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.
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. In its advance estimate (of 3) of Q3 GDP the Bureau of Economic Analysis reports GDP [...]
Industrial Production Rose in September
Industrial Production Rose in September Industrial production rose in September, regaining its footing by rising 0.4% after having fallen three of the prior four months. Activity Declined Modestly in New York State The Federal Reserve Bank of New York released its [...]
Technology Equipment Highest Total Since Q1
Technology Equipment Highest Total Since Q1 Technology equipment highest total since Q1, with machine tool manufacturers booking $460.7 million worth of manufacturing technology equipment in the latest report. But long lead times and a potential economic slowdown threaten sustained order activity [...]
Machine Tool Manufacturers Book High Totals
Machine Tool Manufacturers Book High Totals Machine tool manufacturers booked high totals - $460.7 million worth of manufacturing technology equipment - in the latest report. It is the highest total since Q1-but long lead times and a potential economic slowdown threaten [...]
Manufacturing Sector Grew in September
Manufacturing Sector Grew in September The manufacturing sector grew in September according to the Institute for Supply Management (ISM) September 2022 Manufacturing ISM Report on Business. The overall economy achieved a 28th consecutive month of growth. The report was issued by [...]