Employment by Industry (U.S.): In November 2021, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 148.61 million (M) – an increase of 210,000 (+0.1%) month on month (m/m). When compared to November 2020, total employment is up by 4.1% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in construction, similar to October data.

Crude Oil & Natural Gas Pricing: November’s average West Texas Intermediate (WTI) crude oil price per barrel decreased 2% month on month (m/m) – only its third drop of the year. The WTI is up 95% year on year (y/y), coming in at $79.84 / barrel in November 2021 vs. $40.94 / barrel in November 2020.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in October 2021 decreased by 0.5% month on month (m/m) to $260.1M, following the 0.4% decrease in September. The always-volatile nondefense aircraft orders, up 1000+% y/y, influenced this trend significantly.

Employment by Industry (U.S.): In October 2021, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 148.32 million (M) – an increase of 531,000 (+0.4%) month on month (m/m). When compared to October 2020, total employment is up by 4.1% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in construction.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 114.419 for October 2021 – up 0.59% month on month (m/m) – and its greatest monthly increase since July. This index value is down 1.44% on a year on year (y/y) basis.

Producer Price Index:  The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand grew 0.6% in October 2021 (seasonally adjusted), following the 0.5% increase in September. Prices for final demand services grew 0.2% while the index for final demand goods moved up by 1.2%. One-third of the October advance in the index for final demand goods can be traced to prices for gasoline, which rose 6.7%. Over 80% of the October increase in prices for final demand services can be traced to margins for automobiles and automobile parts retailing, which rose 8.9%.