New non-seasonally adjusted (NSA), filings for unemployment insurance benefits rose by 10,300 to 229,500 for the week ending June 24^th, while the four week moving average was 228,500. On a seasonally (SA), adjusted basis, new claims rose by 2,000 to 244,000.

The annualized Gross Domestic Product (GDP), growth rate in the third estimate of the first quarter (Q1), of 2017 was revised upwards to 1.4%. This was a 0.2 point upward revision from the first estimate and a 0.7 point upward revision from the dismal 0.7% first estimate.

Housing inventory of existing homes was 4.2 months’ supply in May. It was 4.6 months for new houses. This is a low number by historic standards. Low supply coupled with low interest rates results in higher prices.  A total of 610,000 homes changed hands in May.

The US dollar (USD) has declined in value against the seventeen steel trading nations that we track. Of these 17, 12 have gained against the dollar over the past three months, 10 over the past month. Looked at over a one year period, the dollar has lost ground against 9 of the 17.

After surging to its highest level since November 2014, the CFNAI fell back -0.26 in May. Despite the roll-back, the three month moving average (3MMA), remained positive (0.04). Only one of the four sub-indexes that make up the headline index made a positive contribution in May.

The total number of operating rigs in the US the week ending June 16^th was 933, 747 oil and 186 gas. Month on month oil rigs were up 27 or 0.8% and gas rigs were up 6 or 3.3%, for an overall increase of 32 or 3.6%.