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Global Crude Steel Production and Capacity Utilization

Worldsteel Association (WSA) reports that global crude steel production totaled 142.08 million tonnes (Mt) at a capacity utilization rate (CUR) of 73.6% in April. This was a 3.1 point increase from last Mays’ 70.5% capacity utilization and the highest since September 2015. At the three month moving average (3MMA), rate of current output, annual production [...]

Consumer Credit

Total consumer credit increased by $8.20 billion (B), in April down substantially from March’s $19.54B and far below analyst’s expectations. Both revolving and installment credit fell month on month, (m/m). The 3 month moving average (3MMA) total credit was $14.75B. On a non-seasonally adjusted (NSA), year on year, (y/y) basis, total consumer credit increased by [...]

Dodge Momentum Index

The Dodge momentum bounced back in May, up 5.4 points or 4.0% month on month. On a 12 month moving average (12MMA), basis the index scored 136.2, up 1.2%. The Momentum Index is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for [...]

Currency Report

The US dollar (USD) has fallen for 5 consecutive weeks against the Broad Index, (a trade weighted basket of currencies). The May 2017 Broad index value was 99.34, down 0.4% from the April’s reading and down 2.1% compared to 3 months ago. On a year over year (y/y) comparison, the dollar was up, 2.2% and [...]

ISM Non-Manufacturing Index

The Institute for Supply Management’s non-manufacturing composite index for May fell a fraction of a point to 56.9, slightly lower than analyst’s expectations. On a 3 month moving average basis the index scored 56.5, up 4.0%. Momentum (defined as 3 month minus 12 month), was positive 3.8%. Overall, the details were encouraging. The ISM nonmanufacturing [...]