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.
June 2023
“Present Situation and Expectations” Indices Declined
“Present Situation and Expectations” Indices Declined “Present Situation and Expectations” indices declined and The Conference Board Consumer Confidence Index fell in May, to 102.3 from 103.7 in April. The US economy added 339,000 jobs in May, greater than the 190,000 jobs [...]
May 2023
Deterioration in Business Conditions
Deterioration in Business Conditions Deterioration in business conditions reported by results of The Federal Reserve Bank of Richmond May 2023 Fifth District Survey of Manufacturing Activity, according to executives responding to the survey. The composite manufacturing index fell from -10 in [...]
Worsening Economic Outlook
Worsening Economic Outlook Worsening economic outlook signaled as the US LEI declined for the thirteenth consecutive month in April,” said Justyna Zabinska-LaMonica, Senior Manager, Business Cycle Indicators, at the Conference Board. The Conference Board Leading Economic Index (LEI) for the US [...]
Inflation is Still High, but It Has Come Down
Inflation is Still High, but It Has Come Down Inflation is still high, at over two times the Fed target of 2 percent, but it has come down from 9 percent. The Consumer Price Index (CPI) rose 0.4 percent in April, [...]
April 2023
New Home Sales Surged in March
New Home Sales Surged in March New home sales surged in March to 9.6%, making homeowners hesitant to list their homes and trade up to higher mortgage rates, so they turned to new construction. US Raw Steel Production Up from Previous [...]
New York Business Activity Increased for the First Time in Five Months
New York Business Activity Increased for the First Time in Five Months New York business activity increased for the first time in five months, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey results for April 2023. [...]
Consumer Price Index Increased 0.1% in March
Consumer Price Index Increased 0.1% in March The Consumer Price Index (CPI) increased 0.1% in March. Excluding food and energy, consumer prices rose 0.4% last month and 5.6% over the past year. US Raw Steel Production Lower than Previous Week In [...]
Celebrations of Faith
Celebrations of Faith Celebrations of faith this week include our Jewish friends celebrating Passover, and our Christian friends preparing to celebrate the resurrection of the Lord. These celebrations of faith in God are good, they are not bad as the Marxists [...]
March 2023
Existing Home Sales Surged in February 2023
Existing Home Sales Surged in February 2023 Existing home sales surged 14.5% in February as buyers responded to lower mortgage rates. February’s leap was the largest since December 2015, excluding the pandemic era. US Raw Steel Production Up from Previous Week [...]
Recession Warning Remains Clear
Recession Warning Remains Clear from the Leading Economic Index The recession warning remains clear from the Leading Economic Index (LEI). The LEI slipped for the 11th straight month, down 0.3% in February. The index is now about 6.5% lower than where [...]
January 2023
First Estimate of 2022Q4 GDP at 2.9 Percent
First Estimate of 2022Q4 GDP at 2.9 Percent The first estimate of 2022Q4 GDP at 2.9 percent, but drilling into the numbers shows housing in a recession, taking transportation out of the equation leaves GDP growth in a negative position. US [...]
Inflation is Declining
Inflation is Declining, Reporting a Sixth Consecutive Monthly Drop Inflation is declining. Running at a 6.5% annual rate, according to the Consumer Price Index (CPI) released Thursday, that is the sixth consecutive monthly decline, though still far from the fed’s 2% [...]
Manufacturing Index Slipped into Correction Territory
Manufacturing Index Slipped into Correction Territory The manufacturing index slipped into correction territory in December, according to the Institute for Supply Management (ISM). It dipped to 48.4, the lowest number for this factory bellwether since the early days of the pandemic [...]
December 2022
US Consumer Confidence Index Highest Level Since April 2022
US Consumer Confidence Index Highest Level Since April 2022 The US Consumer Confidence Index highest level since April 2022, increased in December, following back-to-back monthly declines. Growth in Texas factory Activity in December The Federal reserve Bank of Dallas released its [...]
IN HOC ANNO DOMINI
IN HOC ANNO DOMINI When Saul of Tarsus set out on his journey to Damascus the whole of the known world lay in bondage. There was one state, and it was Rome. There was one master for it all, and he [...]