Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 120.316 in February, up 0.34% m/m, reversing trend after steadily decreasing since Nov 2022. This index value is up 4.58% on a year on year (y/y) basis.

Employment by Industry (U.S.): In February 2023, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 155.4 million (M) – an increase of 311,000 (+0.7%) month on month (m/m). When compared to February 2022, total employment is up by 2.9% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.7% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending February 25th was 158 oil and 86 gas (totaling 244). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.6% and gas down 0.6%. On a year on year (y/y) comparison, rigs were up 14.5% for oil and up 1.2% for gas. The combined figure for y/y was +8.9% or 20 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending February 25th was 600 oil and 151 gas (totaling 751). In percentage terms, on a month on month (m/m) basis, oil rigs were down 1.5% and gas was down 5.65%. On a year on year (y/y) comparison, rigs were up 14.9% for oil and up 18.9% for gas. The combined figure for y/y was +15.8%, or +103 rigs.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.7% in January 2023 (seasonally adjusted), following the 0.2% decrease in December. The index for final demand goods moved up 1.2% in January, while the index for final demand services advanced 0.4%, the same as in December. Nearly one-third of the January rise in the index for final demand goods can be traced to prices for gasoline, which increased 6.2 percent.

Crude Oil & Natural Gas Pricing: January’s average West Texas Intermediate (WTI) crude oil price per barrel increased 2% month on month (m/m). The WTI is down 6% year on year (y/y), coming in at $78.08 / barrel in January 2023 vs. $83.22 / barrel in January 2022.