U.S., Canadian Metals Shipments Surged In May
- According to MSCI’s Metals Activity Report, U.S. and Canadian steel and aluminum shipments increased dramatically for the third straight month in May. Shipment rates in both countries were close to the highs set in April. Specifically, U.S. service center steel shipments rose 38 percent from May 2020 to May 2021. Shipments of aluminum products increased 53.8 percent. Canadian service center steel shipments jumped 35.7 percent between May 2020 and May 2021 while shipments of aluminum products increased 64.8 percent year-over-year.
- The U.S. trade deficit was $68.9 billion in April, down $6.1 billion from $75 billion in March. April exports were up $2.3 billion from March while imports were down $3.8 billion. The decline in the deficit reflected a decrease in the goods deficit of $6.2 billion and a decrease in the services surplus of $0.1 billion. Year-to-date, the goods and services deficit increased $94.5 billion, or 50.5 percent, from the same period in 2020. Read the full report here.
- According to Statistics Canada, the country’s merchandise imports fell 4.7 percent in April while exports decreased one percent due to significant decreases in trade of motor vehicles and parts. Canada’s merchandise trade balance went from a deficit of $1.3 billion in March to a surplus of $594 million in April. Read the full report here.
- Household wealth rose to a record $136.9 trillion in the first quarter of 2021 due to rising stock prices and home values. The new record was a 3.8 percent increase from the previous quarter and almost double Americans’ wealth from 10 years ago.
- The number of individuals filing for U.S. unemployment benefits for the first time fell for the sixth straight week to 376,000. The figure was at its lowest level since March 2020 when most businesses were forced to close.
- In other economic news: Real average hourly earnings for all U.S. employees decreased 0.2 percent from April 2021 to May 2021 and fell 2.8 percent from May 2020 to May 2021 and U.S. consumer prices increased 0.6 percent from April 2021 to May 2021 and five percent year-over-year.