Economy
November 9, 2022
Written by David Schollaert
The US economy added 261,000 new jobs in October, outperforming consensus expectations but still decelerating to the slowest pace since December 2020, according to data from the US Department of Labor.
In contrast, the unemployment rate moved higher last month to 3.7%, after estimates expected the October measure to remain sideways and match the five-decade low of 3.5% seen the month prior.
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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).