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.
May 2019
Expectations Index Increased in March
Expectations Index Increased in March Based on consumers' short-term outlook for income, business and labor market conditions, the Expectations Index increased to 103.0 from 98.3 in March. The Conference Board Consumer Confidence Index improved in April after decreasing in March. Consumer [...]
April 2019
Real GDP Increased 3.2%
Real GDP Increased 3.2% Real Gross Domestic Product (GDP) increased 3.2 percent in the first quarter of 2019, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA). In the fourth quarter of 2018, real GDP increased 2.2 [...]
Business Activity Grew Modestly
Business Activity Grew Modestly in NY State in April Business activity grew modestly in New York State in the month of April, reports The Federal Reserve Bank of New York Empire State Manufacturing Survey. The headline general business conditions index rose [...]
Business Optimism Remains Elevated
Business Optimism Remains Elevated The National Federation of Independent Business (NFIB) Small Business Optimism Index rose 0.1 point in March. While the index has fallen from lofty highs of recent years, business optimism remains elevated and businesses continue to report plans [...]
Hourly Wages Grew 3.2% from a Year Earlier
Hourly Wages Grew 3.2% from a Year Earlier Hourly wages grew 3.2% from a year earlier, as hiring in the US sprang back in March and the unemployment rate remained at a historically low level, underscoring that the labor market remains [...]
March 2019
Precision Machining Index Rebounded
Precision Machining Index Rebounded Registering 56.2 for January 2019, the Gardner Business Index (GBI): Precision Machining Index rebounded from December's two year low reading. Over the 2017 and 2018 calendar years, the Production Machining Index averaged 56.2, marking the fastest and [...]
Manufacturing Conditions Improved in March
Manufacturing Conditions Improved in March The Federal Reserve Bank of Philadelphia released its March 2019 Manufacturing Business Outlook Survey and reports manufacturing conditions improved in the region this month. The indicators for general activity, new orders and shipments returned to positive [...]
Consumer Spending Bounced Back
Consumer Spending Bounced Back in January January retail sales showed that consumer spending bounced back in January but not enough to offset a weak December. Wells Fargo Small Businesses Remain Upbeat About Economy The National Federation of Independent Business (NFIB) Small [...]
Non-Manufacturing Index Bounced Back
Non-Manufacturing Index Bounced Back 3 Points The Institute for Supply Management (ISM) Non-Manufacturing Index bounced back three points in February. The stronger-than-expected reading suggests that the service sector continues to expand at a solid rate. Wells Fargo New Home Sales Rose [...]
Business Barometer Hit Highest Point Since December 2017
MNI Chicago Business Barometer Hit Highest Point Since December 2017 The February 2019 MNI Chicago Business Barometer hit highest point since December 2017, rising by 8 points to 64.7. Optimism returned, with most Barometer components back at December 2018's level after [...]
February 2019
February 2019 Manufacturing Business Outlook Survey Reports Negative Indicators
February 2019 Manufacturing Business Outlook Survey Reports Negative Indicators The Federal Reserve Bank of Philadelphia February 2019 Manufacturing Business Outlook Survey reports negative indicators for general activity, new orders and shipments but the indicator for employment remained positive. The index for [...]
Optimistic Future Conditions Suggested
Optimistic Future Conditions Suggested Fairly optimistic future conditions are suggested by indexes assessing the six-month outlook which improved noticeably, after slumping in January. The Federal Reserve Bank of New York Empire State Manufacturing Survey for February 2019 Reports Modest Growth The [...]
US Census Bureau Full Report for November 2018
US Census Bureau Full Report for November 2018 US Census Bureau Full Report for November 2018 on Manufacturers' Shipments, Inventories and Orders: New orders for manufactured durable goods, down two consecutive months, decreased 0.6 percent. Shipments of manufactured durable goods, down [...]
Best January for Stocks in 30 Years
Best January for Stocks in 30 Years The resilient US economy has fueled the best January for stocks in 30 years...banks and smaller companies that were among the market's laggards last quarter have helped stocks, a sign investors are favoring sectors [...]
January 2019
US Raw Steel Production 1,912,000 Tons Week of 1/19/2019
US Raw Steel Production 1,912,000 Tons Week of 1/19/2019 US raw steel production 1,912,000 tons the week of 1/19/2019 as mills operated at an ACUR of 80.7%. In the like period Las year, mills operated at an ACUR of 73.6%. US [...]