New non-seasonally adjusted (NSA), filings for unemployment insurance benefits rose by 10,300 to 229,500 for the week ending June 24th, while the four week moving average was 228,500. On a seasonally (SA), adjusted basis, new claims rose by 2,000 to 244,000. The increase in jobless claims is not to concerning since employment statistics are not [...]
According to the June 29th China Metals Weekly (CMW) newsletter, prices were up across all product lines on a week on week (w/w), basis. Angles edged up 2.4% to $491 per ton, channels and beams each increased by 0.7% to $484 and $483 respectively. Wire rod priced were up 2.4% to $466 and rebar increased [...]
The annualized Gross Domestic Product (GDP), growth rate in the third estimate of the first quarter (Q1), of 2017 was revised upwards to 1.4%. This was a 0.2 point upward revision from the first estimate and a 0.7 point upward revision from the dismal 0.7% first estimate. The largest drivers were durable goods spending and [...]
The national ABI score for May was 53.0, up 2.1 points above April’s score, (> 50 indicates an increase in billings). The ABI has been greater than 50 for four of months in a row and for seven of the last eight months. The new projects inquiry index was 62.4, up 2.2 points month on [...]
Housing inventory of existing homes was 4.2 months’ supply in May. It was 4.6 months for new houses. This is a low number by historic standards. Low supply coupled with low interest rates results in higher prices. A total of 610,000 homes changed hands in May. According to Census Bureau data, the national average price [...]
The US dollar (USD) has declined in value against the seventeen steel trading nations that we track. Of these 17, 12 have gained against the dollar over the past three months, 10 over the past month. Looked at over a one year period, the dollar has lost ground against 9 of the 17. The dollar [...]
New orders for durable goods (ADG), decreased by 1.1% in May to $228.2 billion. On a three month moving average (3MMA), assessment, ADG was down 1.3% month on month (m/m) and down 0.3% year on year (y/y). The good news is that primary metals advanced 0.3% and were up 12.5% from a year earlier. The [...]
After surging to its highest level since November 2014, the CFNAI fell back -0.26 in May. Despite the roll-back, the three month moving average (3MMA), remained positive (0.04). Only one of the four sub-indexes that make up the headline index made a positive contribution in May. Sales, orders and inventories category made a contribution of 0.02 [...]
The overall Industrial Production (IP) index on a three month moving average (3MMA), basis ticked up 0.41% month on month and by 0.72% year on year (y/y), in May following a large increase in April and smaller increases in February and March. The index now stands at 105.0% of its 2012 average. The index for [...]
The American Society of Civil Engineers (ASCE) issues a report card on the health of infrastructure in America on a four year cycle. The 2017 report was just released and the overall score was “D+” on an A to F scale, the same score as the previous report. There are 16 categories that the ASCE [...]
