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.
August 2022
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 [...]
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, [...]