Architectural Billings Index: April’s 2023 national Architectural Billings Index of 48.5 was down 1.9 points from March’s 50.4, which is below the expansionary zone, (<50). U.S. architecture firms specializing in Commercial and Institutional all reported a decrease in design activity in April.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in April 2023 increased 1.1% (m/m) to $283.0M, following the 3.3% increase in March. The always-volatile nondefense aircraft orders, down 13.9% y/y, influenced this trend significantly.

U.S. Manufacturing Capacity Utilization: Manufacturing capacity utilization (MCU) reached 78.3% in April 2023, +0.88% month on month (m/m). On a year on year (y/y) comparison, the MCU was a modest -2.03%.

Employment by Industry (U.S.): In April 2023, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 155.7 million (M) – an increase of 253,000 (+0.2%) month on month (m/m). When compared to April 2022, total employment is up by 2.6% 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 0.5% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending April 28th was 36 oil and 57 gas (totaling 93). In percentage terms, on a month on month (m/m) basis, oil rigs were down 37.9% and gas down 29.6%. On a year on year (y/y) comparison, rigs were down 20.0% for oil and up 14.0% for gas. The combined figure for y/y was -2.1% or -2 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending April 28th was 591 oil and 161 gas (totaling 752). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.2% and gas was up 0.6% On a year on year (y/y) comparison, rigs were up 7.1% for oil and up 11.8% for gas. The combined figure for y/y was +8.2%, or +57 rigs.