Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 119.841 in May, up 2.16% m/m, steadily increasing the last three months. This index value is up 7.73% on a year on year (y/y) basis.

Employment by Industry (U.S.): In May 2022, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 151.7 million (M) – an increase of 390,000 (+0.3%) month on month (m/m). When compared to May 2021, total employment is up by 4.5% 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 1.1% m/m.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand grew 0.5% in April 2022 (seasonally adjusted), following the 1.6% increase in March. The index for final demand goods grew 1.3% in April, while the index for final demand services remained the same after a 1.2% increase in March. Within the index for final demand services in April, prices for truck transportation of freight rose 4.4 percent.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in April 2022 increased by 0.4% month on month (m/m) to $265.3M, following the 0.6% increase in March. The always-volatile nondefense aircraft orders, up 86.7% y/y, influenced this trend significantly.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 117.3118 in April, up 0.77% m/m, steadily increasing the last two months. This index value is up 4.13% on a year on year (y/y) basis.

Crude Oil & Natural Gas Pricing: April’s average West Texas Intermediate (WTI) crude oil price per barrel decreased 6% month on month (m/m) – reversing trend after increasing for three months. The WTI is up 65% year on year (y/y), coming in at $101.78 / barrel in April 2022 vs. $61.72 / barrel in April 2021.