Economy
July 16, 2018
Written by Sandy Williams
Manufacturing activity remained fairly brisk in New York State, despite dropping 2.4 points in July to a general business index reading of 22.6. A reading above zero indicates growth, and July’s reading was better than expected by economists.
The new orders index slipped 3.1 points to 18.2, while shipments fell 8.9 points to 14.6. Delivery times continued to lengthen and inventories decreased marginally.
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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).