Market Update





The ˽av Market Update tracks and analyzes over 100 data streams that affect long steel consumption, attempting to provide the latest on market trends. Below, you will find the most recent information about Macroeconomics, Steel Econometrics, Construction and Manufacturing as it becomes available.

View Block
Employment by Industry (U.S.): In June 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.6 million (M) – an increase of 206,000 (+0.1%) month on month (m/m). When compared to June 2023, total employment is up by 1.7% year on year (y/y). Among the employment sectors that we track at ˽av, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.6% m/m.
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 124.031 in June, up 1.46% m/m, reversing trend after decreasing last month. This index value is up 3.61% on a year on year (y/y) basis. Month over month, we saw the Canadian Dollar and Euro strengthen vs. the USD in June.
U.S. Steel Capacity Utilization: The total tonnage for the week ending June 29th was 1.721 million net tons, at a capacity utilization rate of 77.5%. The year-to-date tonnage output is 44.586 million net tons, at an average capacity utilization rate of 77.2%. In 2023, the same output total was 42.138 million net tons, at an average capacity utilization of 75.2%.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in May 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures grew by 14.6% year on year (y/y) to 445.4 billion. On a 12MT basis, private expenditures increased by 3.7% y/y.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending June 28th was 116 oil and 59 gas (totaling 175). In percentage terms, on a month on month (m/m) basis, oil rigs were up 56.8% and gas up 9.3%. On a year on year (y/y) comparison, rigs were up 6.4% for oil and up 1.7% for gas. The combined figure for y/y was +5.4% or +9 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending June 28th was 479 oil and 97 gas (totaling 576). In percentage terms, on a month on month (m/m) basis, oil rigs were down 3.4% and gas down 3.0%. On a year on year (y/y) comparison, rigs were down 12.1% for oil and down 21.8% for gas. The combined figure for y/y was -13.8%, or -93 rigs.
a

Subscribe

To subscribe to the Market Update emails, please fill the form below.