According to the Metal Industry Indicators report released by the
US Geological Survey (USGS), the steel leading index for the
US increased by 1.4 percent in November 2011, the latest month for which it is available, after two consecutive months of decrease, rising to 113.6 from a revised 112 in October. Its six-month smoothed growth rate increased to 1.9 percent in November from a revised -0.3 percent in October.
The steel leading index growth rate had been trending down since the start of 2011 and briefly dipped into negative territory. However, this jump in the growth rate could be an indication of sustained activity growth in the
US steel industry in the months ahead.
Note: Composite coincident indexes for the metal industries consist of indicators for production, shipments, and total employee hours worked. A growth rate above +1.0 percent is usually a sign of an upward near-term trend for future metals activity, while a growth rate below -1.0 percent indicates a downward trend.