Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending September 27th was 152 oil and 65 gas (totaling 217). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.7% and gas down 3.0%. On a year on year (y/y) comparison, rigs were up 32.2% for oil and down 14.5% for gas. The combined figure for y/y was +14.1% or +27 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending September 27th was 484 oil and 99 gas (totaling 583). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.2% and gas up 4.2%. On a year on year (y/y) comparison, rigs were down 3.6% for oil and down 14.7% for gas. The combined figure for y/y was -5.8%, or -36 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in August 2024 was flat (m/m) to $289.7, following the 9.9% increase in July. The always-volatile nondefense aircraft orders, down 31.0% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.2% in August 2024 (seasonally adjusted), after remaining flat in July. The index for final demand goods remained unchanged in August, while the index for final demand services rose 0.4% in August. A 4.8-percent rise in the index for guestroom rental was a major factor in the August advance in prices for final demand services.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 122.880 in August, down 0.93% m/m, reversing trend after increasing last month. This index value is up 3.62% on a year on year (y/y) basis. Month over month, we saw the Canadian Dollar, Chinese yuan, Japanese yen, and South Korean won strengthen vs. the USD in August.

Employment by Industry (U.S.): In August 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.7 million (M) – an increase of 142,000 (+0.1%) month on month (m/m). When compared to August 2023, total employment is up by 1.5% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 1.2% m/m.