Oil Prices Entered Bear Market Territory In Thursday's trading, oil prices entered bear market territory, closing down at $60.67/barrel amid worries over rising US crude inventories and slowing global demand. West Texas Intermediate crude is now down 21% from its Oct. 3 peak. WSJ US Raw Steel Production Reached a 4+ Year High US raw [...]
Consumer Confidence Index Increased Again The Conference Board Consumer Confidence Index increased again in October. The Present Situation and the Expectations Index's both increased as well. These are at levels last seen in the fall of 2000. Consumers' assessment of present-day conditions remains quite positive, primarily due to strong employment growth." Said Lynn Franco, Senior [...]
The Conference Board Leading Economic Index Increased in September The Conference Board Leading Economic Index (LEI) for the US increased 0.5 percent in September following a 0.4 percent August increase and a 0.7 percent increase in July. The LEI improved further in September, suggesting the US business cycle remains on a strong growth trajectory heading into [...]
Increasing Raw Material Costs Driving SBQ Prices Up Increasing raw material costs driving SBQ prices up by $1 per hundredweight ($20/per ton) across all grades with market participants reporting lead times for hot rolled bar that extend into early February 2019. AMM's price assessment for 1 inch round 1000 series hot rolled bar was at [...]
Small Business Optimism Slipped in September Small business optimism slipped 0.9 points in September but remains near an all-time high. Tighter labor markets are pushing compensation costs higher and many businesses are passing on those higher costs. Wells Fargo US Raw Steel Production Retreated Again Last Week US raw steel production retreated again last week, [...]
The Dow Jones Industrial Average Rose to a New Record High The Dow Jones Industrial Average rose to a new record high on Tuesday while major indexes in other regions of the world struggled, a sign investors' growing divergence in expectations between growth in the US and elsewhere. WSJ ISM Non-Manufacturing Index Hits 21-Year High [...]
Consumer Confidence Hit Highest Level Since 2000 Consumer Confidence hit highest level since 2000. Only in eleven individual months since 1967 have we seen confidence higher than it is today. Nine of those months were in the year 2000. The other two were in 1999. This is the thin air of high peaks... The euphoria [...]
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 [...]
