Purchasing Managers Index (PMI) moved up slightly in October to
56.4, indicating continued expansion in the U.S. manufacturing
metals producers werent among the 14 out of 18
manufacturing industries to report growth last month.
"There were mixed
responses on whether the government shutdown and potential
default have had any effect on Octobers (index),"
according to Bradley J. Holcomb, chairman of the Institute for
Supply Managements (ISM) Manufacturing Business Survey
shutting down and threatening to go into a default position is
causing all kinds of concerns in our markets," one metals
Hot-rolled pickled and
oiled carbon steel sheet prices were reported up vs. September,
along with stainless steel and some steel-based products.
Fabricators also reported paying more for raw materials.
an increase in new orders and output.
Fabricators and metals
producers continued hiring last month, and both said their
order backlogs rose. Fabricators also saw imports increase.
Inventories Index registered 52.5 percent in October, up 2.5
points from September. But metal producers and fabricators
lowered their inventories last month.
"Government data on
recent months have been barely above mediocre outside of the
auto sector," Michael Montgomery and Erik Johnson, economists
at Lexington, Mass.-based IHS Global Insight Inc., said.