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July 19, 2021

Steel, Aluminum Shipments Continue To Rise In U.S., Canada

 

  • According to MSCI’s Metals Activity Report, the dramatic increase in steel and aluminum shipments continued for the fourth straight month in the United States and Canada. U.S. service center steel shipments in June 2021 rose 24.6 percent from June 2020. Shipments of aluminum products increased 30.8 percent from the same month in 2020. Canadian service center steel shipments rose 13.8 percent year-over-year while shipments of aluminum products increased 30.4 percent.
  • Industrial production in the United States rose 0.4 percent in June after moving up 0.7 percent in May. In June, manufacturing output edged down 0.1 percent while the output of utilities advanced 2.7 percent and the index for mining increased 1.4 percent.
  • The Federal Reserve Bank of New York’s manufacturing survey found output in the sector surged in New York State in July. The general business conditions index rose 26 points to 43.0, a record high. The new orders index climbed 17 points to 33.2, and the shipments index increased 30 points to 43.8. Read the full report here. Manufacturing activity in the Philadelphia region, meanwhile continued to expand in July. Indicators for general activity, shipments, and new orders all declined but remain elevated. Firms also continued to report increases in employment and prices. Read that report here.
  • According to Statistics Canada, manufacturing sales in the country fell for a second consecutive month in May due to declines in the machinery, chemical and fabricated metal industries. Overall sales were down 0.6 percent. Read the full report here.
  • The National Federation of Independent Business Optimism Index increased 2.9 points in June to 102.5, the first time the Index exceeded 100 since November 2020. Seven of the 10 Index components improved and three declined. The NFIB Uncertainty Index increased four points to 83, however. Read the full report here.
  • According to the U.S. Department of Labor, 360,000 individuals filed for federal unemployment benefits for the week that ended July 10, a decrease of 26,000 from the previous week’s level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The four-week moving average for first-time claims was 382,500, a decrease of 14,500 from the previous week’s average. That figure was its lowest level since the March 14, 2020 when it was 225,500.
  • In other economic news: wholesale sales in Canada expanded for the third month in a row and set a new record by rising 0.5 percent from April to May 2021; U.S. import prices rose one percent in June following a 1.4 percent increase in May while prices for U.S. exports increased 1.2 percent; U.S. producer prices for final demand goods and services rose 1.2 percent from May 2021 to June 2021 and 7.1 percent from June 2020 to June 2021 — the largest 12-month increase ever; and the U.S. consumer price index (CPI) rose 0.9 percent from May to June, the largest one month change since June 2008. The CPI was up 5.4 percent year-over-year, the largest 12-month increase since August 2008.