MSCI MAR Shows Metals Shipments Rising, But At A Slower Pace

Connecting the Dots keeps an eye on all major economic announcements in the United States and Canada, but MSCI also offers several data products that provide much deeper analysis and insight. Visit our website and click on Industry Data to learn more about our Metals Activity Report, Momentum Monitors, and COVID-19 Recovery Tracker.

Here are the major headlines from the last week:

• According to MSCI’s Metals Activity Report (MAR), metals shipment increases slowed to more normal levels in September. Specifically, U.S. service center steel shipments increased by 1.8 percent from September 2020 to September 2021 while shipments of aluminum products rose 8.2 percent. Canadian service center steel shipments fell 7.4 percent year-over-year while shipments of aluminum products increased 7.4 percent. Click here to find out how to subscribe to the MAR.
• The International Monetary Fund (IMF) reduced its growth predictions for the rest of the year. The IMF now predicts 5.9 percent growth in real GDP globally in 2021, down from its six percent in July. The IMF attributed the downgrade to supply chain challenges and the continued spread of COVID-19. The IMF expects the U.S. economy to expand six percent this year and 5.2 percent in 2022. It expects the Canadian economy to expand 5.7 percent this year and 4.2 percent the next. Read the full report here.
• Manufacturing sales in Canada increased by 0.5 percent in August to C$60.3 billion. That reading followed July’s 1.2 percent and was in line with the market expectation. Read the full report here.
• The Federal Reserve Bank of New York manufacturing reading for its region fell 15 points to +19.8, indicating a slower pace of growth than last month. New orders and shipments were still up, but by less than they did last month. The delivery times index rose a record high while labor market indicators pointed to ongoing growth in employment and the average workweek. Read the full report here.
• Prices for imports into the United States increased 0.4 percent in September due to higher fuel prices. U.S. export prices rose 0.1 percent in September following advances of 0.4 percent in August and 1.1 percent in July. Read the full report here.
• According to the U.S. Department of Labor, during the week of October 9, 2021, 293,000 people filed for federal unemployment benefits for the first time, a decrease of 36,000 from the previous week’s level. It was the lowest level for initial claims since March 14, 2020 when the number of claims was 256,000. The four-week moving average of first-time claims was 334,250, a decrease of 10,500 from the previous week’s average. That number also was at its lowest level since March 14, 2020 when it was 225,500.
• In other economic news: real average hourly earnings for all U.S. employees increased 0.2 percent from August 2021 to September 2021, but fell 0.8 percent from September 2020 to September 2021; the U.S. Producer Price Index for increased 0.5 percent from August to September and 8.6 percent for the 12 months that ended in September 2021, the largest advance since data started being collected 20 years ago; and the Consumer Price Index increased 0.4 percent from August to September and 5.4 percent year-over-year.