Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending August 22nd was 411 oil and 122 gas (totaling 533). In percentage terms, on a month on month (m/m) basis, oil rigs were down 1.0% and gas was sideways at 0%. On a year on year (y/y) comparison, rigs were down 14.9% for oil and up 25.8% for gas. The combined figure for y/y was -8%, or -47 rigs.

Architectural Billings Index: July’s 2025 national Architectural Billings Index of 46.2 was down from June’s 46.8, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Residential all reported a decrease in design activity in July.

­­U.S. Steel Capacity Utilization: The total tonnage for the week ending August 23rd was 1,780 million net tons, at a capacity utilization rate of 78.6%. The year-to-date tonnage output is 58,364 million net tons, at an average capacity utilization rate of 76.5%. In 2024, the same output total was 58,478 million net tons, at an average capacity utilization of 77.4%.

­­U.S. Steel Capacity Utilization: The total tonnage for the week ending August 16th was 1,774 million net tons, at a capacity utilization rate of 78.3%. The year-to-date tonnage output is 56,584 million net tons, at an average capacity utilization rate of 76.5%. In 2024, the same output total was 56,696 million net tons, at an average capacity utilization of 77.4%.

ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved down 1.0% (m/m) to 48.0 for July 2025; this value is weaker than the forecast of 50. The new orders sub-index scored at 47.1.

Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in June 2025, especially in the public sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures increased by 0.3% year on year (y/y) to 458.7 billion. On a 12MT basis, private expenditures decreased by 1.4% y/y.