Economy
ISM Manufacturing Index Higher Than Expected
Written by Sandy Williams
November 3, 2013
The ISM Manufacturing Index surprised economists with a PMI reading of 56.4 in October—the highest level in 2013. Expectations were for the index to fall to 55 this month but instead the PMI increased 0.2 percentage points from September’s reading of 56.2.
The indexes for new orders, production, inventories and employment all indicated growth. Of the 18 manufacturing industries surveyed only four reported contraction in October: Apparel, Leather & Allied Products; Primary Metals; Chemical Products; and Miscellaneous Manufacturing.
Survey participants were generally optimistic about business conditions. Questions on the impact of the government shutdown on business activity produced mixed responses. A few of the comments relevant to the steel industry were as follows:
“The government shutting down and threatening to go into a default position is causing all kinds of concerns in our markets.” (Fabricated Metal Products)
“Government spending continues to be slow in defense and military. The government shutdown and debt ceiling crisis did not affect business.” (Transportation Equipment
Seasonal demand has not decreased at the typical pace. Market showing resiliency in the residential market.” (Primary Metals)
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Final Thoughts
We all know the American news cycle moves pretty fast. Viral today, cached tomorrow. So it is with the US presidential election on Tuesday, Nov. 5. People have election fatigue. They've moved on to other things like planning holiday parties, debating Super Bowl hopefuls, or even starting to look forward to our Tampa Steel Conference in February.