October 2021 Market Insight
The U.S. unemployment claims fell to 326,000 last month, the first drop in four weeks, a sign that the U.S. job market and economy continue their steady recovery from last year’s recession.
A couple new surveys of the U.S. economy show it is expanding at a rapid pace, but the ongoing labor and supply shortages are still dragging growth.
The September Purchasing Managers Index registered at 61.1%, up 1.2 points from the previous month. This indicates expansion in the overall economy as any score above 50 represents expansion. The New Orders Index registered at 66.7%, unchanged from August’s score. The Production Index registered at 59.4%, down 0.6 points from August.
Architecture firm billings remained strong in August, with the Architecture Billings Index registering at 55.6. Despite concerns of the new Delta variant, most firms continue to report robust business conditions.
The Consumer Confidence Index, however, declined in September. The Index now stands at 109.3, down from 115.2 in August.
U.S. construction spending reached a seasonally adjusted annual rate of $1,584.1 billion in August, up slightly from July’s estimate. Year-to-date construction spending marked at 7.0% increase year-over-year.
Global aluminum production dropped in August as prices touched a 13-year high. However, output increased from the estimated 5.52 million metric tons in August 2020.
For more information, contact your local sales rep or view the October 2021 Market Insight Guide below.Metalwest Market Insight - October 2021