MSCI Metals Activity Report Shows Mixed Results For September

Connecting the Dots monitors all major economic announcements in the United States and Canada, but the Metals Service Center Institute also offers industrial metals industry-specific data products that provide much deeper analysis and insight. Visit MSCI’s website and click on industry data to learn more about our Metals Activity Report (MAR), Momentum Monitors, and Macroeconomic Current.

Meanwhile, here are the major economic headlines from the last week:

• MSCI’s MAR for August 2025 showed continued weakness in steel shipments across North America, while aluminum performance diverged sharply between the United States and Canada. U.S. service center steel shipments declined 2.8 percent from August 2024 to August 2025 while aluminum shipments dropped by 10.5 percent. Meanwhile, Canadian service centers posted a smaller 2.2 percent decline in steel shipments and aluminum shipments surged by 19 percent.
• The Conference Board’s Leading Economic Index, a key gauge of future economic growth in the United States, experienced its sharpest monthly decline since April, dropping 0.5 percent in August to 98.4.
• U.S. industrial production increased 0.1 percent in August after falling 0.4 percent in July. Manufacturing output jumped 0.2 percent largely due to a 2.6 percent rise in the production of motor vehicles and parts. The index for mining moved up 0.9 percent while the index for utilities fell two percent. At 103.9 percent of its historical average, total industrial production in August was 0.9 percent above its level from a year earlier. Capacity utilization remained steady at 77.4 percent in August. Read the full report at this link.
• Total manufacturing sales in Canada rose 2.5 percent to $70.3 billion in July. According to Statistics Canada, the gain in July was mainly driven by higher sales of transportation equipment, which were up 8.6 percent; petroleum and coal products, which advanced 6.2 percent; and primary metals, which rose 3.5 percent.
• U.S. business inventories rose 0.2 percent between June 2025 and July 2025 and 1.5 percent from July 2024 to July 2025. Retail inventories, including motor vehicles, along with wholesale inventories each contributed to the overall increase, while stocks at manufacturers climbed 0.3 percent. Sales were up one percent for the month and four percent for the year. Read the full report at this link.
• Regional manufacturing readings for September have been mixed so far. According to the Federal Reserve Bank of New York, manufacturing activity in its region weakened early this month. The bank’s general business conditions index fell 21 points to -8.7, its first negative reading since June. New orders and shipments both were down sharply while inventories edged lower for a second consecutive month. Employment held steady, but the average workweek also declined modestly. According to the Federal Reserve Bank of Philadelphia, manufacturing activity in its region expanded overall in September. More specifically, the bank’s the general activity index jumped an impressive 24 points to 23.2. The survey’s indicators for current general activity, new orders, and shipments all improved, with the latter two returning to positive territory. The employment index remained mostly unchanged, but continued to reflect overall increases in employment.
• The number of people who claimed U.S. unemployment benefits for the first time ever was 231,000 during the week that ended Sept. 13. That number was down by 33,000 from the previous week. Averaged over the past four weeks, the number of first-time claims was 240,000, a decrease 750 from the week before. In all, more than 1.92 million people claimed federal unemployment benefits during the week that ended Sept. 6, a figure that was down by 7,000 from the previous week.
• In other economic news: Canada’s Consumer Price Index fell 0.1 percent from July 2025 to August 2025, but was up 1.9 percent from August 2024 to August 2025; Canadian retail sales fell 0.8 percent from June 2025 to July 2025 due to a drop in sales in eight of nine subsectors; and U.S. import prices advanced 0.3 percent in August while export prices rose 0.3 percent.