Economy
May 16, 2016
Written by Sandy Williams
New York manufacturers reported declining general business conditions in the May Empire State Manufacturing Survey. The headline index fell 19 points to -9.0. The indexes for shipments and new orders both fell into negative numbers at -1.94 and -5.54, respectively.
The three month moving average (3MMA) of the index rose from -2.15 in April to +0.39 in May. This time last year, the 3MMA was +2.90.
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To kick off the official sessions of the 2023 Steel Summit, Dr. Anirban Basu, chairman and CEO of the Sage Policy Group, focused on the broader context in which steel prices are set, outlining major factors currently shaping economic outcomes in our country.
Mexico has decided to implement import tariffs on a number of products, among them, steel.
As mortgage rates continue to rise and housing demand slows, builder confidence is waning. A drop in July housing starts was the first in seven months.
Economic activity in the US manufacturing sector contracted for the ninth month in a row in July, according to the latest report on business from the Institute for Supply Management (ISM).