A View from the Top
Summit Steel President Ross Bushman offers a weekly summary of data and observations regarding the metals industry news, market conditions and their global and domestic impact.
Feel free to contact Ross with your thoughts or comments.
February 2024
Both US Raw Steel Production and Drill Rigs Running UP
Both US Raw Steel Production and Drill Rigs Running UP Both US raw steel production and drill rigs running UP from previous week. In the week ending February 17, 2024, US raw steel production was 1,721,000 net tons at an ACUR [...]
Taxation: with Draconian Obfuscation
Taxation: with Draconian Obfuscation The #1 and Eternal Rule of Taxation: No matter how much you give politicians to spend, they will always spend more. Need no more proof than 1. the US Debt Clock https://www.usdebtclock.org/ and 2. Figures from 2023: Tax revenue $8.1 Trillion, government spending $10.1 Trillion. 3. Deficit grew 1/2 Trillion in the [...]
Keep Your Powder Dry
Keep Your Powder Dry I am amazed. Joe Biden has been exonerated from unlawfully taking classified documents from the White House while vice president and will not be charged for breaking the law. The special counsel says they can’t charge him [...]
Chicago Business Barometer Surged in November
Chicago Business Barometer Surged in November The Chicago Business Barometer surged +11.8 points in November. This represents the first expansionary reading since August 2022, the highest level since May 2022, and the biggest monthly rise since September 2020. Production, New Orders, [...]
January 2024
Business Activity Dropped Sharply in New York State
Business Activity Dropped Sharply in New York State Business activity dropped sharply in New York State according to The Federal Reserve Bank of New York Empire State Manufacturing Survey results. The headline general business conditions index fell twenty-nine points to -43.7, [...]
Economic Resilience Appears Improved
Economic Resilience Appears Improved Economic resilience appears improved boosting small business optimism at the end of 2023. The NFIB small business optimism index rose 1.3 points in December, tying with July for the highest reading of the year. Wells Fargo Consumer [...]
US Drill Rigs Running Increased from Previous Week
US Drill Rigs Running Increased from Previous Week US drill rigs running increased from the previous week in the US. There were 622 running, up two rigs from the previous week, down 157 rigs from one year ago. Meanwhile, Canadian drillers [...]
December 2023
LEI Declined Twenty Months Straight
LEI Declined Twenty Months Straight The Leading Economic Index (LEI) declined twenty months straight, a run that historically would indicate recession is imminent. Wells Fargo The problem with this, is that we have not had a business quarter of negative growth [...]
LEI Declined Twenty Straight Months
LEI Declined Twenty Straight Months The LEI declined for twenty straight months, a run that historically would indicate recession is imminent. Wells Fargo The problem with this, is that we have not had a business quarter of negative growth in GDP. [...]
IN HOC ANNO DOMINI
IN HOC ANNO DOMINI When Saul of Tarsus set out on his journey to Damascus the whole of the known world lay in bondage. There was one state, and it was Rome. There was one master for it all, and he [...]
November 2023
Small Business Owners Pessimistic
Small Business Owners Pessimistic Small business owners pessimistic through an apparent period of US economic resilience. The Small Business Optimism Index ticked down slightly in October, to 90.7, marking nearly two years the index has remained below its longer-term average. Wells [...]
Veterans Day – Thank a Veteran
Veterans Day - Thank a Veteran Veterans Day is tomorrow. Make it a point to thank a veteran for his or her service to our great country. God bless our military. Today, Friday, is the birthday anniversary of the United States [...]
New Home Sales Advanced in September
New Home Sales Advanced in September New home sales advanced 12.3% in September, the largest monthly jump in over a year. Amid mounting housing market unaffordability, new home sales are still rising on trend as builders successfully employ price discounts and [...]
October 2023
Raw Steel Production Higher than Year Ago
Raw Steel Production Higher than Year Ago US raw steel production higher than year ago. In the week ending October 14, US raw steel production was1,695,000 net tons at an ACUR of 73.8 percent. The current week’s production, oddly enough, was 3.1 [...]
All Items Index Increased 3.7% Over Past 12 Months
All Items Index Increased 3.7% Over Past 12 Months All items index increased 3.7% over past twelve months. The Consumer Price Index for all urban consumers (CPI-U) rose 0.4 percent in September after increasing 0.6 percent in August. Over the past [...]