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.
September 2022
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 [...]
Supply/Demand Balance
Supply/Demand Balance Supply/demand balance in manufacturing comes with appropriate tension levels between new orders and deliveries. According to the Institute for Supply Management (ISM) Manufacturing ISM Report on Business for August 2022. Economic activity in the manufacturing sector grew in August, [...]
August 2022
GDP Decreased Again
GDP Decreased Again GDP decreased again, at an annual rate of 0.6 percent following a 1.6 percent decrease in the first quarter, according to the “second” estimate of 2nd quarter GDP the Bureau of Economic Analysis (BEA) report. CFNAI Rose in July [...]
Cutting Tool Consumption Up
Cutting Tool Consumption Up Cutting tool consumption up indicates a rise in manufacturing activity. US machine shops and other manufacturers consumed $175.9 million worth of cutting tools during June 2022, 0.3 % more than during May and 2.2% more than the [...]
Optimism Rose for First Time Since December 2021
Optimism Rose for First Time Since December 2021 Optimism rose for first time since December 2021, according to the National Federation of Independent Business (NFIB) Small Business Optimism Index. July Consumer Price Index at 8.5 Percent The Consumer Price Index (CPI) [...]
26th Consecutive Month of Growth
A 26th Consecutive Month of Growth Achieved by Overall Economy A 26th consecutive month of growth in the overall economy was reported by the Institute for Supply Management (ISM) in its July 2022 Manufacturing ISM Report on Business. It further states [...]
July 2022
The Fed Raised Interest Rates
The Fed Raised Interest Rates by .75% On Wednesday, the Fed raised interest rates by .75% On Thursday, GDP estimate for the 2nd quarter declined by 0.9%, its second consecutive quarterly decline. The CFNAI Unchanged in June 2022 The Chicago Fed [...]
Recession Risks Grow
Recession Risks Grow as US LEI Continues to Decline Recession risks grow, as the Conference Board Leading Economic Index (LEI) for the US decreased by 0.8 percent in June, after declining 0.6 percent in May. The LEI was down 1.8 percent [...]
Small Business Optimism Index Fell in June
The Small Business Optimism Index Fell in June to 89.5 The Small Business Optimism Index Fell in June to 89.5, down 3.6 points, according to the National Federation of Independent Business (NFIB). The index has been trending lower for a year [...]
Contraction in New Orders
Contraction in New Orders Affects Manufacturing Index A contraction in new orders led the manufacturing index to slide to its lowest level in two years, according to the Institute for Supply Management (ISM). Details of the report demonstrate slower activity in [...]
Celebrate Independence Day
Celebrate Independence Day This weekend we celebrate Independence Day. This weekend, honor your country, proudly raise our Flag, teach your children the greatness of what America can and should be-as she was for centuries, a beacon of freedom for so many [...]
June 2022
US LEI Fell Again in May
US LEI fell again in May The US LEI fell again in May, fueled by tumbling stock prices, a slowdown in housing construction, and gloomier consumer expectations,” said Ataman Ozyildirim, Senior Director of economic Research at the Conference Board. “The index [...]
Texas Production Index Signals Acceleration
Texas Production Index Signals Acceleration in May 2022 The Texas production index signals acceleration in growth from April. The index, a key measure of state manufacturing conditions, rose from 10.8 to 18.8. The Federal Reserve Bank of Dallas May 2022 Texas Manufacturing [...]
May 2022
Manufacturing Activity Expands Overall
Manufacturing Activity Expands Overall Manufacturing activity expands overall according to the Federal Reserve Bank of Philadelphia May 2022 Manufacturing Business Outlook Survey. It reports manufacturing activity in the region continued to expand overall this month, according to firms responding to the [...]