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.
January 2023
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 [...]
November 2022
Housing Starts Dropped Again
Housing Starts Dropped Again Housing starts dropped again, declining 4.2%, to a 1.425 million-unit pace in October, the second straight monthly drop. Total housing starts are down 8.8% year-over-year basis. Building permits dropped 2.4% during the month. Overall, the housing correction [...]
Lower Than Expected Prices
Lower Than Expected Prices Lower-than-expected prices are certainly welcome news after a string of elevated monthly increases. The Consumer Price Index (CPI) rose “only” 0.4% in October while excluding food and energy. That said, consumer price inflation is well above the [...]
Marginal Improvements in October
Marginal Improvements in October Marginal improvements in October, after the across-the-board September plunge in most indicators. The Chicago Business Barometer dipped a further half-point to 45.2 in October. Growth in Texas Factory Activity Continued in October The Federal Reserve Bank of [...]
October 2022
Increased Exports, Consumer Spending Reflected in Q3 Increase
Increased Exports, Consumer Spending Reflected in Q3 Increase Increased exports, consumer spending reflected in Q3 increase were partly offset by a decrease in housing investment. In its advance estimate (of 3) of Q3 GDP the Bureau of Economic Analysis reports GDP [...]
Industrial Production Rose in September
Industrial Production Rose in September Industrial production rose in September, regaining its footing by rising 0.4% after having fallen three of the prior four months. Activity Declined Modestly in New York State The Federal Reserve Bank of New York released its [...]
Technology Equipment Highest Total Since Q1
Technology Equipment Highest Total Since Q1 Technology equipment highest total since Q1, with machine tool manufacturers booking $460.7 million worth of manufacturing technology equipment in the latest report. But long lead times and a potential economic slowdown threaten sustained order activity [...]
Machine Tool Manufacturers Book High Totals
Machine Tool Manufacturers Book High Totals Machine tool manufacturers booked high totals - $460.7 million worth of manufacturing technology equipment - in the latest report. It is the highest total since Q1-but long lead times and a potential economic slowdown threaten [...]
Manufacturing Sector Grew in September
Manufacturing Sector Grew in September The manufacturing sector grew in September according to the Institute for Supply Management (ISM) September 2022 Manufacturing ISM Report on Business. The overall economy achieved a 28th consecutive month of growth. The report was issued by [...]
September 2022
Durable Goods Orders Declined
Durable Goods Orders Declined for the Second Consecutive Month Durable goods orders declined for the second consecutive month in August, but in stripping away volatile factors, the underlying details of the report point to some stabilization in core orders. While the [...]
Third Consecutive Rate Rise
Third Consecutive Rate Rise Approved by Feds The third consecutive rate rise of 0.75 percentage points approved by the Federal Reserve Bank signaled additional large increases were likely. The move raises the federal funds rate to between 3 and 3.25%, a [...]
Modest Gain Masks Disappointing Report
Modest Gain Masks Disappointing Report A modest gain masks a disappointing report: the Consumer Price Index (CPI) increased 0.1% in August. While headline inflation was kept in check by falling gasoline process, core inflation increased 0.6% over the month. US Raw [...]
Consumer Confidence Index Increased in August
The Conference Board Consumer Confidence Index increased in August, following three monthly declines. News Headlines Our southern border remains open to anyone. The Chinese are supplying the chemicals to make fentanyl to the Mexican cartels who are happy to sell it [...]