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 2022
We have a lot of room to kill inflation
We have a lot of room to kill inflation We have a lot of room to kill inflation. On Wednesday the Federal Reserve Bank raised interest rates by one-half point bringing the cost of money for car loans, mortgages etc. to [...]
April 2022
Durable Goods Orders Rose
Durable Goods Orders Rose in March Durable goods orders rose in March after a sharp decline at the end of winter. Excluding defense, orders of durable goods rose 1.2% Real GDP DECREASED in Q1 2022 Real gross domestic Product (GDP) DECREASED [...]
Consumer Confidence Increased Slightly in March
Consumer Confidence Increased Slightly in March Consumer confidence increased slightly in March, according to the Conference Board Consumer Confidence Index, after a decrease in February. LEI Increased 1.9 Percent from September 2021 to March 2022 The Conference Board Leading Economic Index [...]
Small Businesses Increasingly Pessimistic
Small businesses increasingly pessimistic about the economic outlook and future business conditions. Small businesses increasingly pessimistic about the economic outlook and future business conditions. The National Federation of Independent Business (NFIB) Small Business Optimism Index declined in March from February. US [...]
673 US Drill Rigs Running, Up 243 from One Year Ago,
673 US Drill Rigs Running, Up 243 from One Year Ago 673 drill rigs running in the US last week, up 3 rigs from the prior count, were up 243 rigs from one year ago. Meanwhile, Canadian drillers shut down 16 rigs, [...]
March 2022
US Drill Rigs Running No Change
US Drill Rigs Running No Change from Previous Week US drill rigs running no change from the previous week. There were 663 drill rigs running, up 252 rigs from one year ago. In Canada, drillers shut down 30 rigs, to 206, up [...]
Short-term Interest Rates Increased
Short-term Interest Rates Increased Short-term interest rates increased by 25 basis points by the Federal Reserve Bank. It is probably not enough to tame the inflation. It also said there would likely be six more rate increases in 2022. Hold on! [...]
Annualized Inflation Rate Rose
The Annualized Inflation Rate Rose The annualized inflation rate rose to 7.9 percent, as the Consumer Price Index for All Urban Consumers, increased 0.8 percent in February after rising 0.6 percent in January. Let’s go Brandon! US Raw Steel Production Up [...]
Unemployment Rate at 3.8%
Unemployment Rate at 3.8% The unemployment rate at 3.8% is a fresh low for the US economy, which added 678,000 jobs in February, continuing at an impressive pace. The labor force participation rate ticked higher, but the jobs market continues to [...]
February 2022
February 2022 Manufacturing Outlook Survey Reports Continued Expansion
February 2022 Manufacturing Outlook Survey Reports Continued Expansion The February 2022 Manufacturing Outlook Survey reports continued expansion in manufacturing activity in the month according to firms responding to the survey put out by Federal Reserve Bank of Philadelphia. US Raw Steel [...]
Highest Inflation Rate Since February 1982
Highest Inflation Rate Since February 1982 With the highest inflation rate since February 1982, the Consumer Price Index increased 0.6 percent in January on a seasonally adjusted basis. Over the last 12 months, inflation has burned at a 7.5 percent rate [...]
Texas Factory Activity Increased in January
Texas Factory Activity Increased in January Texas factory activity increased in January, according to the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey. While factory activity continued to increase in January, it was at a slower pace, per the executives [...]
January 2022
Led by Declines in Production-related Indicators, the Chicago Fed National Activity Index (CFNAI) Fell
Led by Declines in Production-related Indicators, the Chicago Fed National Activity Index (CFNAI) Fell in December Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to -0.15 in December from +0.44 in November. Two of the [...]
Owners’ Expectations for Earnings Raise Small Business Optimism
Owners' Expectations for Earnings Raise Small Business Optimism Led by owners' expectations for earnings, economic conditions and staffing, seven of the Small Business Optimism Index 's 10 components increased during the month. The NFIB small Business Optimism Index edged 0.5 points higher [...]
See Summit Steel at Shot Show in Las Vegas
See Summit Steel at Shot Show in Las Vegas See Summit Steel at Shot Show in Las Vegas at Booth #51804. We'll be at the Supplier Showcase on Monday and Tuesday, January 17 and 18, at the Sands Convention Center. US [...]