Economy
August 9, 2022
Written by David Schollaert
The US economy added 528,000 new jobs in July despite downbeat expectations, nearly doubling earlier estimates, according to data from the US Department of Labor.
Hiring last month was far better than expected, defying multiple other signs that the economic recovery is losing steam. The unemployment rate declined to 3.5%, now back to its pre-pandemic level and tied for the lowest level since 1969.
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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).