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Metal Industry Indicators--January 2007

Source: minerals.usgs.gov
Topic: Metal Industry

Sort Desciption: denotes increased metals industry activity growth. While indus- ..... business cycle on five U.S. metal industries by calculating and ...

Content Inside: Metal Industry Indicators Indicators of Domestic Primary Metals, Steel, Aluminum, and Copper Activity January 2007 The primary metals leading index rebounded in December, after a drop in November, and its 6-month smoothed growth rate moved back into positive territory. Global and domestic manufacturing activity outlooks appear more positive, boding increased metals demand. Primary metals industry activity growth could strengthen in the months to come. The metals price leading index growth rate indicates that metal prices could decrease further in the short term. The primary aluminum and the aluminum mill products indexes are suspended because of discontinued availability of industry-specific historical data. The USGS will continue to calculate the steel and copper composite indexes. The primary metals leading index increased to 152.2 in Decem- ber from a revised 150.6 in November, and its 6-month smoothed growth rate increased to 0.9% from a revised Å“0.7% in Novem- ber. The 6-month smoothed growth rate is a compound annual rate that measures the near-term trend. Normally, a growth rate above +1.0% signals an upward trend for future growth in metals activity, while a growth rate below Å“1.0% indicates a downward trend. For an explanation of these indexes and a definition of the primary metals industry, see page 10. In December, the Institute for Supply Managements PMI recov- ered from the sharp decline of November. It moved back above the 50 percent threshold that denotes an increase in future domes- tic manufacturing activity and pushed the leading index up 0.5 percentage points. The rising combined S&P stock price indexes for construction and farm machinery companies and for industrial machinery companies contributed 0.3 percentage points to the leading index in December. The JOC-ECRI metals price index growth rate contributed 0.2 percentage points to the leading index. The December average workweek in primary metals establishments was ...

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