U.S., Canadian Steel Shipments Improve In April, But Aluminum Falls

Connecting the Dots monitors all major economic announcements in the United States and Canada, but MSCI also offers industrial metals industry-specific data products that provide much deeper analysis and insight.

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Meanwhile, here are the major economic headlines from the last week:

• MSCI’s Metals Activity Report (MAR) indicated U.S. service center steel shipments rose by 0.3 percent from April 2022 to April 2023 while shipments of aluminum products fell 12.1 percent. Canadian service center steel shipments also improved, rising 1.6 percent from April 2022. Canadian shipments of aluminum products decreased by 3.6 percent year-over-year. Learn more about the MAR.
• According to the U.S. Department of Commerce, steel exports from the country rose 12.7 percent between February 2023 and March 2023, but just 5.1 percent between March 2022 and March 2023. Exports to Canada and Mexico both rose by double digits. Read more here.
• The National Federation of Independent Business’ (NFIB) Small Business Optimism Index fell by 1.1 points in April to 89.0. The survey has now been below its historical average of 98.0 for 16 months in a row. The NFIB said labor quality was the top business problem and inflation was the second most pressing concern. Additionally, the net percent of owners who expect real sales to be higher deteriorated four points from March to a net negative 19 percent. Read the full report here.
• During the week that ended May 6, 264,000 individuals filed for federal unemployment benefits for the first time, an increase of 22,000 people from the week before. This number is the highest level for first-time jobless claims since October 30, 2021 when 264,000 received unemployment insurance for the time. The four-week moving average of first-time claims also increased. During the week that ended April 29, 1.813 million people continued to receive unemployment benefits, an increase of 12,000 from the previous week. The four-week moving average of continuing claims also rose.
• In other economic news: U.S. average hourly earnings increased 0.1 percent from March 2023 to April 2023; the U.S. Producer Price Index rose 0.2 percent from March 2023 to April 2023 and 2.3 percent from April 2022 to April 2023; and the U.S. Consumer Price Index increased 0.4 percent for the month of April and was up 4.9 percent year-over-year.