Steel Products
Economist Alan Beaulieu to Speak at SMU Steel Summit
Written by Brett Linton
July 19, 2017
We’re in for a good year ahead, says popular economist Alan Beaulieu of ITR Economics, who will be a keynote speaker during Steel Market Update’s 2017 Steel Summit Aug. 28-30 at the Georgia International Convention Center in Atlanta.
Previewing his remarks, ITR forecasts another six months of accelerating economic expansion for the U.S., followed by six more months of somewhat slower growth. “Use your rates-of-change and leading indicators to determine when your specific business will be impacted, and move forward with confidence knowing what is coming,” he recommends.
New orders for nondefense capital goods, excluding aircraft, experienced a steeper-than-normal increase from April to May at 3.38 percent. The May 2017 number was 6.9 percent ahead of the May 2016 figure, making it the highest year-over-year growth rate in about five years. “May 2017 was a very good month both on a month-to-month basis and on a year-over-year basis,” Beaulieu says. “The rates-of-change signature for new orders remains positive, and the outlook remains quite encouraging.”
New orders for U.S. aircraft and parts increased 8.42 percent in May, but the year-over-year growth rate for May is 41.4 percent below May 2016. “This is an industry where near-term pessimism is warranted,” Beaulieu says.
Overall, total new orders for manufacturing in the U.S. experienced a strong 6.0 percent year-over-year increase through May. “Expect more good news in U.S. manufacturing through the rest of this year as the demand, as indicated by the new orders trends, stays healthy in most sectors,” Beaulieu says.
Stay positive, and don’t believe everything you read, he adds. “I have read a couple of pieces of economic ‘news’ lately that I found disturbing in that they cast a lot of doubt and uncertainty onto the health of the U.S. economy. My concern is that readers of those publications will lose confidence in their ability to grow and, by their own decisions, fulfill the ‘troubled economy’ prophecy.”
Be sure to attend the SMU Steel Summit Conference 2017 to get more detail on Beaulieu’s forecast for the economy and the steel sector and has he moved the dates of his forecast of a mild recession.
Below is a video of Alan Beaulieu from last year’s SMU Steel Summit Conference where he did an exceptional job of forecasting 2017…
Brett Linton
Read more from Brett LintonLatest in Steel Products
AISI: Raw steel production levels off near six-month high
The volume of raw steel produced by US mills remained relatively flat last week, maintaining the rebound seen one week prior, according to the American Iron and Steel Institute (AISI). Previously at the second-highest rate of the year, production continues to hold at one the strongest levels recorded over the last six months.
Nucor keeps HRC price unchanged
Nucor has kept its weekly hot-rolled (HR) coil price flat this week, after a marginal cut the previous week.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
CRU tariff webinar replay now available
CRU’s latest webinar replay on how Trump’s tariffs affect the global steel market is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. You’ll find not only this special CRU webinar but also all past Community […]
US, offshore CRC prices diverge
US cold-rolled (CR) coil prices declined this week, slipping for the first time since early February. Most offshore markets deviated, moving higher this week.