The Index Well Above Previous Peak, Reached 111.2 The Index well above its previous peak of 102.4, reached in March 2006, is now at 111.2. The Conference Board Leading Economic Index (LEI) for August 2018, released 9/20, expects the economy will continue to expand through 2018. The leading indicators are consistent with a solid growth [...]
Industrial Production Strongest 12-Month Change Since 2010 The industrial production STRONGEST 12-month change since 2010, rose 0.4% in August and is up 4.9% over the past year. NBER US Raw Steel Production Rose Last Week US raw steel production rose 0.5% last week to an ACUR of 80.2% (it's been quite awhile since we have seen this- [...]
August PMI Increased 3.2 Percentage Points The August PMI increased 3.2 percentage points from the July reading of 58.1 percent to register 61.3 percent, according to the Institute for Supply Management (ISM) August 2018 Manufacturing ISM Report on Business. Economic activity in the manufacturing sector expanded in August and the overall economy grew for the 112th consecutive [...]
Texas Manufacturing Activity Maintained Strong Momentum in August Texas manufacturing activity maintained strong momentum in August, reports the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey for August 2018, according to business executives responding to the survey. Perceptions of broader business conditions remained highly positive. Chicago Fed National Activity Index (CFNAI) Declined in July [...]
US Raw Steel Production Notched Another Gain US raw steel production notched another gain last week, rising 0.5% as mills operated at an ACUR of 79.5%. In the corresponding week last year mills operated at an ACUR of 75.8%. Thus far this year mills have produced prox 59,000,000 tons compared to the prox 57,000,000 tons [...]
The Latest Round of Price Increases by Gerdau The latest round of price increases by Gerdau are set to become effective with September 1 shipments-on July 20. Prices for all grade of special bar quality (SBQ) steel remained flat month on month, in the United States, but market participants anticipate an increase once recently announced [...]
Expansion Still Has Plenty of Fuel in the Tank The expansion still has plenty of fuel in the tank, according to the Monthly Economic Outlook from the Wells Fargo Economics Group. The advance 2nd qtr GDP data not only showed the economy grew solidly in the 2nd qtr but also showed that income growth has [...]
Personal Income Rose in June to 0.4% Personal income rose in June 0.4 percent and revisions to previously reported data show incomes rising a bit more rapidly, additionally, the saving rate was found to be double previous estimates and inflation came in a touch below forecasts. This data paints a much brighter economic picture. Wages rose [...]
Steel Dynamics Announced Base Price Increase Steel Dynamics (SDI) announced a base price increase for Special Bar Quality (SBQ) products of $50/per ton ($2.50/cwt) effective with September 1 shipments. I'm sure the other hot mills and drawing mills will follow with their own announcements soon enough. Chicago Fed National Activity Index (CFNAI) Rebounded in June [...]
Retail Sales Rose in June Retail sales rose 0.5 percent in June and May's gain was revised up from 0.8 to a whopping 1.3 percent. Monday's report of another increase in business inventories in May is in-line with our expectation for Q2 GDP to get a boost of nearly ½ percentage point from inventories." Wells [...]
