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 2023
US Raw Steel Production Down from Previous Week
US Raw Steel Production Down from Previous Week US raw steel production down from previous week. In the week ending September 30, 2023, US raw steel production was 1,722,000 net tons at an ACUR of 75.7 percent, down 0.7 percent from [...]
Demand for Cutting Tools $1.43 Billion
Demand for Cutting Tools $1.43 Billion Manufacturers’ demand for cutting tools totaled $1.43 billion thru July, but unit shipments are flat-suggesting the year-to-date data is a lingering effect of inflation. Data based on purchases reported by companies who comprise the majority [...]
September 2023
LEI Has Fallen for Over a Year
LEI Has Fallen for Over a Year LEI has fallen for over a year. The Conference Board Leading Economic Index for August 2023, declined by 0.4 percent, following a decline of 0.3 percent in July. With August’s decline, the US Leading [...]
Energy prices propel CPI
Energy Prices Propel CPI Energy prices propel CPI. The Consumer Price Index (CPI) rose at the fastest pace in more than a year, due to a jump in energy prices and rose 0.6 percent in August from July. US Raw Steel [...]
Q2 GDP Economy Expanded
Q2 GDP Economy Expanded Q2 GDP economy expanded. The second of three estimates of Q2 GDP were released and showed the economy expanded at a 2.1 percent annualized pace. While still strong (?), this is a slightly slower pace of growth [...]
August 2023
CFNAI Rose in July
CFNAI Rose in July CFNAI rose in July, led by improvements in production-related indicators. The Chicago Fed National Activity Index (CFNAI) rose to +0.12 in July from -0.33 in June. Two of the four broad categories of indicators used to construct [...]
Survey Future Indexes Positive but Declined
Survey Future Indexes Positive but Declined Survey future indexes positive but declined, according to the Federal Reserve Bank of Philadelphia August Manufacturing Business Outlook Survey results. It reports manufacturing activity in the region expanded overall, according to firms responding to the [...]
Recession Concerns Diminishing Somewhat
Recession Concerns Diminishing Somewhat Recession concerns diminishing somewhat suggests a Wells Fargo statement. Small business optimism bested expectations in July, notching its third consecutive improvement. The fact that small firms’ economic outlooks continue to improve despite recent macroeconomic headwinds suggests that [...]
Labor Market Gradually Cooling
Labor Market Gradually Cooling The labor market gradually cooling, as the US economy created 187,000 jobs in July, the 2nd sub-200k report. The number was still strong enough to keep downward pressure on unemployment. Texas Manufacturing Activity Declined The Federal Reserve Bank [...]
July 2023
Highest Consumer Confidence Since 2021
Highest Consumer Confidence Since July 2021 Highest consumer confidence since 2021, not since the outset of the pandemic has consumers’ assessment of the present situation been stronger than it is today. Meanwhile, amid broad improvement in labor market measures, overall consumer confidence [...]
LEI Below Recession Threshold Over a Year
LEI Below Recession Threshold Over a Year LEI below recession threshold over a year fell again in June, down 0.7%. This marks the 15th consecutive monthly decline. Total housing starts declined sharply during June, partially reversing May’s robust gain. The drop [...]
June CPI Up Slightly
June CPI Up Slightly The June CPI up slightly, came in at 3.00%, up 0.2 percent over the month of June, a steep decline from the May reading of, I believe, 5.6%. US machine shops and other manufacturers increased their purchases [...]
June 2023
Seventeen-month High Index in Consumer Confidence
Seventeen-month High Index in Consumer Confidence A seventeen-month high, based on consumers' assessment of current business and labor market conditions rose along with the Conference Board Consumer Confidence Index in June. Manufacturing Activity Remained Relatively Flat in June The Federal Reserve [...]
Residential Construction Gathering Momentum
Residential Construction Gathering Momentum Residential construction gathering momentum despite higher interest rates. Total housing starts soared 21.7% over the month of May to a 1.63-million-unit annual pace. While total starts are still down 15.5% on a year-to-date basis, May’s surprising upturn [...]
US Raw Steel Production Up from Previous Week
US Raw Steel Production Up from Previous Week US raw steel production up 1.0 percent from the previous week ending May 27, 2023, in the week ending June 3, 2023 it was 1,754,000 net tons at an ACUR of78 percent. US [...]