Small Business Optimism Drops Again in December Small business optimism drops again in December. According to the National Federation of Independent Business (NFIB) the Small Business Optimism index fell 0.4 point in December, marking its fourth consecutive drop. The bulk of the drop was in expectations for the economy, likely reflecting fallout from the stock [...]
US Employers Added 312,000 Jobs in December US employers added 312,000 jobs in December, the fastest pace since February and wages surged, suggesting the economy maintained strong momentum at the end of 2018 even as financial markets sank. WSJ The Chicago Business Barometer eased to 65.4 in December from 66.4 in November. Three of the [...]
US SBQ Spot Market Prices Slip US SBQ spot market prices slip for most grades of special bar quality (SBQ) in AMM’s latest assessment on Friday 12/14 driven by late year discounting although overall demand remains strong. Sources indicated that lead times stretch from late February to early March 2019. The price for 1.000” Round [...]
Chinese Tariff on US Auto Imports Now 15% Chinese tariff on US auto imports now 15%, down from 40% currently, after China agreed to lower it ... Big Win. US Drill Rigs Running Slipped Last Week The number of drill rigs running in the US slipped by one last week, to 1,075. Led by Oklahoma, [...]
Small Business Index Jumped to New All-Time High Small business owners do not appear to have been unnerved by the recent rise in trade tensions with China or the associated sell off in the stock market. The latest quarterly Wells Fargo/Gallup Small Business Index jumped 11 points to new all-time high. Wells Fargo Today is [...]
Chicago Business Barometer Signaled Expansion 33 Consecutive Months The MNI Chicago Business Barometer surged to an eleven month high in November, up 8 points from October. The months result, sitting above the neutral 50-mark, means the Barometer signaled expansion 33 consecutive months. Driving the November increase were soaring orders and higher output. After easing in [...]
The USMCA Impact on US Economy As part of an investigation into the USMCA impact on US economy, representatives from both the American Iron & Steel Institute (AISI) and the Steel Manufacturers Association (SMA) said the proposed NAFTA replacement would provide benefits to the US steel industry and to the US economy in general. The deal encourages [...]
Increasing Scrap Prices Affect SBQ Price Hikes Prices for special bar quality (SBQ) steel products in the US have risen again, moving up by $0.50 per hundredweight ($10 per short ton) due to increasing scrap prices while market participants eye an early 2019 mill base price hike. US Drill Rigs Running Increased Last Week The [...]
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 [...]
