Economy
Apologies to Our Premium-Level Subscribers
Written by Tim Triplett
January 14, 2019
When the public first learned the government was shutting down, many of us thought, “Glad I don’t work for Uncle Sam!” Now, as the shutdown extends its record as the longest in U.S. history, the effects are being felt well beyond the households of government employees. Even here at Steel Market Update. With government data suddenly unavailable, it’s impossible to update many of our regular reports. Readers may see some delays in the normal delivery of our Premium-level content. Our apologies.
As Chris Kuehl of Armada Corporate Intelligence reported in his latest newsletter, the government shutdown “is certainly making life a bit more difficult for economists and analysts. Among those who have been deemed non-essential are the legions of statisticians and researchers who collect and assess all the information that comes in to the government every hour of every day. If this shutdown drags on for much longer, there will be some substantial gaps developing in terms of what we know about the performance of the economy. Given that these are critical days of transition, this is bad timing to say the least.”
Tim Triplett
Read more from Tim TriplettLatest in Economy
Architecture billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
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.