1-800-228-8100 Norfolk Iron & Metal Processing Services Products Customer Resources About Contact Careers June 2021 Market Insight Home / Metal Market / June 2021 Market Insight Economic News On Wednesday, the Federal Reserve’s Beige Book, a compilation of anecdotal evidence on economic conditions, said the U.S. economy increased at a somewhat faster rate from early April to late May. However, it still described the pace of economic growth as moderate. The Fed said expanded vaccination rates had the most notable effects in consumer spending, as increased travel and restaurant spending supplemented ongoing strength in other categories. The U.S. economy added 559,000 jobs in May, double April’s disappointing total, but still lower than the estimated 675,000. The unemployment rate decreased to 5.8%, from 6.1% last month. Economic Indicators The May Purchasing Managers Index registered at 61.2%, up 0.5 points from April. This indicates expansion in the overall economy for the 12th consecutive month (a score above 50 indicates expansion). The New Orders Index registered at 67%, up from the April reading of 64.3%. The Production Index registered at 58.5%, down 4 points from the previous month. The Architectural Billings Index registered at 57.9 for April. This is the highest score since prior to the Great Recession, indicating that a majority of architecture firms saw their billings increase. Consumer confidence held steady in May with the Consumer Confidence Index registering at 117.2, down marginally from April. Industry News U.S. businesses are calling on President Biden to drop the 25% import duties, arguing that for some products, U.S. businesses are paying 40% more for similar steel compared to European counterparts. Europe is hopeful the Biden administration will relax the 25% tariffs on European steel. However, according to MetalMiner’s Stuart Burns, the tariffs probably aren’t going away anytime soon. We are excited to announce the creation of NIM Group, the new parent organization for each of our brands, Norfolk Iron, Metalwest, and Cd’A Metals. You can read more about it here. For more information, check out the June 2021 Market Insight Guide below or contact your local sales rep. Norfolk-Iron-Market-Insight-June-2021Download Filed Under: Metal Market Norfolk Iron & Metal is one of the nation's largest carbon steel providers. We always stay true to what got us here: hard work and customer service. RECENT POSTS October 2021 Market Insight August 2021 Market Insight Guide Industry leaders advocate for four-lane expressway infrastructure improvements July 2021 Market Insight June 2021 Market Insight LOCATIONS Norfolk, Nebraska Durant, Iowa Emporia, Kansas Greeley, Colorado Rock Island, Illinois SEARCH Norfolk ISO Certification Durant ISO Certification Emporia ISO Certification Greeley ISO Certification Customer Portal Credit Application Employment © 2021 Norfolk Iron & Metal | All Rights Reserved | Privacy Policy | Terms | Site by PDM