Despite predictions that trade wars, oil prices, and cautious business decisions would slow economic growth, the economic readings, reported monthly by the Industrial Heating Equipment Association’s Executive Economic Summary, “show some of that caution, but many had expected a drastic reduction in activity by this point, and that has not emerged.”
Trending upward were nine areas including those with a small bump from the sales of new automobiles and light trucks. This steady rise has been reflected throughout the year, from last December’s high at 1,749 million to this month’s 1,718 million.
Over the past several months there has been a marked improvement in metal price data. The PMI New Orders that had been on a sharp decline over the past months have leveled off and are similar to last month’s reading.
The biggest jump was reflected in the new home starts with multi-family and high-end sectors driving the market; additionally, there was a bump in commercial building. Steel consumption also saw a rise due to the demand of vehicle manufacturers.
According to IHEA’s economist, if there is an overall conclusion it’s that most of the dire predictions concerning the economy have not come to fruition, however, there remains considerable unease. “The variables have been hard to determine–much less predictable.”
The 12-page monthly report is comprised of an introductory summary page, and then one page each to analyze in detail eleven indices chosen specifically for their impact on the thermal processing market.
To receive a full copy of this report, contact Anne Goyer, Executive Director of IHEA
