.5%, 3 months y/y and +4.4%, 12 months y/y, (Table 2). Figure [...]
January US starts posted $189.9 Bn, down 9.7%, 12 months y/y. On a 3 month year on year basis starts rose 7.7%, pushing momentum to a positive 17.5%. In total of the 12 project categories, 9 recorded growth on a 3 month year on year (y/y) basis, while only six saw growth on 12 month [...]
The Producer Price Index (PPI) is a weighted index of prices measured at the wholesale, or producer level. A monthly release from the Bureau of Labor Statistics (BLS), the PPI shows trends within the wholesale markets, manufacturing industries and commodities markets. Figure 1 Figure 1 presents a historic review of all commodities from 2000 to [...]
December U.S. service center total shipments continued to decline falling 3.1% on a three month moving average basis, (3MMA) y/y and were down 14.4%, 3MMA compared to two years ago. Pipe and tube shipments fell the most, down 13.4%, while sheet products were flat y/y, but down 10.5% vs. two years ago (Table 1). Overall [...]
This data is from the Federal Reserve and is seasonally adjusted. The index is based on the May 2012 level being defined as 100. The Industrial Production Index had an all-time high of 106.70 in November 2014 and had trended down until June this year when it reversed the slide and began a gradual rebound, [...]
At Gerdau we follow the ABI because it is a leading economic indicator that offers a glimpse into the future of non-residential construction spending of approximately 12 months. The national ABI jumped 5.3 points in December to 55.9. In an encouraging trend for future construction activity, the ABI has been north of 50 for three [...]
In the first eleven months of 2016 bulk scrap exports were 11,428,000 tonnes, down by 2.8% from the first 11 months of 2015. The tonnages shown in Figure 1 are based on three month moving averages for 2016 and on the annual monthly average for previous years. Figure 1 The graph shows that exports declined [...]
We monitor consumer spending because history has shown that increased consumer spending (which is approximately 70% of GDP), translates into increased steel consumption (and vice versa). Figure 1 Consumer spending surprised to the upside in November after posting a disappointing October. Non-revolving credit led a strong surge to $24.5 Bn, exceeding analysts’ expectations by $6.1 [...]
In December net job creation was 156,000 which was down from 204,000 in November. October was revised down by 7,000 and November up by 46,000. Using a three month moving average, (3MMA), the result for December was 165,000 down from 182,000 in November. Figure 1 Figure 1 shows the 3MMA of the number of jobs [...]
