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 2020
Business Activity Picked Up in February
Business Activity Picked Up in February Business activity picked up in February 2020, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey and the firms responding to the survey. The headline general business conditions index moved up [...]
US Economy Added 291,000 Jobs in January
US Economy Added 291,000 Jobs in January The US economy added 291,000 jobs in January blowing away expectations of 157,000 new jobs. The PMI Returned to Expansion Territory for the First Time Since July 2019 We begin the week with the [...]
January 2020
Increased Optimism About Current and Expected Conditions
Increased Optimism About Current and Expected Conditions Increased optimism about current and expected conditions supported a better than expected result for the Consumer Confidence Index in January. Consumer spending should remain a key driver of economic growth this year. Wells Fargo [...]
Financial Conditions and Consumers’ Outlook Remain Positive
Financial Conditions and Consumers' Outlook Remain Positive "Financial conditions and consumers' outlook remain positive, which should support growth of about 2 percent through early 2020, despite the US LEI decline in four of the last five months. Its six-month growth rate [...]
Unemployment Rate Hovering at a Fifty-Year Low
Unemployment Rate Hovering at a Fifty -Year Low With the unemployment rate hovering at a fifty -year low, it leaves 500,000 US factory jobs unfilled, the most in nearly two decades, according to the Labor Department. Manufacturers are paying relocation costs [...]
US Trade Deficit Fell to Lowest Point in More Than Three Years
US Trade Deficit Fell to Lowest Point in More Than Three Years The November 2019 US trade deficit fell to its lowest point in more than three years, suggesting the Trump administration's agenda to recalibrate international flows of goods and services [...]
Chicago Business Barometer Four-Month High
Welcome to 2020! Chicago Business Barometer Four-Month High In December The Chicago Business Barometer four-month high reached 48.9 after rising 2.6 points in December . Business sentiment dropped to its lowest reading since Q2 2009 and the index was below the [...]
December 2019
Housing Starts Rose in November
Housing Starts Rose in November Single family housing starts rose 2.4% in November, multi-family starts by 4.9% and overall building permits rose 1.4%. Wells Fargo November existing home sales declined 1.7% in November but are still up 2.7% over the year. [...]
US Manufacturing Output Rebounded
US Manufacturing Output Rebounded US manufacturing output rebounded more than expected in November, as the end of an almost six-week long strike at General Motors plants boosted auto production. The Federal Reserve said on Tuesday that manufacturing production rose 1.1% last [...]
Unemployment Dropped to Fifty Year Low
Unemployment Dropped to Fifty Year Low Unemployment dropped to fifty year low of 3.5% in November, as the US economy added 266,000 non-farm jobs, trouncing estimates of 180,000 new jobs. ...but let's impeach the President. Idiots-all of them. Small Business Optimism [...]
Chicago Business Barometer Rose 3.1 Points
Chicago Business Barometer Rose 3.1 Points The Chicago Business Barometer rose 3.1 points in November, hitting a 127th consecutive month two-month high 46.3, however, the index remains in contraction for the third straight month. The New Orders and Order Backlogs indices [...]
November 2019
Texas Factory Activity Contracted in November
Texas Factory Activity Contracted in November Texas factory activity contracted slightly in the month, according to the Federal Reserve Bank of Dallas November 2019 Texas Manufacturing Index, per executives responding to the survey. The production index, a key measure of state [...]
Thanks to All Our Friends, Customers and Vendors
Thanks to All Our Friends, Customers and Vendors As we enter the Holiday Season and move toward the end of 2019, I give thanks to all our friends, customers and vendors for their support throughout this and every year. We all [...]
Small Business Optimism Index Rose 0.6 Points, Remaining Close to its Cycle High
Small Business Optimism Index Rose 0.6 Points, Remaining Close to its Cycle High The National Federation of Independent Business (NFIB) Small Business Optimism Index rose 0.6 points, remaining close to its cycle high. Most key components rose, including capital spending and [...]
Dow Industrials All-Time High
Dow Industrials All-Time High The Dow Industrials all-time high was reached Monday, closing at 27462. The new all-time high was powered by optimism about a US-China trade deal and last week's upbeat figures on Q3 economic growth and better than expected [...]