North American Metals Shipments Slow In August
- According to MSCI’s Metals Activity Report (MAR), the year-over-year increases in metals shipments that the industry has seen over the last few months have slowed to more normal levels. Canadian steel shipments actually declined slightly. Specifically, U.S. service center steel shipments rose 14.3 percent between August 2020 and August 2021 while shipments of aluminum products were up 23 percent. Canadian service center steel shipments fell 1.3 percent year-over-year and aluminum product shipments rose 10.5 percent. Click here to learn how to get the MAR.
- The third quarter U.S. Chamber of Commerce Small Business Index found small business owners are increasingly cautious when it comes to plans for hiring and investing. Almost half (48 percent) said they plan to keep investments in their business the same over the next year. Only 29 percent plan to increase investment, a drop from 35 percent in the first quarter. Additionally, half of small businesses said it is difficult to recruit and hire enough employees to fill open positions and compete for talent with other businesses in their area.
- U.S. industrial production increased 0.4 percent in August. According to the Federal Reserve, late-month shutdowns related to Hurricane Ida held down output by an estimated 0.3 percentage points. Overall manufacturing production was up 0.2 percent. Mining production fell 0.6 percent, reflecting hurricane-related disruptions to oil and gas extraction in the Gulf of Mexico, while utilities’ output rose 3.3 percent.
- Statistics Canada announced that manufacturing sales fell 1.5 percent in July to $59.6 billion after rising 3.6 percent in June. Sales fell in 12 of 21 industries in July. Sales of primary metals rose 3.9 percent. Read the full report here.
- Orders for manufacturing technology increased 41.5 percent from July 2020 to July 2021, reaching $472.6 million. Sectors reporting order increases include aerospace, automotive and agricultural equipment. Read the full report here.
- The Federal Reserve Bank of Philadelphia’s manufacturing survey rose 11 points to +30.7 in September. The current shipments index also increased 11 points while the index for new orders fell seven points to 15.9. Read the full report here. The Federal Reserve Bank of New York’s manufacturing index also improved, climbing 16 points to +34.3. New orders, shipments, and unfilled orders all increased substantially and labor market indicators pointed to strong growth. Capital spending and technology spending plans increased markedly, and firms said they are optimistic that conditions would improve over the next six months. Read the full report here.
- According to the U.S. Department of Labor, 332,000 individuals filed for federal unemployment benefits for the first time during the week that ended September 11, 2021. That figure represented an increase of 20,000 from the previous week. The four-week moving average of first-time claims was 335,750, a decrease of 4,250 from the previous week. The four-week average of first-time claims was at its lowest level since March 14, 2020 when it was 225,500. Read the full report here.
- U.S. import prices declined 0.3 percent in August following increases of 0.4 percent in July and 1.1 percent in June. The downturn was led by lower fuel and nonfuel prices. Prices for U.S. exports advanced 0.4 percent in August after rising 1.1 percent in July. Read the full report here.
- In other economic news: Real average hourly earnings for U.S. employees increased 0.4 percent from July to August; Canada’s consumer price index (CPI) rose 4.1 percent from August 2020 to August 2021, a rate that reflected the fastest expansion in consumer prices in 18 years; and the U.S. CPI rose 0.3 percent from July 2021 to August 2021 and 5.3 percent year-over-year.