Steel And Aluminum Shipments Rose By Double Digits In March
- According to MSCI’s Metals Activity Report, steel and aluminum shipments increased year-over-year by double digits in March in both the United States and Canada. March monthly shipment growth in both countries exceeded the rates for any month in 2020-21 when the COVID-19 pandemic caused major disruptions. U.S. service center steel shipments rose 12 percent between March 2020 and March 2021 while aluminum shipments increased 16.7 percent. Canadian service center steel shipments rose 15.5 percent year-over-year while shipments of aluminum products increased 14.5 percent.
- The Federal Reserve announced that U.S. Industrial production increased 1.4 percent, about half the increase that economists had predicted. manufacturing production and mining output increased 2.7 percent and 5.7 percent, respectively. The output of utilities dropped 11.4 percent due to an unseasonably warm March. Read more here.
- Canadian manufacturing sales fell 1.6 percent in February due to a shortage of microchips in the auto sector. Sales of petroleum and coal, chemical, and wood products all increased while sales of transportation equipment fell 14.5 percent and sales of motor vehicles parts were off 10.9 percent.
- The Federal Reserve Bank of New York’s manufacturing index rose nine points to +26.3, a multi-year high. The bank said new orders and shipments grew at a solid pace while employment levels and the average workweek expanded modestly. Read the full report here. The Federal Reserve Bank of Philadelphia also issued a positive report. The manufacturing index for its region rose from of 44.5 in March to 50.2 in April, the highest reading in nearly 50 years. Nearly 60 percent of the firms reported increases in current activity; only eight percent reported decreases. Read the full report here.
- The number of new homes under construction in the United States rose 19.4 percent between February 2021 and March 2021 and 37 percent between March 2020 and March 2021. Read the full report here.
- The National Federation of Independent Business’s (NFIB) Small Business Optimism Index rose 2.4 points in March to 98.2 even though the uncertainty Index rose six points to 81. NFIB said that increase was due primarily to owners being more uncertain about whether it is a good time to expand their business and make capital expenditures in the coming months. Read the full report here.
- Prices for U.S. imports rose 1.2 percent in March, after increasing 1.3 percent the previous month, while export prices jumped 2.1 percent after 1.6 percent advance in Read the full report here.
- New applications for U.S. unemployment benefits fell to 576,000 during the week that ended April 10, down 193,000 from the previous week’s level. The number of claims was the lowest since the start of the coronavirus pandemic. Read the full report here.
- In other economic news: Canadian wholesale sales fell 0.7 percent in February to $68.8 billion due to declines in the building material and supplies sector and in the auto industry; the U.S. Consumer Price Index increased 0.6 percent from February 2021 to March 2021 and 2.6 percent from March 2020 to March 2021; and real average hourly earnings for all employees decreased 0.8 percent from February to March, but were up 1.5 percent year-over-year.