Steel Exports From United States Rise In March
- As Fastmarkets AMM (subscription required) reported, U.S. steel exports increased 12.7 percent from March 2019 to March 2020. Exports to Canada increased 17 percent while shipments to Mexico rose 13.7 percent. Shipments of cut-to-length plate rose 73 percent while exports of plate in coils rose by nearly the same amount.
- According to S&P Global Platts, North American primary aluminum production rose 4.7 percent between April 2019 and April 2020. Production was down 2.6 percent between March and April 2020. Production in China was up and estimated 0.7 percent year-over-year.
- The Conference Board’s Leading Economic Index for the United States stood at 98.8 in April, down 4.4 percent from March. The decline is smaller than the one registered in March, which was the steepest monthly fall in the survey’s 60-year history.
- After reaching a 40-year low in April, the Federal Reserve Bank of Philadelphia’s manufacturing index rose 13 points to -43.1, its third consecutive negative reading. The percentage of firms reporting decreases this month (58 percent) far exceeded the percentage reporting increases (15 percent). The index for new orders rose 45 points out of an all-time low for the series last month, from -70.9 to -25.7. One-quarter of firms reported an increase in new orders, up from none in April, while 51 percent reported decreases, down from 71 percent last month. Click here to read the full report.
- CBS News reports that more than 2.4 million U.S. workers filed for jobless benefits in mid-May. That brings the total number of people applying for aid to more than 43 million since the coronavirus pandemic spread across the nation.
- In other economic news: Canadian wholesale trade fell 2.2 percent from February 2020 to March 2020 due to weaker motor vehicles and motor vehicle parts sales; Canada’s consumer price index fell 0.2 percent from April 2019 to April 2020, the first year-over-year decline since September 2009; and the number of new homes under construction in the United States fell 30.2 percent from Marcy 2020 to April 2020 and 29.7 percent from April 2019 to April 2020.