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Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.2% in March 2024 (seasonally adjusted), after increasing 0.6% in February. The index for final demand goods decreased 0.1% in March, after rising 1.2% in February, while the index for final demand services moved up 0.3%, the third consecutive rise. A major factor in the March increase in prices for final demand services was the index for securities brokerage, dealing, investment advice, and related services, which rose 3.1 percent.

U.S. Capacity Utilization was 78.7% in December, down 0.4% month on month (m/m). Mexico Capacity Utilization was 75.4% in December, down 3.0% month on month (m/m). Canada Capacity Utilization was 78.7% in December, down 0.1% quarter on quarter (q/q).

U.S. Manufacturing Capacity Utilization: Manufacturing capacity utilization (MCU) reached 77.3% in March 2024, +0.35% month on month (m/m). On a year on year (y/y) comparison, the MCU was a modest -0.5%.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in March 2024 was up 2.6%(m/m) to $283.4, following the 0.7% increase in February. The always-volatile nondefense aircraft orders, down 0.3% y/y, influenced this trend significantly.

Architectural Billings Index: March’s 2024 national Architectural Billings Index of 43.6 was down 5.9 points from February’s 49.5, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Multifamily Residential, Institutional and Commercial/Industrial all reported a decrease in design activity in March.

U.S. Steel Rebar Final Imports: Final rebar imports to the U.S. came in at 113,848 tons for the month of February 2024, up 155% m/m. Algeria was the largest exporter of rebar with 36,215 tons this month (32%). The Houston-Galveston, TX port was the largest receiver of rebar this month, receiving 61,715 tons.