Get the latest economic and market news with Market Insight from Supply Dynamics. In this month's issue, you'll discover:
- The U.S. economy grew 2.9% in 2018, just a touch below Trump’s projected target of 3%. Although the economy expanded at a solid 2.6% rate during the last three months of 2018, this was significantly lower than its strong second-quarter growth of 4.2%, which many economists attributed to the 2017 tax cuts.
- After nine consecutive quarters, U.S. manufacturers are still smiling. A 2019 first quarter survey revealed that 89.5% of respondents to NAM's Manufacturers' Outlook Survey are positive about their company’s lookout.
- Steel shipments rose 4.8% last year. Section 232 tariffs of 25% on all foreign-made steel coupled with stronger steel market conditions has given the domestic steelmaker cause for celebration.
- U.S. oil imports reached a 23-year-low in late February. Weekly crude imports fell from 1.61 million barrels a day to 5.92 million, the lowest level since 1996 and, on February 26, the Energy Information Administration reported that weekly imports from Saudi Arabia fell to 346,000 barrels a day for the week ending on February 22.
- Donald Trump may have to drop tariffs on steel and aluminum to enact new NAFTA initiative. U.S. lawmakers and business groups are joining Canada and Mexico in pushing the president to lift Section 232 levies (on CAN and MEX) as a condition of enacting the trade deal Trump signed at the end of November.
Published on March 13, 2019