Market Update





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October 2021

Employment by Industry (U.S.): In September 2021, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 147.55 million (M) – an increase of 194,000 (+0.1%) month on month (m/m). When compared to September 2020, total employment is up by 4.0% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest gains in the goods-producing and construction sectors, each growing by 0.3% this month.
Crude Oil & Natural Gas Pricing: September’s average West Texas Intermediate (WTI) crude oil price per barrel increased 6% month on month (m/m) – recovering after it dipped in August. The WTI is up 81% year on year (y/y), coming in at $71.65 / barrel in September 2021 vs. $39.63 / barrel in September 2020. By comparison, Brent crude rose 5% m/m to $74.49 / barrel in September 2021, and experienced growth of +82% y/y ($40.91 / barrel in September 2020).
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 113.752 for August 2021, remaining flat month over month (m/m). This index value is down 2.45% on a year over year (y/y) basis. On a 12-month moving average (12MMA) y/y comparison, the index was down 4.54%, though we still see an upward trend in the long-term. Month over month, we saw the Chinese Yuan, Euro, Indian Rupee, and Mexican Peso strengthen vs. the USD.
Oil and Gas Rotary Rig Counts:  The total number of operating rigs in the U.S. for the week ending September 24th was 421 oil and 99 gas (totaling 520). In percentage terms, on a month on month (m/m) basis, oil rigs were up 2.7% and gas was up 2.1%. On a year on year (y/y) comparison, rigs were up 130.1% for oil and up 32.0% for gas. The combined figure for y/y was +99.6%, or +260 rigs.
Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending September 24th was 96 oil and 65 gas (totaling 161). In percentage terms, on a month on month (m/m) basis, oil rigs were up 12.9% and gas up 4.8%. On a year on year (y/y) comparison, rigs were up 190.9% for oil and up 71.1% for gas. The combined figure for y/y was +128.2%, or 91 rigs.

September 2021

Producer Price Index:  The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand grew 0.7% in August 2021, following the 1.0% increase in July. Prices for final demand services grew 0.7% while the index for final demand goods moved up by 1.0%. The final demand index moved up by 8.3% for the 12-month period ending in August, which was the largest advance since the 12-month data were first collected in November 2010.
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