Economy
July 8, 2022
Written by David Schollaert
The US economy added 372,000 new jobs in June, while the unemployment rate held unchanged at 3.6%, and the labor force shrank by 353,000 people, according to the Labor Department.
Hiring last month slowed only slightly, and the US job market remains resilient despite high inflation and waning economic growth.
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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).