U.S. Steel Capacity Utilization: For the week ending November 15th, total raw steel production was 1.745 million net tons, with a capacity utilization rate of 76.2%. Year-to-date output reached 79.421 million net tons, averaging 76.7% capacity utilization. In comparison, during the same period in 2024, output totaled 78.530 million net tons at an average utilization rate of 76.9%.

The average West Texas Intermediate (WTI) crude oil price per barrel decreased 5% month on month (m/m). Compared to last year, WTI is down 15% year on year (y/y), coming in at $60.89/barrel versus $71.99/barrel in October 2024.

Architectural Billings Index: The national Architectural Billings Index rose to 47.6 in October 2025, up from 43.3 in September. Billings at U.S. architecture firms continue to decline but at a slower pace.

U.S. Steel Capacity Utilization: For the week ending October 31, total raw steel production was 1.747 million net tons, with a capacity utilization rate of 76.3%.

ISM Manufacturing Index: The Institute for Supply Management (ISM) Manufacturing Index fell 0.8 points month over month to 48.7 in October, coming in below the forecast of 50.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending October 31st was 414 oil and 125 gas (totaling 539). In percentage terms, on a month on month (m/m) basis, oil rigs were down 1.9% and gas was up at 5.9%. On a year on year (y/y) comparison, rigs were down 13.6% for oil and up 22.5% for gas. The combined figure for y/y was -6.7%, or -39 rigs.