The Gerdau Market Update tracks and analyzes over 100 data streams that affect long steel consumption, attempting to provide the latest on market trends. Below, you will find the most recent information about Macroeconomics, Steel Econometrics, Construction and Manufacturing as it becomes available.
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.