Economy
May 29, 2020
Written by Sandy Williams
The Chicago Business Barometer dropped to 32.3 in May, indicating further pressure on the manufacturing sector due to the COVID-19 crisis. The barometer was at its lowest level since March 1982.
After seeing a dramatic drop in demand during April, new orders fell 2.3 points in May. Production fell 6.3 percent putting the index at a 40-year low due to temporary pandemic shutdowns, said MNI Indicators.
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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).