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 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 [...]
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. Â In its advance estimate (of 3) of Q3 GDP the Bureau of Economic Analysis reports GDP [...]