According to Alan Beaulieu, President of the Institute for Trends Research, the economy as a whole in the U.S. is doing well and in an upward trend. The economist’s thoughts were shared at the SMU Steel Summit on August 31st, 2016. Optimism is high with Beaulieu as he indicates that that 2016 election will have no impact on the economic forecast.
“Consumers are in great shape… interest rates are favorable, employment and wages are rising, and banks are lending” Beaulieu said. All areas point to a healthy and vibrant in the world’s largest national economy. Manufacturing particularly is doing well in the United States where the GDP is currently in a growth trend and not a recovery trend.
Production is showing strength, and any upset to that is momentary. Manufacturing is the United States’ fourth largest job creator, so when the overall economy is doing well, the steel and iron industry does well too. The U.S. steel industry remains competitive with the rest of the world having 60% of the nation’s exports made from manufactured goods. For the meantime, the U.S. can look forward to several years of continued growth.
Source: Steel Market Update