February 2012 | Steel Raw Materials
The picture's not perfect for the USA
Statistical releases in January for the US economy appeared to paint a positive picture of a much-needed recovery. We look at the relationship between steel production and employment and what these indicators may signal for the coming months.
Statistical releases in January for the US economy appeared to paint a positive picture of a much-needed recovery. We look at the relationship between steel production and employment and what these indicators may signal for the coming months.
Historical data since the 1980s shows US non-farm employment has fallen on a m-o-m basis in January by an average of 2.1% on a non seasonally-adjusted basis. The fall in the number of people employed can be explained in part by the decreases in the number of seasonal workers required in January following the festive holidays. In contrast, January is often one of the strongest months for domestic steel production on a m-o-m basis. Across the sample, when quarterly data is observed, Q1 shows the greatest increase in production, rising...
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