According to the "Metal Industry Indicators" report released by the US Geological Survey (USGS), the primary metal leading index for the US decreased by 3.4 percent in August this year, the latest month for which it is available, to 154.8 from a revised 160.3 in July. Its six-month smoothed growth rate decreased to 0.6 percent from a revised 9.1 percent in July.
Meanwhile, the steel leading index for the US increased 1.2 percent in July, the latest month for which it is available, to 113.0 from a revised 111.7 in June. Its 6-month smoothed growth rate increased to 4.0 percent from a revised 2.5 percent in June. The steel leading index growth rate remains above the threshold that indicates growth in the US steel industry; however, advance data such as the August PMI and the S&P stock price index for iron and steel companies suggest that US steel industry growth could slow 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.