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Market Update | October 16, 2024

After sliding in the previous four months, shipments of tractors and combines increased slightly in September. Shipments totaled 19,265 units, up 0.8% from August but still down sharply, 20.7%, from September 2023. This is the sixteenth consecutive month in which shipments declined on a year-over-year basis. The increase in September came from tractor shipments, which increased 1.4% from August, but were down 19.7% from last year. Combine shipments were down 15.8% from August and down 42.6% from September 2023. The year-to-date shipments are down 7.3% compared to the same timeframe last year.

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Market Update

Market Update | October 9, 2024

U.S. raw steel production declined sharply again last week, now down for the fourth straight week. U.S. steelmakers produced 1.606 million tons at a 72.3% utilization rate, the lowest weekly output since the last week of December 2022. Weekly output has dropped by more than 100k tons in just two weeks. Production was down 2.4% from the prior week and down 5.4% from the same week last year. YTD production is down 1.7% from the same timeframe last year. Additionally, based off preliminary import license data, total steel imports are tending 2.4% below the rate from the same timeframe (6 days) in September.

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Market Update

Market Update | October 2, 2024

Dockworkers have started walking out of every major port on the East and Gulf coasts of the U.S., kicking off a strike that may ripple through the economy. The current strike is impacting activity at 36 domestic ports from Maine to Texas. The ports impacted by the industrial action have the combined capacity to handle as much as half of all U.S. trade volumes, and the strike will halt container cargo and auto shipments.

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Market Update

Market Update | September 25, 2024

A recent report by the Department of Transportation noted that after nearly three years into the five-year law, 40% of Infrastructure Investment and Jobs Act funds have been announced, indicating that potential upside to demand remains. Much of the law’s funding is available until expended, so it is expected to fuel construction projects past the five-year period. However, other funds are appropriated in specified amounts for specified fiscal years from 2022 to 2026. Former President Donald Trump has indicated he would defund some initiatives, such as clean energy programs, if he’s elected. The recent report showed that over 60,000 construction projects are advancing with IIJA money.

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Market Update

Market Update | September 18, 2024

The September Empire Manufacturing Index increased sharply to 11.5, up 16.2 from August. This was the strongest monthly growth since December 2021. The two-month average increased to 3.4, ending a string of nine consecutive negative readings. Both the new orders and shipment components increased in September, climbing to 17.3 and 17.6, respectively. The unfilled orders component increased as well, climbing 9.5 points to 2.1. The index for future business activity increased to 30.6, up eight points from August.

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Market Update

Market Update | September 11, 2024

Now up for the fifth consecutive month, the August DMI came in at 220.4, up from a revised 214.2 reading in July and up sharply from the 178.0 reading in August 2023. This is the highest reading since December 2022, coming in just below that all-time high level. The August DMI was boosted by both planning for commercial and institutional projects. While commercial planning increased by 1.9%, institutional planning increased by 5.7% from July.

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Market Update

Market Update | September 4, 2024

Total construction spending slipped in July, sliding for the first time since January. Total spending came in at a $2.163 trillion rate, down 0.3% from June, but was still up 6.7% from the $2.027 trillion rate in July 2023. Despite the continued year-overyear increase, this was the lowest increase since May 2023. Spending on both residential and non-residential projects declined in July, sliding 0.4% and 0.2%, respectively. This was the second consecutive month in which spending on nonresidential projects declined. Total non-residential spending was at its lowest rate since February.

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Market Update

Market Update | August 28, 2024

New orders climbed 9.9% to a $289.6 billion rate. The sharp jump in July follows a nearly similar 6.9% decline in June. Excluding the volatile transportation segment, new orders slipped 0.2% from June. While primary metal new orders declined 0.9%, new orders for fabricated metal products increased 0.2% from June. Unfilled orders for durable goods increased 0.2% in July and are now up in forty-seven of the last forty-eight months.

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Market Update

Market Update | August 21, 2024

July light vehicle production totaled 685,980 units, down 18.5% from June and down 4.8% from July 2023. This is the third consecutive month in which light vehicle production declined on a year-over-year basis. This was the lowest monthly production total since July 2022. Despite the recent declines, YTD production remains 2.9% above the level from the same timeframe last year. Looking on a year-over-year basis, to smooth seasonality, both car and light truck production declined, sliding 8.0% and 4.2%, respectively.

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Market Update

Market Update | August 14, 2024

The July Consumer Price Index showed prices for all goods increased 0.12% from June and were up 2.89% from July 2023. The index for shelter increased 0.4% in July, accounting for nearly 90% of the monthly increase. The CORE-CPI, which eliminates food and energy, saw prices increase 3.17% over the past year, the lowest annual increase since April 2021. Besides shelter, other notable increases over the last year include motor insurance (+18.6%), medical care (+3.2%), personal care (+3.4%), and recreation (+1.4%).

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Market Update