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.
April 2021
Chicago Business Barometer at Highest Level Since December 1983
Chicago Business Barometer at Highest Level Since December 1983 The Chicago Business Barometer at highest level since December 1983, produced with MNI, accelerated to 72.1 in April. The Barometer is considered to be a leading indicator of the USA economy. Real [...]
Chicago Fed National Activity Index Rose in March
Chicago Fed National Activity Index Rose in March The Chicago Fed National Activity Index rose to +1.71 in March from -1.20 in February. Led by improvements in, personal consumption and housing related indicators, the index's three-month moving average (CFNAI-MA3) moved up [...]
General Business Conditions Index Climbed Nine Points
Headline General Business Conditions Index Climbed Nine Points The headline general business conditions index climbed nine points; a multi-year high. That's according to the Federal Reserve Bank of New York Empire State Manufacturing Survey for April, which reports business activity grew [...]
US Raw Steel Production Up 15.7 Percent From Depths
US Raw Steel Production Up 15.7 Percent From Depths of the Covid Recession US raw steel production up 15.7 percent from the depths of the covid recession in the week ending April 3, 2021, when it was 1,766,000 net tons at [...]
Highest Reading in Survey History
The Highest Reading in Survey History of 17 Years With the highest reading in survey history of 17 years, the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey reports the production index, a key measure, surged 28 points. Manufacturing activity expanded [...]
March 2021
US Raw Steel Production Up from Last Year
US Raw Steel Production Up from One Year Ago US raw steel production up from last year, in the week ending March 20, 2021. US raw steel production was 1,753,000 net tons at an ACUR of 77.3 percent, u p0.7 percent [...]
Business Grew Solidly in March
Business Grew Solidly in March 2021 Business grew solidly in March, according to The Federal Reserve Bank of New York Empire State Manufacturing Survey of firms responding to the March survey. The headline general business conditions index climbed 5 points, its [...]
US Raw Steel Production Increased 0.3 Percent
US Raw Steel Production Increased 0.3 Percent US raw steel production increased 0.3 percent in the week ending March 6, 2021. It was 1,755,000 net tons at an ACUR of 77.4 percent, this is a 0.3 percent increase from the prior [...]
Unemployment Rate Edged Down to 6.2%
Unemployment Rate Edged Down to 6.2% The unemployment rate edged down to 6.2% as the US economy added 379,000 jobs in February. Manufacturing Sector Grew in February The Institute for Supply Management (ISM) released its Manufacturing Report on Business and reports [...]
February 2021
Leading Economic Index Jumped 0.5%
Leading Economic Index Jumped 0.5% in January The Conference Board Leading Economic Index jumped 0.5% in January, beating consensus estimates. Led by improvements in personal consumption-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.66 in January from +0.41 [...]
Manufacturing and Mining Produced in January
Manufacturing and Mining Produced a Solid Outturn for Industrial Production Manufacturing and mining produced a solid outturn for industrial production in January. Looking ahead, we already expected a short-term air pocket before production turns sharply higher later this year. Wells Fargo [...]
US Drill Rigs Ups and Downs
US Drill Rigs Ups and Downs US drill rigs ups and downs: there were 392 drill rigs running in the US last week, up 8 rigs from the prior week, down 398 rigs from one year ago. Canadian drilling dropped by [...]
Manufacturing Activity Grew in January 2021
Manufacturing Activity Grew in January 2021 Manufacturing activity grew, according to The Institute for Supply Management (ISM) Report on Business for January 2021 and reports and the overall economy grew for the eighth consecutive month, per the nation's supply executives. The [...]
January 2021
Improvements in Production-Related Indicators
Improvements in Production-Related Indicators Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.52 in December from +0.31 in November. Three of the four broad categories of indicators used to construct the index made positive [...]
Firms Expect Growth Over Next Six Months
Firms Expect Growth Over Next Six Months Firms expect growth over the next six months, indicated by the high future index readings in the Federal Reserve Bank of Philadelphia January 2021 Manufacturing Business Outlook Survey. It reports manufacturing activity continued to [...]