The U.S. economy grew by 138,000 jobs in May. This paves the way for the Federal Reserve to raise interest rates in coming days. The unemployment rate fell to 4.3%; the lowest is has been since 2001.
The Consumer Confidence Index fell more than expected in May, registering at 117.9, down from April’s reading of 120.3.
U.S. industrial production rose 1.0% in April, higher than the 0.4% increase expected. This was the fastest pace in more than three years as manufactures and mines recovered from a March downturn. Manufacturing has recovered from its rough patch in late 2015, early 2016, caused by cutbacks in the energy industry and a strong U.S. dollar.
The Architectural Billings Index registered a score of 50.9 in April, down from a score of 54.3 in the previous month. This score still reflects an increase in design services as any score above 50 indicates and increase in billings.
The May Purchasing Managers Index registered at 54.9%, an increase of 0.1 percentage point from the previous month. The New Orders Index registered 59.5%, an increase of 2 percentage points from the previous month, and the Production Index registered at 57.1%, a 1.5 percentage point decrease from April.
U.S. steel imports jumped up 33.5% in April, confirming an ongoing swell in foreign deliveries of oil country tubular goods, semi-finished product, and value-added flat rolled material compared to the same month last year.
For more information contact your local sales representative or view the June 2017 ONI Insight Guide below.ONI Insight June 2017