Economy
January 15, 2021
Written by Sandy Williams
The Empire State Manufacturing Survey indicated sluggish growth in January. The general business index slipped to 3.5 from 4.9 in December. Economists were expecting the index to come in at 6.0.
The index for new orders rose three points to 6.6 while the shipments index dropped to 7.3 from 12.1 in the previous month, indicating only modest growth during January.
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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).