The November ISM PMI registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent. “This indicates growth in manufacturing for the 15th consecutive month led by expansion in new orders and production, offset by supplier delivery improvement and declines in raw material inventory,” said Timothy R. Fiore, chairman of […]
Overall construction spending reached a record high in October, totaling a seasonally adjusted annual rate of $1.241 trillion, an increase of 1.4 percent from September. However, government data analyzed by the Associated General Contractors of America shows public-sector infrastructure investments lagging behind other public and private spending. “There was healthy growth this October in both […]
A strong U.S. economy is helping to boost auto sales along with incentives offered by dealers to move 2017 models off dealer lots. Approximately 1.383 million U.S. light-vehicles were sold in November, according to WardsAuto, after providing an estimate for delayed Nissan sales results. That puts the seasonally adjusted annual rate at 17.3 million units, […]
Global manufacturing accelerated to an 80-month high in November, according to the latest J.P. Morgan Global Manufacturing PMI. Output, new orders and employment were at multi-year highs. Demand led to capacity pressure and a resulting increase in employment. The PMI, produced by J.P. Morgan and IHS Markit in association with ISM and IFPSM, posted 54.0 […]
The Global Forum on Steel Excess Capacity agreed on a framework Thursday for collectively solving the world’s steel overcapacity problem. The 33 members worked together to develop specific policy recommendations using six agreed-upon principles to formulate solutions for bringing steel capacity in line with demand and reducing trade distortions. Notable is a new sharing of […]
The Chicago Business Barometer retreated 2.3 points in November to 63.9, its lowest level in three months. Any number above 50, however, is an indicator of growth. The decrease followed October’s six-and-a-half year high, and economists expect the Barometer to finish the year continuing its 21 straight months of expansion. Output was robust in November, […]
Construction employment increased in 243 out of 358 metro areas between October 2016 and October 2017, declined in 59 and stagnated in 56, according to a new analysis of federal employment data released by the Associated General Contractors of America. “Growing demand, especially from the private sector, is continuing to drive construction employment gains in […]
Metalforming manufacturers continue to be cautious in their three-month outlook as members watch NAFTA negotiations and trade actions with trepidation. The November Precision Metalforming Association (PMA) Business Conditions Report showed 30 percent of participants expecting improvement in economic activity in the next three months—the same percentage as October. Little change is expected in incoming orders […]
The U.S. Commerce Department has self-initiated an antidumping and countervailing investigation of imports of common alloy aluminum sheet from China. Normally, AD/CVD investigations are initiated by petitioners within the industry who allege dumping or subsidization of a product by one or more countries. Commerce may self-initiate an investigation whenever the Secretary determines a need exists […]
Detroit automakers met with Vice President Mike Pence and U.S. Trade Representative Robert Lighthizer on Monday to express concerns about the U.S. proposal on NAFTA automotive rules of origin. General Motors Co. CEO Mary Barra, Fiat Chrysler Automobiles CEO Sergio Marchionne and Ford Motor Co. Executive Vice President and President of Global Operations Joe Hinrichs […]
Imports of tool chests and cabinets from China will likely be subject to countervailing duties once the International Trade Commission makes its final injury determination. The U.S. Commerce Department issued its affirmative final determination on Nov. 22, calculating final subsidy rates ranging from 14.03 percent to 95.96 percent. As a result of this decision, Commerce will […]
Home prices continued to accelerate across the nation in September, posting the fastest annual rate increase since June 2014. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed home prices up 6.2 percent in September, compared to a gain of 5.9 percent in August. The 20-City Composite posted a 6.2 percent gain year-over-year, […]
New home sales jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 and a 10-year high. All regions of the U.S. recorded increases, according to data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. September’s seasonally adjusted annual rate was revised downward from 667,000 […]
New orders for manufactured durable goods declined 1.2 percent in October to $236.0 billion, according to the latest data from the U.S. Census Bureau. The decline was due mostly to plummeting orders for commercial aircraft, which fell 18.6 percent last month. Core capital goods (non-defense capital goods minus aircraft) declined 0.5 percent last month. Reuters […]
Argentinian steel pipe manufacturer Tenaris has begun full operations at its new Bay City, Texas, mill. The $1.8 billion facility southwest of Houston will provide seamless pipe for shale and gas wells in the region. “Tenaris is the architect of a new business model in the steel pipe sector,” said Germán Curá, Tenaris’ president for […]
The Keystone XL pipeline was approved by the Nebraska Public Service Commission on Monday giving TransCanada the access it needs to complete the $8 billion 1,897-mile pipeline. The commission rejected TransCanada’s preferred route, however, and in a 3-2 decision approved an alternate route that moves the pipeline further east and away from Nebraska’s ecologically fragile […]
The office of the U.S. Trade Representative has finally updated its summary of NAFTA objectives in response to pressure from the Senate Finance Committee to provide transparency regarding the negotiations. Ron Wyden (D-OR) put the confirmation of two deputy USTR nominees on hold until the updated objectives were made public. Wyden said the summaries are […]
Existing home sales increased for the second month in a row and at the strongest pace since early summer. Total sales in October, including single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent from the previous month to a seasonally adjusted annual rate of 5.48 million. Lawrence Yun, National Association of Realtors chief economist, says […]
Cold-drawn mechanical tubing imported from China, Germany, India, Italy, Korea and Switzerland was determined by Commerce to be sold below fair value. In its Nov. 16 preliminary antidumping determination, Commerce assigned dumping margins ranging between 5.10 percent and 186.89 percent. Commerce also found that “critical circumstances” exist with respect to Dalmine S.p.A. and Metalfer S.p.A. […]
“What if President Trump’s ultimate goal is to kill the World Trade Organization?” That was the question submitted by journalist Eduardo Porter in the New York Times last month. Porter’s question seemed even more to the point last week when President Trump accused the WTO of ignoring its own rules while the United States has […]
Kingspan North America announces the hiring of Brad Johnson as Vice President of Sales for the U.S. Johnson joins Kingspan from CENTRIA Architectural Systems, where he served as Executive Vice President of Sales since May 2016. For more than 25 years, Johnson has served as a successful leader in the industry. He began his career […]
Construction jobs were added in 41 states between October 2016 and October 2017, while 26 states added construction jobs between September and October, according to an analysis by the Associated General Contractors of America of Labor Department data. The October jobs data continues a pattern of widespread but uneven growth in industry employment, said AGC. […]
Demand for architecture design services increased in October after contracting in September. The October Architecture Billings Index jumped to 51.7 from 49.1 the previous month, indicating a return to growth. The new projects index gained more than one point to 60.2, while new design contracts posted a reading of 52.9, compared to 52.8 in September. […]
Housing starts leapt 13.7 percent from September to October, rising to a seasonally adjusted rate of 1.290 million and beating economists’ estimates. Single-family housing starts increased 5.3 percent, while housing of five units or more jumped 37.4 percent, reported the Commerce Department. Data shows the South rebuilding after the devastation of the dual hurricanes earlier […]
Cleveland Cliffs announced Friday that P. Kelly Tompkins, Executive Vice President and Chief Operating Officer, will begin his planned retirement effective Dec. 31, 2017. Tompkins served as Cliff’s executive vice present and chief financial officer from April 2015 through December 2016 before assuming his current position in January 2017. Lourenco Goncalves, Chairman, President and Chief […]
Manufacturing in New York State continued to expand in November, but the headline business conditions index of the Empire State Manufacturing Survey fell to 19.4 after reaching a three-year high in October. The November index lost 11 points and dropped more than expected, but solid gains in new orders and shipments indicate still brisk growth […]
Main Steel, headquartered in Elk Grove Village Ill., has been acquired from by Samuel, Son & Co., Ltd, a Canadian metal manufacturer, processor and distributor. Main Steel is a processor and polisher of stainless steel, aluminum and nickel alloys with processing locations in Atlanta, Elk Grove Village, Harmony, Pa., and Riverside, Calif. The company will […]
Commerce Secretary Wilbur Ross pushed back at critics of the Section 232 investigation this week, saying steel-consuming businesses don’t “deserve” dumped steel. Associations such as the American Institute for International Steel and U.S. Chamber of Commerce assert that Section 232 restrictions on steel could lead to economic disaster for the steel supply chain, ports and […]
A dispute over OCTG dumping duties assigned by the U.S. on imports of Korean OCTG drew mixed conclusions from a World Trade Organization dispute panel. The WTO sided with South Korea on claims that the U.S. violated rules in the Antidumping Agreement regarding the calculation of fair value of OCTG. The panel determined that Commerce […]
Canada and Mexico will “come to their senses and make a sensible deal” for NAFTA, said Commerce Secretary Wilbur Ross at The Wall Street Journal CEO Council on Thursday. Ross defended U.S. NAFTA negotiating tactics, saying Mexico and Canada have more to lose than the United States if the NAFTA agreement collapses. He called a […]