According to the Metal Industry Indicators report released by the US Geological Survey (USGS), the steel leading index for the US decreased by 0.8 percent in September this year, the latest month for which it is available, to 112.2 from a revised 113.1 in August. Its six-month smoothed growth rate decreased to 0.8 percent in September, from a revised 3.2 percent in August.
The report denotes that, although the steel leading index growth rate is still positive, it has generally declined since the beginning of the year and is pointing to slower growth for US steel industry activity in the near term.
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.