The U.S. economy grew at a modest pace in the past few weeks, with manufacturing rocked by a global slowdown according to the Federal Reserve.
The ongoing trade war between the U.S. and China appears to be weighing on business according to the U.S. central bank’s latest Beige Book compendium. However, many businesses also remain optimistic about the near-term outlook.
The U.S. economy added 130,000 jobs in August as the unemployment rate held steady at 3.7%.
July’s Architecture Billings Index registered at 50.1, up 1 point from the previous month. This indicates an increase in demand as any score above 50 represents an increase in billings.
The August Purchasing Managers Index registered at 49.1%, a decrease of 2.1 percentage points from the July reading of 51.2% The New Orders Index registered at 47.2%, down 3.6 points from the previous month. The Production Index registered at 49.5%, a 1.3-point decrease compared to July.
U.S. steel imports have surged 48.3% in July according to the latest AISI report. Finished steel imports also went up 6.6%. Despite the spike in July, total steel imports are down 10.6% year to date on a year-over-year comparison. Finished steel imports are also down 16.4% year-over-year.
For more information view the “September 2019 Metalwest Market Insight Guide” below or contact your local sales representative.Metalwest Market Insight - September 2019