Economy
July 31, 2019
Written by Sandy Williams
The Chicago Business Barometer recorded a second month in contraction, falling to 44.4 in July from 49.7 in June and the weakest third-quarter start since 2009.
Production was at a 10-year low, falling 22 percent on the month. Further contraction of new orders indicated subdued demand resulting in trimming of workforce. The employment indicator was at its lowest level since October 2009.
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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).