The ISM Manufacturing numbers released today came out at 47.40. This is the third consecutive month below the 50 point benchmark and anything less than that shows contraction in the confidence of manufacturers.
High inventories in businesses could be one potential factor among many that could be causing the downward trend.
We have still been staying busy around the scrap yard, but we know these numbers will eventually catch up to both us and our customers.
We are also keeping our eyes on the FED meeting today and what they will decide to do with interest rates.
We will make sure to keep you updated on all metal and market news!
