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.
October 2021
US Drill Rigs Running Up 262 from One Year Ago
US Drill Rigs Running Up 262 from One Year Ago US drill rigs running up 262 from one year ago, increased by 7 from the previous week, for a total of 528 drill rigs running in the US last week. Canadian [...]
Small Business Confidence Rose 0.4 Points
Small Business Confidence Rose 0.4 Points Small business confidence rose 0.4 points in August as five of the ten components of the National Federation of Independent Business (NFIB) Optimism Index improved during the month. Empire State Manufacturing Grew at a Swift [...]
US Steel Industry Ranks Fourth in the World
US Steel Industry Ranks Fourth in the World The US steel industry ranks fourth in the world and in the week ending September 25, 2021, raw steel production was 1,880,000 net tons at an ACUR of 85.2%, up 0.3% from the [...]
September 2021
US Drill Rigs Running Up 241 from One Year Ago
US Drill Rigs Running Up 241 from One Year Ago US drill rigs running up 241 from one year ago. There were 497 drill rigs running in the US last week, down 11 rigs from the previous week, I suspect as a [...]
August 2021
New Orders Increased in New York State in August
New Orders Increased in New York State in August New orders increased and shipments grew slightly, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey for August. It reports business activity continued to expand in New York [...]
491 US Drill Rigs Running Last Week
491 US Drill Rigs Running Last Week There were 491 US drill rigs running in the US last week, up 3 rigs from the previous week, up 244 rigs from 1 year ago. Canada added 3 rigs last week, to 156, [...]
US Economy Added 943,000 Jobs
The US economy added 943,000 jobs in July and the unemployment rate dropped to 5.4 percent. Manufacturing Sector Grew in July for 14th Consecutive Month The Institute for Supply Management (ISM) released its July 2021 Manufacturing ISM Report on Business and [...]
July 2021
Demand is Strong
Demand is Strong According to the Chicago Business Barometer Demand is strong according to the Chicago Business Barometer, which jumped to 73.4 in July, a two-month high and the second highest pandemic era reading. Demand is strong but firms remain concerned [...]
Year-Over-Year Real GDP Growth Forecast
Year-Over-Year Real GDP Growth Forecast Year-over-year real GDP growth forecast by the Conference Board is 6.6 percent for 2021 and a healthy 3.8 percent for 2022. The Conference Board Leading Economic Index (LEI) for the US increased by 0.7 percent [...]
New York Business Activity Grew at a Record-Setting Pace
New York Business Activity Grew at a Record-Setting Pace New York business activity grew at a record-setting pace in July. The Federal Reserve Bank of New York's Empire State Manufacturing Survey for July 2021 reports the state's outstanding growth, according to [...]
US Drill Rigs Running Up 212 From One Year Ago
US Drill Rigs Running Up 212 From a Year Ago US drill rigs running up 212 from one year ago. There were 475 drill rigs running in the US last week, up 5 rigs from the previous week. Canadian drillers added [...]
US Economy Added 850000 Jobs June 2021
US Economy Added 850000 Jobs June 2021 The US economy added 850,000 jobs in June and the jobless rate was 5.9 percent. Overall Economy Grew for 13th Consecutive Month The Institute for Supply Management (ISM) released its June 2021 Manufacturing ISM [...]
June 2021
US Drill Rigs Running Up 204 Rigs from One Year Ago
US Drill Rigs Running Up 204 Rigs from One Year Ago Up 204 rigs from one year ago, there were 470 drill rigs running in the US last week, up 9 rigs from the previous week. Meanwhile, Canadian drillers added 24 [...]
Manufacturing Business Outlook Indicators Remain Elevated
Manufacturing Business Outlook Indicators Remain Elevated Manufacturing business outlook indicators remain elevated, according to the Federal Reserve Bank of Philadelphia Manufacturing Business Outlook Survey for June 2021. It reports manufacturing activity continued to grow, according to firms responding to the survey. [...]
A Large Punishment for Manufacturers
A Large Punishment for Manufacturers A large punishment for manufacturers is described by the changes in the various subcomponents, per the Institute for Supply Management (ISM), which came in at 61.2 in May. It's a once-in-a-lifetime demand surge but long wait [...]