Metals Shipment Growth Slows In Canada, Rises In U.S.
- The Metals Service Center Institute announced last week that U.S. service center steel shipments in June 2018 increased 1.4 percent from June 2017 while shipments of aluminum products improved 0.5 percent. Canadian center steel shipments in June 2018 decreased by 0.1 percent from June 2017 while shipments of aluminum products rose 1.6 percent.
- Overall industrial production in the United States rose 0.6 percent from May 2018 to June 2018. Mining output increased 1.2 percent; utilities’ production fell 1.5 percent; and manufacturing output rose 0.8 percent. Capacity utilization rose 0.3 point to 78.0 in June.
- According to Statistics Canada, manufacturing sales in the country increased 1.4 percent in May. Sales rose in 14 of 21 industries, led by gains from the chemical, machinery, and wood product industries.
- The Federal Reserve Bank of New York announced its manufacturing survey for the New York region remained at a high level, but fell 2.4 points to 22.6. The new orders index dipped to 18.2, the shipments index fell to 14.6, and the index for number of employees edged down to 17.2. Meanwhile, the Federal Reserve Bank of Philadelphia said its manufacturing index increased six points this month as more 44 percent of the manufacturers reported increases in overall activity while just 19 percent reported decreases. Nearly 46 percent of the firms reported an increase in orders, and 14 percent reported declines.
- In other economic news: the number of new homes under construction in the United States fell 12.3 percent from May 2018 to June 2018 and 4.2 percent from June 2017 to June 2018; nonfarm payroll employment increased in five U.S. states in June 2018, decreased in one state, and was essentially unchanged in 44 states and the District of Columbia; and the number of Americans filing for federal unemployment benefits was at its lowest level since December 1969.