The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined.
Materials in general are low in supply and slow to deliver. A514 High strength has been a problem for us lately. Also welding gas has been slow to deliver and we are hearing that the consumables are also getting shorter in supply than previous months.
The latest CRU has Hot Rolled steel at $94.20/cwt and continues to climb even after a year of continuous increases.
“The average workweek for Manufacturing has increased to 40.5 hours per week in July.”
Labor shortages are everywhere, however unemployment declined by 0.5% down to 5.4% nationwide. The average workweek for Manufacturing has increased to 40.5 hours per week in July.
Dry van and Flatbed rates are up 33 and 46% respectively over a year ago. Diesel prices have increased for the last three months consecutively. We can expect to see increasing demand at least in the short term.
Demand is strong and these challenges will continue at least for the short term until additional manufacturing capacity is brought on line or less expensive overseas materials start delivering in earnest.