Early January 2017 Monthly Economic Indicators and Industry Trends

METAL POWDER INDUSTRIES FEDERATION
PRESENTS
MONTHLY ECONOMIC INDICATORS &
INDUSTRY TRENDS
Early January, 2017

• LEADING ECONOMIC INDICATORS
• DOW JONES / FINANCIAL MARKETS TREND
• TOTAL MFG SHIPMENTS/INVENTORIES, DURABLE ORDERS, RETAIL TRADE
• PURCHASING MANAGERS INDEX (PMI), US, Europe, China
• CONSUMER CONFIDENCE INDEX
• HOUSING STARTS
• LAGGING ECONOMIC INDICATORS
• GROSS DOMESTIC PRODUCT (GDP) – US
• FORECASTED GDP / GLOBAL GDP OUTLOOK
• INFLATION
• UNEMPLOYMENT RATE
• NATIONAL ASSOCIATION OF ECONOMISTS OUTLOOK
CONFIDENTIAL WITH DISTRIBUTION TO MPIF MEMBERS ONLY 2
Monthly Agenda - Economic Data

• NORTH AMERICA LIGHT DUTY VEHICLE SALES & PRODUCTION
• GLOBAL LIGHT DUTY SALES – AUTOS, TRUCKS, US, EUROPE, CHINA
• HEAT TREATING
• AEROSPACE
• SEMICONDUCTOR INDUSTRY
• TOTAL PRODUCTION INDEX vs. MANUFACTURING INDEX
• FIREARMS PRODUCTION
• ENERGY
• SPOT PRICE – CRUDE OIL & NATURAL GAS
• RIG COUNT – OIL & GAS
Monthly Agenda – Industry Drivers

• IRON ORE AND IRON POWDER SHIPMENTS
• IRON POWDER IMPORTS
• IRON POWDER EXPORTS
• ALUMINUM, COPPER, AND NICKEL IMPORTS
• ALUMINUM, COPPER, AND NICKEL EXPORTS
• SPECIAL FOCUS:
• JAPANESE IMPORTS
• EUROPEAN IMPORTS
Monthly Agenda – Industry Trends

US ECONOMIC DATA
Leading Indicators

Economic Trends – Dow Jones Index
Source: Yahoo Finance.
• Last year at this
time in December
the market was at
17,265 which was
a .09% decrease
from 2014, 17,280.
This year it is at
19,258, a 11.51%
increase over same
time in 2015.
• The Dow still hasn’t
dipped below
15,000 since April
2013!
• Market reacting
positively to
stronger
fundamentals and
perhaps to new
administration.
6,000.00
7,000.00
8,000.00
9,000.00
10,000.00
11,000.00
12,000.00
13,000.00
14,000.00
15,000.00
16,000.00
17,000.00
18,000.00
19,000.00
20,000.00
8/10/2007
10/10/2007
12/10/2007
2/10/2008
4/10/2008
6/10/2008
8/10/2008
10/10/2008
12/10/2008
2/10/2009
4/10/2009
6/10/2009
8/10/2009
10/10/2009
12/10/2009
2/10/2010
4/10/2010
6/10/2010
8/10/2010
10/10/2010
12/10/2010
2/10/2011
4/10/2011
6/10/2011
8/10/2011
10/10/2011
12/10/2011
2/10/2012
4/10/2012
6/10/2012
8/10/2012
10/10/2012
12/10/2012
2/10/2013
4/10/2013
6/10/2013
8/10/2013
10/10/2013
12/10/2013
2/10/2014
4/10/2014
6/10/2014
8/10/2014
10/10/2014
12/10/2014
2/10/2015
4/10/2015
6/10/2015
8/10/2015
10/10/2015
12/10/2015
2/10/2016
4/10/2016
6/10/2016
8/10/2016
10/10/2016
12/10/2016
DJI Weekly Average Adjusted Close

Total MFG Shipments, Total MFG Inventories, New Orders for
Durable Goods ($ Mil)
• New Orders. New orders for manufactured durable goods in
October, up four consecutive months, increased $10.6 billion or
4.6 percent to $238.8 billion, down from the previously published
4.8 percent increase. This followed a 0.3 percent September
increase. Transportation equipment, also up four consecutive
months, led the increase, $9.4 billion or 12.0 percent to $88.1
billion.
• Shipments. Shipments of manufactured durable goods in
October, down two of the last three months, decreased $0.3 billion
or 0.1 percent to $234.1 billion, down from the previously
published 0.1 percent increase. This followed a 0.8 percent
September increase. Transportation equipment, down three of the
last four months, drove the decrease, $1.2 billion or 1.5 percent to
$80.7 billion. Petroleum and coal products, also up seven of the
last eight months, drove the increase, $2.3 billion or 6.2 percent to
$39.3 billion.

Inventories. Inventories of manufactured durable goods in
October, up four consecutive months, increased less than $0.1
billion or virtually unchanged to $383.7 billion, virtually
unchanged from the previously published increase. This followed
a virtually unchanged September increase. Transportation
equipment, up three of the last four months, drove the increase,
$0.2 billion or 0.2 percent to $123.8 billion. By stage of fabrication,
October materials and supplies were virtually unchanged in
durable goods and increased 0.6 percent in nondurable goods.
Work in process decreased 0.2 percent in durable goods and
decreased 0.7 percent in nondurable goods. Finished goods
increased 0.3 percent in durable goods and increased 0.2 percent
in nondurable goods.
Source: U.S. Census Bureau.
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Total MFG Shipments and Total MFG Inventories; New Orders and
Shipments of Durable Goods ($ Mil)
Total MFG Shipments ($Mil) SA Total MFG Inventories ($Mil) SA
New Orders Durable Goods ($Mil) SA Shipments of Durable Goods ($Mil) SA

Iron Powder Shipments vs. New Orders & Shipments of
Durable Goods
Source: U.S. Census Bureau, MPIF.
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
Monthly Structural Parts Powder Shipments vs. New Orders & Shipments of Durable Goods
New Orders Durable Goods ($Mil) SA Shipments of Durable Goods ($Mil) SA Structural Parts Powder shipments

Purchasing Managers Index (PMI) Current Release
“The December PMI® registered 54.7 percent, an increase of 1.5 percentage points
from the November reading of 53.2 percent. The New Orders Index registered 60.2
percent, an increase of 7.2 percentage points from the November reading of 53
percent. The Production Index registered 60.3 percent, 4.3 percentage points higher
than the November reading of 56 percent. The Employment Index registered 53.1
percent, an increase of 0.8 percentage point from the November reading of 52.3
percent. Inventories of raw materials registered 47 percent, a decrease of 2
percentage points from the November reading of 49 percent. The Prices Index
registered 65.5 percent in December, an increase of 11 percentage points from the
November reading of 54.5 percent, indicating higher raw materials prices for the
10th consecutive month. The PMI®, New Orders, Production and Employment
Indexes all registered new highs for the year 2016, and the forward-looking
comments from the panel are largely positive.”
Manufacturing expanded in December as the PMI® registered 54.7 percent, an
increase of 1.5 percentage points from the November reading of 53.2 percent,
indicating growth in manufacturing for the fourth consecutive month and a new high
reading for the year.A reading above 50 percent indicates that the manufacturing
economy is generally expanding; below 50 percent indicates that it is generally
contracting.
A PMI® above 43.2 percent, over a period of time, generally indicates an expansion
of the overall economy. Therefore, the December PMI® indicates growth for the 91st
consecutive month in the overall economy, and indicates growth in the
manufacturing sector for the fourth consecutive month. Holcomb stated, "The past
relationship between the PMI® and the overall economy indicates that the average
PMI® for January through December (51.5 percent) corresponds to a 2.6 percent
increase in real gross domestic product (GDP) on an annualized basis. In addition, if
the PMI® for December (54.7 percent) is annualized, it corresponds to a 3.6 percent
increase in real GDP annually."
Source: Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply
Management® (ISM®) Manufacturing Business Survey Committee Institute for Supply
Management

Historical PMI 2001 – 2016 With Recessions
This is a 16 year
perspective of PMI with the
last two recessions
indicated by a RED circle
around the approximate
time period.
Source: Institute for Supply Management
Source: ISM.
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
2001-01-01
2001-07-01
2002-01-01
2002-07-01
2003-01-01
2003-07-01
2004-01-01
2004-07-01
2005-01-01
2005-07-01
2006-01-01
2006-07-01
2007-01-01
2007-07-01
2008-01-01
2008-07-01
2009-01-01
2009-07-01
2010-01-01
2010-07-01
2011-01-01
2011-07-01
2012-01-01
2012-07-01
2013-01-01
2013-07-01
2014-01-01
2014-07-01
2015-01-01
2015-07-01
2016-01-01
2016-07-01
2017-01-01
Purchasing Manager's Index by Month
Jan. 2001 - Dec. 2016

US MFG PMI, European MFG PMI, China MFG PMI
Source: ISM, Markit, Govt. of China.
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
US MFG PMI, EUROZONE MFG PMI, CHINA MFG PMI
USA MFG PMI Eurozone MFG PMI China MFG PMI

Consumer Confidence Index 2011 - 2016
• The Conference Board conducts a monthly survey of
5000 households to ascertain the level of consumer
confidence. The report can occasionally be helpful in
predicting sudden shifts in consumption patterns,
though most small changes in the index are just
noise. Only index changes of at least five points
should be considered significant. The index consists
of two sub indexes - consumers' appraisal of current
conditions and their expectations for the future.
Expectations make up 60% of the total index, with
current conditions accounting for the other 40%. The
expectations index is typically seen as having better
leading indicator qualities than the current conditions
index.
• “Consumer Confidence improved further in
December, due solely to increasing Expectations
which hit a 13-year high (Dec. 2003, 107.4),” said
Lynn Franco, Director of Economic Indicators at The
Conference Board. “The post-election surge in
optimism for the economy, jobs and income
prospects, as well as for stock prices which reached
a 13-year high, was most pronounced among older
consumers. Consumers’ assessment of current
conditions, which declined, still suggests that
economic growth continued through the final months
of 2016. Looking ahead to 2017, consumers’
continued optimism will depend on whether or not
their expectations are realized.”Source: Conference Board
30
40
50
60
70
80
90
100
110
120
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Consumer Confidence Index 2011 - 2016

Historical Consumer Confidence Index (CCI) vs. Recessions
Source: Conference Board
0
20
40
60
80
100
120
140
160
Jan-80
Sep-80
May-81
Jan-82
Sep-82
May-83
Jan-84
Sep-84
May-85
Jan-86
Sep-86
May-87
Jan-88
Sep-88
May-89
Jan-90
Sep-90
May-91
Jan-92
Sep-92
May-93
Jan-94
Sep-94
May-95
Jan-96
Sep-96
May-97
Jan-98
Sep-98
May-99
Jan-00
Sep-00
May-01
Jan-02
Sep-02
May-03
Jan-04
Sep-04
May-05
Jan-06
Sep-06
May-07
Jan-08
Sep-08
May-09
Jan-10
Sep-10
May-11
Jan-12
Sep-12
May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16
May-17
Consumer Confidence Index vs. US Recessions
CCI Linear (CCI)

14
Housing Starts
Source: U.S. Census Bureau
Privately-owned housing starts in November
were at a seasonally adjusted annual rate of
1,090,000. This is 18.7 percent (±6.7%) below the
revised October estimate of 1,340,000 and is 6.9
percent (±7.3%)* below the November 2015 rate
of 1,171,000.
Single-family housing starts in November were
at a rate of 828,000; this is 4.1 percent (±7.5%)*
below the revised October figure of 863,000.
The November rate for units in buildings with
five units or more was 259,000.
CONFIDENTIAL WITH DISTRIBUTION TO MPIF MEMBERS ONLY
0
500
1,000
1,500
2,000
2,500
Jan2000
May2000
Sep2000
Jan2001
May2001
Sep2001
Jan2002
May2002
Sep2002
Jan2003
May2003
Sep2003
Jan2004
May2004
Sep2004
Jan2005
May2005
Sep2005
Jan2006
May2006
Sep2006
Jan2007
May2007
Sep2007
Jan2008
May2008
Sep2008
Jan2009
May2009
Sep2009
Jan2010
May2010
Sep2010
Jan2011
May2011
Sep2011
Jan2012
May2012
Sep2012
Jan2013
May2013
Sep2013
Jan2014
May2014
Sep2014
Jan2015
May2015
Sep2015
Jan2016
May2016
Sep2016
Jan2017
INTHOUSANDSOFUNITS
Housing Starts 01/2000 - 11/2016 Seasonally Adjusted
Annual Rate
5 Units or more 1 Unit
2 to 4 5 units
Total 1 unit units or more
Percent Change:
November 2016 from October 2016 -18.7% -4.1% (S) -43.9%
November 2016 from October 2015 -6.9% 5.3% (S) -31.7%
New Privately-Owned Housing Units Started
Period
United States
In structures with --

US ECONOMIC DATA
Lagging Indicators

Gross Domestic Product (GDP), SAAR
• Real gross domestic product
increased at an annual rate of 3.2
percent in the third quarter of 2016
(table 1), according to the "second"
estimate released by the Bureau of
Economic Analysis. In the second
quarter, real GDP increased 1.4
percent.
• The increase in real GDP in the
third quarter primarily reflected
positive contributions from
personal consumption
expenditures (PCE), exports,
private inventory investment, and
federal government spending, that
were partly offset by negative
contributions from residential fixed
investment and state and local
government spending.
• Imports, which are a subtraction in
the calculation of GDP, increased.
Source: US Bureau of Economic Analysis Seasonally Adjusted Annual Rates
-2
-1
0
1
2
3
4
5
I II III IV I II III IV I II III
2014 2015 2016
Percent Change From Preceding Period In Real Gross
Domestic Product By Qtr For
2014 - 2016

Historical Gross Domestic Product (GDP), SAAR
Source: US Bureau of Economic Analysis Seasonally Adjusted Annual Rates
-10
-8
-6
-4
-2
0
2
4
6
8
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Percent Change From Preceding Period In Real Gross Domestic Product By Qtr
For 2001 - 2016

US Economic Forecast
Source: The Conference Board, October 12, 2016
Percentage change, seasonally adjusted annual rates (except where noted)
2015 2016 2017
III Q* IV Q I Q II Q III Q Annual Annual Annual
Real GDP 2.9 1.7 2.1 1.8 1.8 2.6 1.5 2
Real Consumer Spending 2.1 2.3 2.2 2.1 2 3.2 2.6 2.3
Residential Investment −6.2 5.8 5 5 4.2 11.7 4.3 2.7
Real Capital Spending 1.1 1.4 1.8 2.2 2.5 2.1 −0.5 1.8
Exports
0.1 0.5 2.5
2016 2017
10 −2.0 2.7 2.4 2.3
Updated: November 9, 2016, Posted November 28, 2016
Percentage change, seasonally adjusted annual rates (except where noted)
The Conference Board

Global Economic Outlook -
Growth Rates for Gross Domestic Product, 2015-2025
Notes: Projections are based on trend growth
estimates, which - for the period 2017-2021 -
are adjusted for remaining output gaps.
* Europe includes all 28 members of the
European Union, as well as Iceland,
Switzerland and Norway.
** Other mature economies are Australia,
Canada, Israel, Hong Kong, South Korea, New
Zealand, Singapore, and Taiwan.
*** Russia, Central Asia, and Southeast
Europe include projections for Russia,
Kazakhstan, Turkmenistan, Uzbekistan,
Belarus and Turkey.
Sources: The Conference Board Global
Economic Outlook 2017 and The Conference
Board Total Economy Database™, November
2016 update.
Actual Forecast Forecast Projected Trend
2015 2016 2017 2017-2021
2022-
2026
United States 2.8 1.6 2 2.2 2
Europe* 2 1.6 1.4 1.7 1.3
of which: Euro Area 1.7 1.5 1.4 1.7 1.2
Japan 1 0.9 0.6 1.2 0.8
Other mature** 2.9 3 3 3.4 2.8
Mature Economies 2.3 1.7 1.8 2.1 1.8
China 4.2 3.9 3.8 3.3 2.9
India 7.3 6.8 6.5 5.8 5.5
Other developing Asia 5.1 5.1 5 5 4.5
Latin America -0.7 -1.3 1.2 2.6 2.7
of which: Brazil -3.9 -3.8 0 1.9 2.3
of which: Mexico 2.5 2.4 2.6 4 3.8
Middle East & North Africa 3.7 3.7 2.7 3.3 3.3
Sub-Saharan Africa 3.3 1.7 2.3 4.8 5.1
Russia, Central Asia and
Southeast Europe*** -1.1 0 2 1.6 1
Emerging Markets
and Developing Economies
World Total 2.8 2.5 2.8 3.0 2.7
GDP Growth Rates (Percent Change)
3.3 3.2 3.6 3.7 3.5

Annual Inflation Rate By Month
The Inflation rate is
calculated from the
Consumer Price Index
(CPI-U) which is
compiled by the U.S.
Bureau of Labor
Statistics and is based
upon a 1982-84 Base
of 100.
Current inflation of
1.69%
Source: Inflationdata.com and Bureau of Labor Statistics
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
Jan-80
Oct-80
Jul-81
Apr-82
Jan-83
Oct-83
Jul-84
Apr-85
Jan-86
Oct-86
Jul-87
Apr-88
Jan-89
Oct-89
Jul-90
Apr-91
Jan-92
Oct-92
Jul-93
Apr-94
Jan-95
Oct-95
Jul-96
Apr-97
Jan-98
Oct-98
Jul-99
Apr-00
Jan-01
Oct-01
Jul-02
Apr-03
Jan-04
Oct-04
Jul-05
Apr-06
Jan-07
Oct-07
Jul-08
Apr-09
Jan-10
Oct-10
Jul-11
Apr-12
Jan-13
Oct-13
Jul-14
Apr-15
Jan-16
Oct-16
Jul-17
Annual Inflation Rate by Month

US Monthly Unemployment Rate
Source: U.S. Bureau of Labor Statistics
• Total nonfarm payroll employment rose by 178,000 in
November.
Thus far in 2016, employment growth has averaged
180,000 per month, compared with an average monthly
increase of 229,000 in 2015.
In November, employment gains occurred in professional
and business services and in health care.
Employment in professional and business services rose by
63,000 in November and has risen by 571,000 over the
year. Over the month, accounting and bookkeeping services
added 18,000 jobs. Employment continued to trend up in
administrative and support services (+36,000), computer
systems design and related services (+5,000), and
management and technical consulting services (+4,000).
Health care employment rose by 28,000 in November.
Within the industry, employment growth occurred in
ambulatory health care services (+22,000). Over the past 12
months, health care has added 407,000 jobs. Employment
in construction continued on its recent upward trend in
November (+19,000), with a gain in residential specialty
trade contractors (+15,000). Over the past 3 months,
construction has added 59,000 jobs, largely in residential
construction. Employment in other major industries,
including mining, manufacturing, wholesale trade, retail
trade, transportation and warehousing, information,
financial activities, leisure and hospitality, and government,
changed little over the month.
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
%UNEMPLOYED
U.S. Unemployment Rate
Unemployment Rate SAAR

US Unemployment Rate vs. Under-Employed Categories
Source: U.S. Bureau of Labor Statistics
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
%UNEMPLOYED
U.S. Unemployment Rate
% Total Under Employed % Slack/Business Conditions % Part Time Only Unemployment Rate SAAR

Unemployment By The Numbers
Source: U.S. Bureau of Labor
Statistics.
Not in the labor force includes
underage children, retired persons,
students, institutionalized, those taking
care of children or other family
members, and others who are neither
working nor seeking work.
Total Civilian Noninstitutional
Population 16 years and older 254,540,000
Participation Rate 62.66%
Civilian Labor Force 159,486,000
Civilian Labor Force Employed 152,085,000
In Labor Force but Unemployed 7,400,000 4.64%
Not in Labor Force, Unemployed
and wants to work 5,876,000
Total Unemployed 13,276,000
Civilian Labor Force including
those who want to work 165,362,000
Real Unemployment 8.03%
In Labor force, Under-Employed
due to Slow conditions or
temporary furloughs. 3,505,000
In Labor force, Under-Employed
and can only find part time job 2,118,000
Total Underemployed 5,623,000 3.53%
In Labor force, Part time workers
who choose to work part time 21,018,000 13.18%

• NABE Panel Expects Economic Growth and Inflation to Creep Higher, and the Fed to Increase Interest Rates, in 2017
• “SUMMARY: “Results from NABE’s December 2016 Outlook Survey show that expectations for broad economic growth through 2017 have changed little
in the last three months,” according to NABE President Stuart Mackintosh, CBE, executive director, Group of Thirty. “Real GDP is expected to increase
1.6% in 2016, before accelerating to 2.2% in 2017. Few economists participating in the survey believe a business cycle peak is imminent. However, the
slow pace of growth in recent years may be the ‘new normal,’ as more than 80% of survey panelists estimate that the potential rate of economic growth
will be 2.5% or lower over the next five years. Panelists identified boosting infrastructure investment and reforming tax and regulatory policies as the most
important things the incoming administration and Congress can do to lift economic growth during the next presidential term.”
• “Panelists expect oil prices to continue to rebound, long-term interest rates to trend higher, and compensation gains to increase in 2017,” said Timothy
Gill, CBE, chief economist, American Iron and Steel Institute. “While inflation shows little sign of rapid acceleration, stronger growth is expected across
several key price measures next year. With labor market conditions forecasted to remain firm, the panel’s consensus is that the Federal Reserve will raise
the federal funds rate this month and implement two additional increases next year, bringing the midpoint of the target range to 1.125% by the end of
2017.”
• Expectations for the pace of economic growth are largely unchanged from those in the September 2016 Outlook Survey. The panel's median forecast of
2.2% growth in real GDP from the fourth quarter of 2016 to the fourth quarter of 2017 is unchanged from the September survey. The annualized growth
rate forecasted for 2017 inched downward to 2.2% in the current survey from 2.3% in September. Both projections illustrate the panel’s
expectation of accelerating growth in 2017 compared with the median estimate of 1.8% year-to-year growth in 2016 Q4, and a 1.6% annual
growth rate for 2016 as a whole.
• Relatively few panelists (8%) expect the next U.S. business cycle peak will occur before 2018. One-third of panelists forecasts a peak during 2018 with
another one-third expecting a peak in 2019. Twenty-three percent expect the current expansion to continue at least until 2020.
• Nearly half the panel (46%) rates the probability of recession during the next 12 months between 16% and 25%. One-quarter puts the risk at between 6%
and 15%. The remainder of the panel is split between a 26% or higher risk (19% of panelists) and 5% or lower risk (10% of panelists). The recession-risk
distribution shifts higher when the time frame is extended to the next 24 months. Over half the panelists (52%) cite the risk at between 11% and 30%
probability, while two-fifths rate the risk at between 31% and 50%. Only about 4% believe the risk is 10% or less, while an equal share believes the risk is
greater than 50%.
NABE Outlook Survey December 2016

• “The results of the most recent NABE Business Conditions Survey appear consistent with an economy in its eighth year of recovery,” says NABE President Stuart
Mackintosh, CBE, executive director, Group of Thirty. “Sales growth is easing, and profit margins are under pressure from rising costs, including wages. At the same
time, capital spending increases are expected by more than half of respondents, and the outlook for hiring has improved modestly. Panelists also modestly
increased their expectations for economic growth, with over 40% now expecting GDP growth above 2% in the coming quarters.”
• “Over 40% of panelists report that their firms are increasing investment to support new product lines or for capacity expansion,” noted Survey Chair Emily Kolinski
Morris, CBE, chief economist, Ford Motor Company. “Election uncertainty and potential increases in the minimum wage do not appear to be impacting business
decisions in the aggregate, although these issues are a greater concern for panelists in some subgroups.”
• Survey results reveal that sales growth at respondents’ firms was less widespread than in the second quarter. While similar shares of respondents in October (43%)
as in July (42%) report rising sales, a marginally larger share reports falling sales (21% in the current survey versus 17% in July). The net rising index (NRI)—the
percentage of respondents reporting rising sales at their firms minus the percentage reporting falling sales—declined to 22 from 25 in July. The weakness was led by
the goods-producing sector, which has an NRI of -24, while respondents from the finance, insurance, real estate (FIRE) sector are the most upbeat, with that sector
registering an NRI of 44.
• More favorably, 54% of survey panelists expect sales to increase during the fourth quarter of 2016—the largest share expressing this view since the second quarter
of 2015.
• A slightly larger share of NABE panelists expects profits to decline rather than rise at their firms in the fourth quarter of 2016—21% vs. 20%—resulting in a NRI of -1.
The overall NRI for expected profits would be positive if not for the transportation, utilities, information, communications (TUIC) sector, which has an NRI of -50.
• Panelists’ expectations for prices charged by their firms over the coming quarter stabilized after slowing sharply in the July survey. The NRI moved up from 9 in July to
12 in October. Only 18% of respondents expect their firms to raise prices during the next three months, up slightly from the 15% who held this view last quarter, but
noticeably lower than results from earlier this year.
• The share of respondents reporting rising materials costs continued to grow in October, reaching 33%—the highest reading in the past year. Meanwhile, the
percentage of respondents reporting a decline in costs moved up slightly to 14% from a two-year low of 12% in July. Expectations for cost increases in the coming three
months also moved higher, with 35% of respondents anticipating rising costs, compared to 24% who held that view in the July survey.
• The share of respondents reporting that wages and salaries had increased at their firms in the past three months rose 2 percentage points from the July survey result.
All sectors have positive NRIs for wages and salaries, but the FIRE sector has the highest index by a wide margin of nearly 20 points over the second highest, the goods-
producing sector. Expectations for wage increases over the next three months are modestly weaker than in recent surveys, but nearly half of respondents in each
sector still expects their firms to raise wages and salaries.
NABE October Business Conditions Survey

• The NRI for employment is unchanged from the July survey at 19, in line with readings for most of the previous four quarters. However, the result reflects an increase
in responses for both rising and falling employment, while fewer respondents saw employment at their firms unchanged. The share of panelists who anticipate their
firms will add workers in the next quarter rose to 33% from 29% in the July survey, helping to drive the NRI up to 17, more closely in line with readings over the
previous four surveys.
• A smaller share of respondents reports that their firms increased capital spending in the third quarter of 2016, reflecting a rise in the number of companies actively
cutting capital budgets. Spending was weakest in the goods-producing and services sectors. On balance, respondents in all sectors expect some pick up in spending in
the coming three months, driving the overall NRI for expected spending up to 28 from 24 in the July survey.
• Thirty-seven percent of survey respondents report that their firms experienced shortages of skilled labor during the last three months of 2016, up from 31% in
the previous survey. As was the case in the previous four surveys, there were few reports of shortages of other inputs.
• The NABE panel’s expectations for growth in inflation-adjusted gross domestic product (real GDP) over the next four quarters are modestly more optimistic than
those reported in the July survey. Forty-four percent expect real GDP to grow more than 2% from the third quarter of 2016 to the third quarter of 2017. That is an
increase from the 36% who held this view in the July survey for GDP growth from the second quarter of 2016 to second quarter 2017. Growth between 1.1% and 2%
remains the most frequent response, with 48% of respondents citing this range.
• Forty-three percent of respondents report that their firms had difficulty filling open positions during the third quarter of 2016. Respondents from goods-
producing firms continue to report significantly greater difficulty in hiring, and those from all sectors except services report more difficulty in hiring than in the
July survey.
• Thirty-five percent (35%) of respondents report no significant new capital spending plans. Of the remaining 65%, a plurality indicates that the primary factor driving
increased spending was expanding into new markets or product lines, representing 23% of survey responses. Expanding capacity for current products was a close
second at 19%.
• Goods-producing firms account for larger shares citing expanding capacity for current products.
• Almost three-fourths of survey respondents (74%) indicate that an increase in the minimum wage would have little or no impact on their firms. Twenty-two
percent report that a higher wage would have a negative impact on their firms, either through compressed
profit margins (13%) or reduced hiring (8%).
NABE October Business Conditions Survey

US Light Vehicle Sales
Sources: Bureau of Economic Analysis, JP Power, Wards Auto
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
AnnualRateinMillions
Thousandsofunits
US Light Vehicle Sales vs. Total Vehicles SAAR
Light Total --not seasonally adjusted (Thousands) Total -- seasonally adjusted at annual rates (Millions)

US Light Vehicle Sales Wards Auto
• U.S. light-vehicle sales surged ahead in October,
rising to the highest seasonally adjusted annual
rate so far this year.
• The downside to October’s results is the SAAR
declined year-over-year for the third straight
month, further indication the unprecedented
growth recorded since mid-2009 is over.
• October’s 17.9 million-unit SAAR topped the 17.8
million attained in both January and July,
although it was below last October’s 18.1 million.
The year-to-date SAAR through October stood at
17.3 million units, same as 10-month 2015’s total.
• Due to two fewer selling days this year (26 vs.
last year’s 28), October’s actual volume of 1.364
million units was 5.7% below like-2015, even
though the daily selling rate increased 1.5% to
52,473 from like-2015’s 51,697.
• U.S. light-vehicle inventory ended October at an
all-time high for the month, October’s inventory
is 3.841 million units.
U.S. Light Vehicle Sales Summary, November 2016

North America Light Vehicle Production
• Fourth-quarter production plans have changed at a number of automakers in the
industry’s latest round of schedule reviews.
• The result is that 13,000 more vehicles have been added to the slate.
• However, in a late reassessment, Ford added some 15,100 units to the quarterly
tally in its first official take on Q4 output.
• Most significant is the fact the industry’s October production count closed at an
estimated 40,800 units below what had been scheduled, bringing the total for
the month to 1,633,700 units.
• However, a large part of that “loss,” 33,900 units, has been rescheduled to
November, moving the month’s tally to 1,516,100 vehicles.
• Another 20,000 units has been added to December, now pegged for 1,325,600
completions.
• Thus, the fourth-quarter plan stands at 4,475,600 vehicles compared with
4,462,500 a month earlier.
• But, in addition to shifting output from October, automakers have sliced 29,700
cars from October-December plans, while boosting truck production by 42,800
units in response to evolving consumer preferences.
• Light-duty units account for all of the truck-output increase, more than offsetting
the 6,000 assemblies cut by the dedicated medium- and heavy-duty producers.
• Fiat Chrysler, Ford and Toyota account for the majority of the Q4 output cuts, a
combined 124,600 vehicles, much of which has been offset by increases totaling
127,000 units at General Motors, Honda, Kia, Nissan and Subaru.
• The record-year-end tally now is expected to reach 18,209,500 vehicles, some
36,400 units short of the 18,245,900 completions forecast a month ago. That is
due virtually entirely to the 42,800-unit shortfall in the final September count
that helped reduce the final third-quarter tally to 4,492,400 vehicles.
Source: Wardsauto.com

Global Light Vehicle Sales
Source: © LMC Automotive Ltd, 2016. All rights reserved in all countries. Decisions based on this information are at the user’s own risk and LMC Automotive cannot accept any liability for its accuracy.
If the © LMC Automotive Ltd, 2016. All rights reserved in all countries. Decisions based on this information are at the user’s own risk and LMC Automotive cannot accept any
liability for its accuracy. If the information in this document is reproduced in any form then full attribution must be given to LMC Automotive. information in this document is reproduced
in any form then full attribution must be given to LMC Automotive.
Global Light Vehicle Sales Update
November 2016
Nov Nov Percent Year to date Year to date Percent Nov Year to date Year Percent
2016 2015 change 2016 2015 change 2016 2016 2015 change
WORLD 8,301,664 7,639,854 8.7% 84,534,901 80,695,313 4.8% 98,458,601 92,813,837 89,156,223 4.1%
USA 1,377,267 1,317,016 4.6% 15,847,906 15,805,536 0.3% 17,823,582 17,443,919 17,446,375 0.0%
CANADA 160,573 145,512 10.4% 1,822,471 1,768,572 3.0% 1,940,610 1,938,652 1,897,444 2.2%
WESTERN EUROPE 1,241,961 1,178,225 5.4% 14,534,303 13,611,602 6.8% 15,891,876 15,709,835 14,825,576 6.0%
EASTERN EUROPE 388,369 334,259 16.2% 3,480,523 3,490,902 -0.3% 4,609,332 4,060,608 3,918,559 3.6%
JAPAN 413,426 385,255 7.3% 4,513,536 4,635,911 -2.6% 5,280,485 4,888,304 5,001,057 -2.3%
KOREA 161,937 162,620 -0.4% 1,603,570 1,599,879 0.2% 1,903,448 1,771,811 1,797,565 -1.4%
CHINA 2,915,216 2,522,224 15.6% 24,954,864 22,112,838 12.9% 31,092,155 27,739,882 24,893,417 11.4%
BRAZIL / ARGENTINA 229,637 237,802 -3.4% 2,423,701 2,835,601 -14.5% 2,874,578 2,672,675 3,085,139 -13.4%
OTHER 1,413,278 1,356,941 4.2% 15,354,027 14,834,472 3.5% 17,042,535 16,588,150 16,291,091 1.8%
Notes: The percentage change in the final column compares the average selling rate in the year-to-date with the last full year.
Late reporting countries and estimates are included in "Other".
Eastern Europe includes Turkey.
China includes estimate of light vehicle imports.
Friday, December 9, 2016
Sales (units) Selling rate (Units/year)

LMC Automotive Global Outlook
• Initial estimates for the Global Light Vehicle market in November show it hitting a blistering 98.5 mn units/year annualized selling rate, signifying its strongest ever monthly market result.
North America
• November US Light Vehicle sales totalled 1.38 mn units, representing a selling rate of 17.8 mn units/year and a near-5% increase in year-on-year terms. In addition to having two more selling days
than last year, November 2016 sales were stimulated by increased incentive spending, which was up 17% YoY. Sales in the combined Pickup and SUV segments experienced incremental year-on-year
gains outweighing losses in the combined Car segments.
• Canadian Light Vehicle sales for November totalled 161,000 units representing a 10.4% increase from last year’s record November, with sales on track for another annual record in 2016.
Europe
• Year-on-year growth in Light Vehicle sales resumed in November in Western Europe after a flat October result. The selling rate edged up towards 15.9 mn units/year, bringing the expectation for
2016 in total to be a little under 15.8 mn units. Note, this is below the region’s highest ever level by around 1 mn units, or 6%, so full recovery from the Great Recession, and the subsequent Eurozone
crisis, is now not far off. Brexit effects have yet to be felt, with UK demand holding up well, but some softening in that market appears likely next year and beyond.
China
• With only a few weeks left before the planned expiration of the temporary tax cut, Chinese consumers continued to rush to dealerships in November. While there is strong speculation that the
government will extend the tax cut, there has been no official announcement so far, so buyers have acted as if the incentive will definitely end. Preliminary data indicates that the November selling
rate reached 31 mn units/year, a touch above October’s record high. On a year-on-year basis, sales increased by around 16% in November.
Other Asia
• Sales in Japan made a surprise upswing, with the November selling rate reaching 5.3 mn units/year, a near two-year high. Recently launched new models boosted sales.
• Defying the slowing economy and an ongoing political crisis, the selling rate in South Korea surged to a robust 1.9 mn units/year in November, up 11% from an already strong October. Record-low
interest rates and heavy discounting by OEMs and dealerships are helping to boost sales after a temporary tax cut expired in June.
South America
• In Brazil, the selling rate rebounded to just above 2 mn units/year in November, up nearly 16% from a weak October, as the supply issue at VW Brazil has started to dissipate. Yet, ongoing fiscal
austerity measures and the still-deteriorating job market continue to lead to depressed spending on new vehicles.
• In the notoriously volatile Argentine market, the selling rate jumped to a 3.5-year high of 815,000 units/year in November. While such a robust rate is unlikely to be sustainable, easing credit
conditions and an improving job market are expected to support sales over the next year.

Estimated Iron Powder Usage of Domestic Autos and Light
Trucks Sold vs. Housing Starts
Source: Wards Auto, Bureau of Economic Analysis, US Census Bureau and Dept of Housing and Urban Development
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
0
4000
8000
12000
16000
20000
24000
28000
32000
Jan-98
Jun-98
Nov-98
Apr-99
Sep-99
Feb-00
Jul-00
Dec-00
May-01
Oct-01
Mar-02
Aug-02
Jan-03
Jun-03
Nov-03
Apr-04
Sep-04
Feb-05
Jul-05
Dec-05
May-06
Oct-06
Mar-07
Aug-07
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Dec-10
May-11
Oct-11
Mar-12
Aug-12
Jan-13
Jun-13
Nov-13
Apr-14
Sep-14
Feb-15
Jul-15
Dec-15
May-16
Oct-16
Mar-17
housingstartsinthousands
Shorttons
ESTIMATED IRON POWDER USED IN DOMESTIC VEHICLES SOLD VS. SINGLE FAMILY HOUSING STARTS
total short tons used in light duty domestic vehicles single family units in Thousands Total Housing Starts in Thous

• 2014/2015 DEC/NOV,
Monthly average was 468.7k
vs. 2015/2016 DEC/NOV,
monthly average of 430.7k or
a 8.1% decrease
• Average Monthly Annual rate
for 14/15 was 5.624M vs.
5.168M for 15/16 or a 8.1%
decrease
Monthly Trend for Domestic Auto Sales
Bureau of Economic Analysis
4.400
4.600
4.800
5.000
5.200
5.400
5.600
5.800
6.000
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
360.0
380.0
400.0
420.0
440.0
460.0
480.0
500.0
Thousandsofunits
Retail Sales of Domestic Autos
Seasonally Adjusted
Seasonally adjusted (Thousands) Seasonally adjusted at annual rates (Millions)

• 2014/2015 DEC/NOV, monthly avg
672k vs.
2015/2016 DEC/NOV, monthly avg. of
699.5k or a 4.01% increase
• Average Monthly Annual rate for
14/15 was 8.06M vs. 8.394M for
15/16 or a 4.14% increase
Monthly Trend for Domestic Light Truck Sales
7.200
7.400
7.600
7.800
8.000
8.200
8.400
8.600
8.800
9.000
9.200
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
600.0
620.0
640.0
660.0
680.0
700.0
720.0
740.0
760.0
ThousandsofUnits
Retail Sales of Domestic Light Trucks
Seasonally Adjusted
Domestic Light Trucks Seasonally adjusted (Thousands) Domestic Light Trucks Seasonally adjusted at annual rates (Millions)

Seasonally Adjusted Unit Inventories of Domestic Autos
2.300
2.400
2.500
2.600
2.700
2.800
2.900
3.000
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16
1020.0
1040.0
1060.0
1080.0
1100.0
1120.0
1140.0
1160.0
1180.0
1200.0
1220.0
Inventory/SalesRatio
ThousandsofUnits
Unit Inventories of Domestic Autos
Seasonally Adjusted
Seasonally Adjusted Level Inventory/Sales Ratio

Retail Sales All Autos vs. All Light Trucks
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0% Jan-76
Jul-76
Jan-77
Jul-77
Jan-78
Jul-78
Jan-79
Jul-79
Jan-80
Jul-80
Jan-81
Jul-81
Jan-82
Jul-82
Jan-83
Jul-83
Jan-84
Jul-84
Jan-85
Jul-85
Jan-86
Jul-86
Jan-87
Jul-87
Jan-88
Jul-88
Jan-89
Jul-89
Jan-90
Jul-90
Jan-91
Jul-91
Jan-92
Jul-92
Jan-93
Jul-93
Jan-94
Jul-94
Jan-95
Jul-95
Jan-96
Jul-96
Jan-97
Jul-97
Jan-98
Jul-98
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Percent% Retail Sales of Autos vs. Light Duty Trucks, Not Seasonally Adjusted, As a Percentage of Total
Autos and All Trucks
Autos -- not seasonally adjusted % of total Light Trucks -- not seasonally adjusted % of total

Light Duty Capacity, Capacity Utilization & Industrial Production,
2006 - 2016
Source: BOG Fed Reserve
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
140
160
180
1972-01
1972-10
1973-07
1974-04
1975-01
1975-10
1976-07
1977-04
1978-01
1978-10
1979-07
1980-04
1981-01
1981-10
1982-07
1983-04
1984-01
1984-10
1985-07
1986-04
1987-01
1987-10
1988-07
1989-04
1990-01
1990-10
1991-07
1992-04
1993-01
1993-10
1994-07
1995-04
1996-01
1996-10
1997-07
1998-04
1999-01
1999-10
2000-07
2001-04
2002-01
2002-10
2003-07
2004-04
2005-01
2005-10
2006-07
2007-04
2008-01
2008-10
2009-07
2010-04
2011-01
2011-10
2012-07
2013-04
2014-01
2014-10
2015-07
2016-04
%UTILIZATION
INDEXVALUE
Production, Capacity, and Capacity Utilization for Automobile and Light Duty Vehicles and Total Index Capacity
Utilization; s.a.
Automobile and light duty motor vehicle (NAICS = 33611); s.a. CAP Motor vehicle (NAICS = 3361); s.a. IP
Automobile and light duty motor vehicle (NAICS = 33611); s.a. CAPUTL Total index; s.a. CAPUTL

US Vehicle Assemblies Production vs. Iron Powder Shipments
0
2
4
6
8
10
12
14
16
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
1998-01
1998-05
1998-09
1999-01
1999-05
1999-09
2000-01
2000-05
2000-09
2001-01
2001-05
2001-09
2002-01
2002-05
2002-09
2003-01
2003-05
2003-09
2004-01
2004-05
2004-09
2005-01
2005-05
2005-09
2006-01
2006-05
2006-09
2007-01
2007-05
2007-09
2008-01
2008-05
2008-09
2009-01
2009-05
2009-09
2010-01
2010-05
2010-09
2011-01
2011-05
2011-09
2012-01
2012-05
2012-09
2013-01
2013-05
2013-09
2014-01
2014-05
2014-09
2015-01
2015-05
2015-09
2016-01
2016-05
2016-09
2017-01
AssembliesMonthlyAnnualRateS.A.,Millions
IRONPOWDERSHIPMENTSSHORTTONS
US VEHICLE ASSSEMBLIES VS. POWDER SHIPMENTS
MVA.AUTOAS.S MVA.TRUCKS.S Structural Parts & Friction Powder Shipments short tons MVA.TOTASS.S

INDUSTRY TRENDS
Farm Equipment/Lawn & Garden
Industrial Heating
Aerospace
Semiconductor Book to Bill Ratio
Total Industrial vs. Manufacturing

Industrial Production of Farm Machinery Equipment vs. Iron
Powder Shipments
0
20
40
60
80
100
120
140
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Jan-98
Jul-98
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
INDEXVALUE
SHORTTONS
Industrial Production Index Value of Farm Machinery and Equipment NAICS 333111 vs. Iron Powder
Shipments
Iron Powder Shipments for Structural Parts Farm machinery and equipment (NAICS = 333111); s.a. IP

Tractor Sales and Inventory vs. Iron Powder Shipments
The AEM Ag Tractor and Combine Report is provided monthly and is derived from AEM member companies through proprietary statistical reporting programs. The data is provided by AEM members and
represents preliminary monthly retail sales of Ag equipment are available for the U.S., Canada and Russia. For more information, please visit: http://www.aem.org/MarketInfo/Stats/AgTractorCombine/.
Attention media: to speak with an AEM spokesperson about the data, please contact Pat Monroe at pmonroe@aem.org.
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
160,000
Nov-05
Feb-06
May-06
Aug-06
Nov-06
Feb-07
May-07
Aug-07
Nov-07
Feb-08
May-08
Aug-08
Nov-08
Feb-09
May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
IRONPOWDERSHORTTONS
TRACTORUNITS
Tractor-Combine Sales and Inventory vs. MPIF Iron Powder Shipments
Total Farm Wheel Tractors - U.S. and Canada -Inventory by Month (units) Total Farm Wheel Tractors - U.S. and Canada - Industry Retail sales by Month
Iron Powder Shipments, Structural Parts Poly. (Total Farm Wheel Tractors - U.S. and Canada -Inventory by Month (units) )

Total Farm Wheel Tractors - U.S. and Canada Inventory to Trailing-
12-Month Sales Ratio (trying to get updated data)
The AEM Ag Tractor and Combine Report is provided monthly and is derived from AEM member companies through proprietary statistical reporting programs. The data is provided by AEM members and
represents preliminary monthly retail sales of Ag equipment are available for the U.S., Canada and Russia. For more information, please visit: http://www.aem.org/MarketInfo/Stats/AgTractorCombine/.
Attention media: to speak with an AEM spokesperson about the data, please contact Pat Monroe at pmonroe@aem.org.
30
35
40
45
50
55
60
65
70
Nov-05
Feb-06
May-06
Aug-06
Nov-06
Feb-07
May-07
Aug-07
Nov-07
Feb-08
May-08
Aug-08
Nov-08
Feb-09
May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Total Farm Wheel Tractors - U.S. And Canada Inventory To Trailing-12-Month Sales
Ratio – Calculated

• IH Economic Indicators: All Numbers Down from September
• Industrial Heating’s monthly economic indicators for October 2016 experienced an overall decline from last month. However,
three of the four indices still showed growth. In fact, the expected change in the health of the industry was at its highest level
since April 2016. October 2016’s index numbers reflect the changes experienced by responding companies as they compare their
September 2016 business levels to their August 2016 levels.
• October 2016’s index numbers:
• Change in number of request for quotes from August to Sept. – 51.8
• Change in number of orders from August to Sept. – 50.4
• Change in backlog from August to Sept. – 47.1
• Expected change in the health of the industry through Oct. – 51.9
• A number above 50.0 indicates increased activity or growth. A number below 50.0 indicates decreased
activity or a decline in growth. Look for these numbers, along with historical values, in November 2016’s
Industrial Heating.
Industrial Heating

U.S. & Global Aerospace Market – Global Market Value of $5.9
Trillion
Source: Boeing & BOG Fed Reserve
-
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
40,000
44,000
0.00
20.00
40.00
60.00
80.00
100.00
120.00
1998-01
1998-07
1999-01
1999-07
2000-01
2000-07
2001-01
2001-07
2002-01
2002-07
2003-01
2003-07
2004-01
2004-07
2005-01
2005-07
2006-01
2006-07
2007-01
2007-07
2008-01
2008-07
2009-01
2009-07
2010-01
2010-07
2011-01
2011-07
2012-01
2012-07
2013-01
2013-07
2014-01
2014-07
2015-01
2015-07
2016-01
2016-07
Industrial Production Index For Aerospace Manufacturing And
Aircraft, Aircraft Parts vs. Iron Powder Shipments
January 1972 - October 2016
Aerospace NAICS 3364-9 Aircraft and parts (NAICS = 336411-3); s.a. IP
Powder Shipments for Structural Parts and Friction

North American Semiconductor Book to Bill Ratio
December 15, 2016 — North America-based manufacturers of
semiconductor equipment posted $1.55 billion in orders
worldwide in November 2016 (three-month average basis) and
a book-to-bill ratio of 0.96, according to the November
Equipment Market Data Subscription (EMDS) Book-to-Bill
Report published today by SEMI.
A book-to-bill of 0.96 means that $96 worth of orders were
received for every $100 of product billed for the month.
SEMI reports that the three-month average of worldwide
bookings in November 2016 was $1.55 billion. The bookings
figure is 4.0% higher than the final October 2016 level of $1.49
billion, and is 25.1% higher than the November 2015 order level
of $1.24 billion.
The three-month average of worldwide billings in November
2016 was $1.61 billion. The billings figure is 1.1 % lower than
the final October 2016 level of $1.63 billion, and is 25.2% higher
than the November 2015 billings level of $1.29 billion.
“As 2016 comes towards a close, equipment spending is
stronger than expected at the start of the year," said Dan Tracy,
senior director, SEMI. "Spending has been driven by 3D NAND,
leading-edge foundry, and advanced packaging investments,
and these segments are key for the expected spending growth
in 2017."
Source: Semi.org
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
$1,600.0
$1,800.0
$2,000.0
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
BOOKTOBILLRATIO
BILLINGS/BOOKINGS
IN$MILLIONS
Semiconductor Book-To-Bill Ratio
Bookings (Three-Month avg.) Billings (Three-Month avg.) Book-to-Bill Ratio

Historical Book-to-Bill Ratio
• Here you can clearly see
the precipitous drop in
bookings and billings
starting in 2007 and then
continuing in 2008,
bottoming in
January/February 2009
and then the long climb
upwards.
• For the past 3-4 years, we
have been averaging
$1.341B/month in
bookings and
$1.292B/month in Billings.
The average ratio during
this time has been 1.04,
still indicating an
expansion in our economy,
but just barely.
Source: Semi.org
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
$1,600.0
$1,800.0
$2,000.0
Mar-03
Aug-03
Jan-04
Jun-04
Nov-04
Apr-05
Sep-05
Feb-06
Jul-06
Dec-06
May-07
Oct-07
Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
Mar-13
Aug-13
Jan-14
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
BILLINGS/BOOKINGSIN$MILLIONS
Semiconductor Book-To-Bill Ratio
Bookings (Three-Month avg.) Billings (Three-Month avg.) Book-to-Bill Ratio

Total Industrial vs. Manufacturing - Production,
Capacity, & Utilization
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
140
160
1990-01
1990-07
1991-01
1991-07
1992-01
1992-07
1993-01
1993-07
1994-01
1994-07
1995-01
1995-07
1996-01
1996-07
1997-01
1997-07
1998-01
1998-07
1999-01
1999-07
2000-01
2000-07
2001-01
2001-07
2002-01
2002-07
2003-01
2003-07
2004-01
2004-07
2005-01
2005-07
2006-01
2006-07
2007-01
2007-07
2008-01
2008-07
2009-01
2009-07
2010-01
2010-07
2011-01
2011-07
2012-01
2012-07
2013-01
2013-07
2014-01
2014-07
2015-01
2015-07
2016-01
2016-07
PercentCapacityUtilization%
ProductionIndexValue
Total Production Index vs. Manufacturing Index
Total Production Capacity vs. Manufacturing Capacity
Total Production Capacity vs. Manufacturing Capacity Utilization
Total index; s.a. IP Manufacturing (NAICS); s.a. IP Total index; s.a. CAP Manufacturing (NAICS); s.a. CAP Total index; s.a. CAPUTL Manufacturing (NAICS); s.a. CAPUTL

Post Recession
Total Production vs. Iron Powder Shipments
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
20
40
60
80
100
120
140
160
180
2008-07
2008-09
2008-11
2009-01
2009-03
2009-05
2009-07
2009-09
2009-11
2010-01
2010-03
2010-05
2010-07
2010-09
2010-11
2011-01
2011-03
2011-05
2011-07
2011-09
2011-11
2012-01
2012-03
2012-05
2012-07
2012-09
2012-11
2013-01
2013-03
2013-05
2013-07
2013-09
2013-11
2014-01
2014-03
2014-05
2014-07
2014-09
2014-11
2015-01
2015-03
2015-05
2015-07
2015-09
2015-11
2016-01
2016-03
2016-05
2016-07
2016-09
ShortTons
ProductionIndexValue
Production Index For Major Appliances, Light Trucks/Utility Vehicles, Motor Vehicles/Parts, Aircraft & Parts, Farm Machinery Engine
Turbine & Power Transmission, And Medical Equipment vs. Iron Powder Shipments
Medical equipment and supplies (NAICS = 3391); s.a. IP Farm machinery and equipment (NAICS = 333111); s.a. IP
Engine, turbine, and power transmission equipment (NAICS = 3336); s.a. IP Major appliance (NAICS = 33522); s.a. IP
Light truck and utility vehicle (NAICS = 336112); s.a. IP Motor vehicles and parts (NAICS = 3361-3); s.a. IP
Aircraft and parts (NAICS = 336411-3); s.a. IP Iron Powder Shipments s.t.

US Firearms Production
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NUMBEROFFIREARMS
US Firearm Production
Pistols Revolvers Rifles Shotguns Misc Total
Annual U.S. firearm production 2005-2014, U.S. Department of Justice, Bureau of Alcohol, Firearms and Explosives

Spot Prices Crude Oil & Natural Gas

US Field Production of Crude Oil
Source: EIA
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Jan-50
Jul-51
Jan-53
Jul-54
Jan-56
Jul-57
Jan-59
Jul-60
Jan-62
Jul-63
Jan-65
Jul-66
Jan-68
Jul-69
Jan-71
Jul-72
Jan-74
Jul-75
Jan-77
Jul-78
Jan-80
Jul-81
Jan-83
Jul-84
Jan-86
Jul-87
Jan-89
Jul-90
Jan-92
Jul-93
Jan-95
Jul-96
Jan-98
Jul-99
Jan-01
Jul-02
Jan-04
Jul-05
Jan-07
Jul-08
Jan-10
Jul-11
Jan-13
Jul-14
Jan-16
Jul-17
THOUSANDSOFBARRELS
US Field Production Crude Oil
1000's barrels Crude Oil

North American Rig Count
Source: Baker Hughes
0
500
1000
1500
2000
2500 1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
ACTIVERIGS
North American Rig Count 1991-2016
US Canada
250
750
1250
1750
2250
2750
3250
RIGCOUNT
WEEKS
North American Rig Count - Weekly
Pattern
2010-2016
2010 2011 2012 2013 2014 2015 2016

North American Rig Count: Oil vs. Gas
Source: Baker Hughes
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
North American Rig Count % Oil vs. % Gas
% Oil % Gas

• Forty-four North American oilfield services companies had declared bankruptcy this year through late July, Haynes and Boone LLP said in a
report, but the sector appears primed to hit a huge debt wall in the next five years.
• Moody’s Investor Service warned that speculative-grade companies are particularly vulnerable as almost $110 billion of debt matures or expires
between now and 2021. The burden will nearly triple to $21 billion from 2017 to 2018.
• “While some companies will be able to delay refinancing until business conditions improve, for the lowest-rated entities, onerous interest
payments and required capex will consume cash balances and challenge their ability to wait it out,” Morris Borenstein, Moody’s assistant vice
president, said in a prepared statement. “We also see companies facing weakening financial covenant cushions that can accelerate default or
result in expensive bank amendments that may or may not alleviate refinancing needs.”
• More than $29 billion in issuance and revolving debt will come due in 2021, Moody’s said in its report, with low-rated entities constituting 65%
of the total. More than 70% of the rated high-yield bonds and term loans that mature through 2018 are rated Caa1 or lower, the report said, and
more than 90% are below B1.
• Those figures don’t include about $3.1 billion of rated and unrated committed revolvers among issuers rated Caa1 or lower that are set to expire
through 2018.
• Huge investments made during the shale boom between 2011 and 2015 laid the foundation for accumulation of debt. Much of the maturing
debt was issued during that time, Moody’s said, while drilling set records.
• However, the collapse of crude oil prices that began in late 2014 has drastically reduced drilling and placed enormous financial pressures on
oilfield service companies, cutting off avenues for refinancing and forcing many to foreclose.
• Moody’s expects more than one-third of the 67 companies analyzed in the report to have debt/EBITDA above 10x in 2016, placing them more at
risk for debt restructurings and defaults.
• Haynes and Boone listed 83 total filings for 2015 and 2016 in the July 20 issuance of its Oilfield Services Bankruptcy Tracker. Secured and
unsecured debt for 2016 through late July, $8.16 billion, is 53.5% above the figure for all of 2015.
Oilfield Service Companies Debt Issues

IRON ORE PRODUCTION
&
IMPORTS, EXPORTS, SHIPMENTS
Iron, Steel, Nonalloy, & Alloy Powders

USGS Iron Ore Production vs. Apparent Consumption, MT
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
1900
1902
1904
1906
1908
1910
1912
1914
1916
1918
1920
1922
1924
1926
1928
1930
1932
1934
1936
1938
1940
1942
1944
1946
1948
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
IRON ORE PRODUCTION vs. APPARENT CONSUMPTION IN METRIC TONS
US Production Apparent consumption Imports US production + Imports

Iron Powder Shipments vs. New Orders & Shipments of
Durable Goods
Source: U.S. Census Bureau, MPIF.
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
Monthly Structural Parts Powder Shipments vs. New Orders & Shipments of Durable Goods
New Orders Durable Goods ($Mil) SA Shipments of Durable Goods ($Mil) SA Structural Parts Powder shipments

Estimated Iron Powder Usage of Domestic Autos and Light
Trucks Sold vs. Housing Starts
Source: Wards Auto, Bureau of Economic Analysis, US Census Bureau and Dept of Housing and Urban Development
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
0
4000
8000
12000
16000
20000
24000
28000
32000
Jan-98
Jun-98
Nov-98
Apr-99
Sep-99
Feb-00
Jul-00
Dec-00
May-01
Oct-01
Mar-02
Aug-02
Jan-03
Jun-03
Nov-03
Apr-04
Sep-04
Feb-05
Jul-05
Dec-05
May-06
Oct-06
Mar-07
Aug-07
Jan-08
Jun-08
Nov-08
Apr-09
Sep-09
Feb-10
Jul-10
Dec-10
May-11
Oct-11
Mar-12
Aug-12
Jan-13
Jun-13
Nov-13
Apr-14
Sep-14
Feb-15
Jul-15
Dec-15
May-16
Oct-16
Mar-17
housingstartsinthousands
Shorttons
ESTIMATED IRON POWDER USED IN DOMESTIC VEHICLES SOLD VS. SINGLE FAMILY HOUSING STARTS
total short tons used in light duty domestic vehicles single family units in Thousands Total Housing Starts in Thous

Imports of Iron/Nonalloy and Alloy Steel Powders in
USD
Source: USITC
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$USD
IMPORTS OF POWDERS, 7205210000
ALLOY STEEL POWDERS IN $USD
Canada Sweden Japan
Germany United Kingdom China
Belgium India Total Import Value
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
$2,000.00
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$USD
IRON OR NONALLOY STEEL POWDERS IN
$USD
Canada Germany Russia
China Japan Romania
Sweden India Total Import Value
Avg. Price/mt

Imports of Iron/Nonalloy Steel & Alloy Steel Powders by
Qty
Source: USITC
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
ALLOY STEEL POWDERS IN KGS
Canada Sweden China
Japan Germany United Kingdom
Brazil Korea total kgs
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
$2,000.00
0
20,000
40,000
60,000
80,000
100,000
120,000
IMPORTS OF POWDERS, IRON OR NONALLOY
STEEL IN TONS
Canada Germany Russia
China Japan Romania
Sweden India TOTAL
Avg. Price/mt

Exports of Alloy Steel Powders
Source: USITC
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
PRICE/KG
US Exports of Alloy Steel Powders in US $
Germany Taiwan China Korea
Belgium Romania Malaysia Brazil
Mexico India Canada Thailand
Total Exported Average Price/kg
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
KGS
US EXPORTS IN KGS OF ALLOY STEEL POWDERS
Germany China Taiwan
Romania Korea Mexico
Canada Brazil Belgium
India Sweden Total Exported
Average Price/kg

Exports of Iron or Nonalloy Steel Powders
Source: USITC
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
$2,000.00
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
TOTALUSEXPORTSIN$
US EXPORTS OF POWDERS, IRON OR NONALLOY
STEEL IN US $
Canada Mexico Germany Korea
China Taiwan Netherlands Spain
India Sweden Japan Brazil
Total Exported PRICE/TON
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
$2,000.00
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
TOTALEXPORTSINTONS
US EXPORTS IN TONS OF POWDERS, IRON OR
NONALLOY STEEL
Canada Mexico Germany Korea
China Taiwan Netherlands Spain
India Sweden Japan Brazil
Israel Romania Total Exported PRICE/TON

IMPORTS AND EXPORTS
Aluminum, Copper, & Nickel Powder

Imports in USD and KGs of Aluminum Powder, of Non-
Lamellar Structure, 7603100000
Source: USITC
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
Imports in USD of Aluminum Powders of Non-
China Germany Bahrain United Kingdom
Korea Brazil Total USD Avg. Price/KG
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
20,000,000
Imports in KGs of Aluminum Powders of Non-
Australia Bahrain Germany China
United Kingdom Brazil Korea France
Total KGs Avg. Price/KG

Exports in USD and KGs of Aluminum Powder, of Non-Lamellar
Structure, 7603100000
Source: USITC
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
VOLUMEIN$
Exports in USD of Aluminum Powder, of Non-
Mexico Canada Japan China Russia
Italy France Belgium South Africa Israel
Germany Total USD Avg Price/Kg
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
VOLUMEINKGS
Exports in KGs Aluminum Powder, of Non-Lamellar
Mexico Canada Japan France
Germany South Africa China Spain
Russia Belgium Italy Total KGs
Avg Price/Kg

Imports in USD and KGs of Copper Powder, Non-Lamellar
Source: USITC
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
Imports in USD of Copper Powders OF NON-LAMELLAR
STRUCTURE, 7406100000
Germany Italy China Japan
United Kingdom Spain Total KGs Avg Price/KG
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Imports in KGs of Copper Powders OF NON-LAMELLAR
STRUCTURE, 7406100000
Italy Germany China Japan
Spain United Kingdom Total KGs Avg Price/KG

Exports in USD and KGs of Copper Powder, Non-Lamellar
Source: USITC
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
VOLUMEIN$
Exports in USD of Copper Powders Non-Lamellar
Canada Korea Taiwan China
Belgium Mexico Hong Kong United Kingdom
Germany Poland Japan Total USD
Avg Price/Kg
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
VOLUMEINKGS
Exports in KGs of Copper Powders Non-Lamellar
Canada Korea Belgium China
Taiwan Germany Japan Mexico

Imports in USD and KGs of Nickel Powder, 7504000010
Source: USITC
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
Imports in USD of Nickel Powder, 7504000010
Canada United Kingdom Australia South Africa
Germany Russia Japan Belgium
Total Avg Price
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
KGS
Imports in KGs of Nickel Powder, 7504000010
Canada South Africa Australia United Kingdom
Russia Belgium Japan China
Total Kgs Avg Price

Exports in USD and KGs of Nickel Powder, 7504000010
Source: USITC
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
VOLUMEIN$
Exports in USD of Nickel Powder, 7504000010
Germany Singapore China
Japan Canada United Kingdom
Korea Brazil Mexico
Thailand India Total USD
Avg Price/Kg
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
VOLUMEINKGS
Exports in KGs of Nickel Powder, 7504000010
Germany China Singapore Japan
Canada United Kingdom Korea Thailand
Mexico India Brazil Total KGs
Avg Price/Kg

SPECIAL FEATURE
Japanese Imports

Japanese Imports in KGs of 720521010 Alloy Steel Powders
Containing not less than 1% but less than 5 % by weight of nickel
Source: Japan Statistics
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2011 2012 2013 2014 2015 2016 (Oct) YTD
Japanese Imports in KGs of 720521010 Alloy Steel Powders, Containing not less than 1% but less than 5 % by
weight of nickel
203 SWEDEN 302 CANADA 103 R KOREA 304 USA 205 U KING 213 GERMANY (7205.21-010 )TOTAL

Japanese Imports in KGs of 720521090 Alloy Steel Powders,
Other
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2011 2012 2013 2014 2015 2016 (Oct) YTD
INKGS
Japanese Imports in KGs of 720521090 Alloy Steel Powders, Other
203 SWEDEN 103 R KOREA 105 CHINA 111 THAILND 117 PHILPIN 208 BELGIUM 106 TAIWAN
410 BRAZIL 210 FRANCE 304 USA 205 U KING 213 GERMANY 113 MALYSIA (7205.21-090 )TOTAL

Japanese Imports In KGs of 720529 Iron or Nonalloy Steel
Powder
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
2011 2012 2013 2014 2015 2016 (Oct) YTD
INKGS
Import in KGs of 720529 Powders, Iron Or Nonalloy Steel Powder
203 SWEDEN 123 INDIA 105 CHINA 213 GERMANY 304 USA 103 R KOREA 106 TAIWAN 302 CANADA (7205.29-000 )TOTAL

Japanese Imports in KGs of Aluminum Powder
760310000
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2011 2012 2013 2014 2015 2016 (Oct) YTD
INKGS
Japanese Imports in KGs of Aluminum Powder 760310000
105 CHINA 135 BAHRAIN 601 AUSTRAL 304 USA 123 INDIA 210 FRANCE 410 BRAZIL
213 GERMANY 205 U KING 103 R KOREA 207 NETHLDS 112 SNGAPOR 202 NORWAY 203 SWEDEN
220 ITALY 223 POLAND 225 AUSTRIA 302 CANADA (7603.10-000 )TOTAL

Japanese Imports in KGs of 740610000 Copper Powder
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2011 2012 2013 2014 2015 2016 (Oct) YTD
INKGS
Japanese Imports in KGs of 740610000 Copper Powder
105 CHINA 205 U KING 210 FRANCE 213 GERMANY 220 ITALY 304 USA 103 R KOREA 123 INDIA
215 SWITZLD 106 TAIWAN 113 MALYSIA 203 SWEDEN 218 SPAIN 302 CANADA 601 AUSTRAL PRICE/KG

SPECIAL FEATURE
European Imports
January – September

EUROPEAN IMPORTS IN TONS OF
72052100 - POWDERS, OF ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS
AND RADIOACTIVE IRON POWDERS "ISOTOPES")
Source: Eurostats
26,073, 64%
14,425, 36%
2016 YTD IMPORTS FROM EU28 COUNTRIES AND FROM OUTSIDE OF
EU28 COUNTRIES IN METRIC TONS
OF 72052100 - POWDERS, OF ALLOY STEEL (EXCL. POWDERS OF
FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS "ISOTOPES")
EU28_EXTRA EU28_INTRA
39%
29%
22%
6%
2% 1%
1%
0%
0% 0%
0% 0% 0%
2016 YTD IMPORTS EXTERNAL TO EU28 COUNTRIES
IN METRIC TONS OF 72052100 - POWDERS, OF ALLOY STEEL (EXCL.
POWDERS OF FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS
"ISOTOPES")
CANADA TURKEY UNITED STATES
CHINA (PEOPLE'S REPUBLIC OF) JAPAN BRAZIL
RUSSIAN FEDERATION (RUSSIA) SOUTH AFRICA (incl. NA ->1989) THAILAND
INDIA TAIWAN SLOVENIA
EGYPT

EUROPEAN ANNUAL IMPORTS EXTERNAL TO EU28 COUNTRIES IN TONS OF
Source: Eurostats
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Jan.-Dec. 2008 Jan.-Dec. 2009 Jan.-Dec. 2010 Jan.-Dec. 2011 Jan.-Dec. 2012 Jan.-Dec. 2013 Jan.-Dec. 2014 Jan.-Dec. 2015 JAN - Sep 2016
YEARLY IMPORTS EXTERNAL TO EU28 COUNTRIES
IN METRIC TONS OF 72052100 - POWDERS, OF ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS
"ISOTOPES")
CANADA TURKEY UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) JAPAN
BRAZIL RUSSIAN FEDERATION (RUSSIA) SOUTH AFRICA (incl. NA ->1989) THAILAND INDIA
TAIWAN SLOVENIA EGYPT

EUROPEAN MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN TONS OF
Source: Eurostats
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Jan.
2014
Feb.
2014
Mar.
2014
Apr.
2014
May.
2014
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014
Oct.
2014
Nov.
2014
Dec.
2014
Jan.
2015
Feb.
2015
Mar.
2015
Apr.
2015
May.
2015
Jun.
2015
Jul.
2015
Aug.
2015
Sep.
2015
Oct.
2015
Nov.
2015
Dec.
2015
Jan.
2016
Feb.
2016
Mar.
2016
Apr.
2016
May.
2016
Jun.
2016
Jul.
2016
Aug.
2016
Sep.
2016
MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 72052100 - POWDERS, OF ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS AND
RADIOACTIVE IRON POWDERS "ISOTOPES")
CANADA TURKEY UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) JAPAN BRAZIL RUSSIAN FEDERATION (RUSSIA) SOUTH AFRICA (incl. NA ->1989) THAILAND INDIA TAIWAN SLOVENIA EGYPT

72052900 - POWDERS, OF PIG IRON, SPIEGELEISEN, IRON OR NON-ALLOY STEEL (EXCL.
POWDERS OF FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS "ISOTOPES")
Source: Eurostats
144,737 , 71%
59,709 , 29%
OF 72052900 - POWDERS, OF PIG IRON, SPIEGELEISEN, IRON OR NON-
ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS AND RADIOACTIVE
IRON POWDERS "ISOTOPES")
EU28_INTRA EU28_EXTRA
34%
30%
16%
8%
3%
4%
1%
2%
1%
0%
0% 0%
0%
0%
0% 0%
IN METRIC TONS OF 72052900 - POWDERS, OF PIG IRON,
SPIEGELEISEN, IRON OR NON-ALLOY STEEL (EXCL. POWDERS OF
FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS "ISOTOPES")
CANADA UNITED STATES
EGYPT CHINA (PEOPLE'S REPUBLIC OF)
BOSNIA AND HERZEGOVINA SOUTH AFRICA (incl. NA ->1989)
RUSSIAN FEDERATION (RUSSIA) JAPAN
THAILAND INDIA

Source: Eurostats
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Jan.-Dec. 2008 Jan.-Dec. 2009 Jan.-Dec. 2010 Jan.-Dec. 2011 Jan.-Dec. 2012 Jan.-Dec. 2013 Jan.-Dec. 2014 Jan.-Dec. 2015 Jan.-Sep. 2016
YEARLY IMPORTS EXTERNAL TO EU28 COUNTRIES
IN METRIC TONS OF 72052900 - POWDERS, OF PIG IRON, SPIEGELEISEN, IRON OR NON-ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS AND
RADIOACTIVE IRON POWDERS "ISOTOPES")
CANADA UNITED STATES EGYPT CHINA (PEOPLE'S REPUBLIC OF) BOSNIA AND HERZEGOVINA
SOUTH AFRICA (incl. NA ->1989) RUSSIAN FEDERATION (RUSSIA) JAPAN THAILAND INDIA
SLOVENIA AUSTRALIA BRAZIL KOREA, REPUBLIC OF (SOUTH KOREA) SINGAPORE
TAIWAN TURKEY

Source: Eurostats
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Jan.
2014
Feb.
2014
Mar.
2014
Apr.
2014
May.
2014
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014
Oct.
2014
Nov.
2014
Dec.
2014
Jan.
2015
Feb.
2015
Mar.
2015
Apr.
2015
May.
2015
Jun.
2015
Jul.
2015
Aug.
2015
Sep.
2015
Oct.
2015
Nov.
2015
Dec.
2015
Jan.
2016
Feb.
2016
Mar.
2016
Apr.
2016
May.
2016
Jun.
2016
Jul.
2016
Aug.
2016
Sep.
2016
MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 72052900 - POWDERS, OF PIG IRON, SPIEGELEISEN, IRON OR NON-
ALLOY STEEL (EXCL. POWDERS OF FERRO-ALLOYS AND RADIOACTIVE IRON POWDERS "ISOTOPES")
CANADA UNITED STATES EGYPT CHINA (PEOPLE'S REPUBLIC OF) BOSNIA AND HERZEGOVINA
SOUTH AFRICA (incl. NA ->1989) RUSSIAN FEDERATION (RUSSIA) JAPAN THAILAND INDIA
SLOVENIA AUSTRALIA BRAZIL KOREA, REPUBLIC OF (SOUTH KOREA) SINGAPORE
TAIWAN TURKEY

74061000 - COPPER POWDERS, OF NON-LAMELLAR STRUCTURE (EXCL. GRAINS OF
COPPER)
Source: Eurostats
9,707, 58%7,132, 42%
OF 74061000 - COPPER POWDERS, OF NON-LAMELLAR STRUCTURE
(EXCL. GRAINS OF COPPER)
77%
21%
2% 0% 0% 0%
0%
IN METRIC TONS OF 74061000 - COPPER POWDERS, OF NON-
LAMELLAR STRUCTURE (EXCL. GRAINS OF COPPER)
RUSSIAN FEDERATION (RUSSIA) UNITED STATES
CHINA (PEOPLE'S REPUBLIC OF) KOREA, REPUBLIC OF (SOUTH KOREA)
AUSTRALIA JAPAN

COPPER)
Source: Eurostats
0
2000
4000
6000
8000
10000
12000
YEARLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 74061000 - COPPER POWDERS, OF NON-LAMELLAR STRUCTURE (EXCL.
GRAINS OF COPPER)
RUSSIAN FEDERATION (RUSSIA) UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) KOREA, REPUBLIC OF (SOUTH KOREA) AUSTRALIA JAPAN SLOVENIA TURKEY

COPPER)
Source: Eurostats
0
100
200
300
400
500
600
700
800
900
1,000
Jan.
2014
Feb.
2014
Mar.
2014
Apr.
2014
May.
2014
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014
Oct.
2014
Nov.
2014
Dec.
2014
Jan.
2015
Feb.
2015
Mar.
2015
Apr.
2015
May.
2015
Jun.
2015
Jul.
2015
Aug.
2015
Sep.
2015
Oct.
2015
Nov.
2015
Dec.
2015
Jan.
2016
Feb.
2016
Mar.
2016
Apr.
2016
May.
2016
Jun.
2016
Jul.
2016
Aug.
2016
Sep.
2016
MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 74061000 - COPPER POWDERS, OF NON-LAMELLAR STRUCTURE (EXCL.
GRAINS OF COPPER)
RUSSIAN FEDERATION (RUSSIA) UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) KOREA, REPUBLIC OF (SOUTH KOREA) AUSTRALIA JAPAN SLOVENIA TURKEY

75040000 - POWDERS AND FLAKES, OF NICKEL (EXCL. NICKEL OXIDE SINTERS)
Source: Eurostats
7,619, 72%
3,031, 28%
OF 75040000 - POWDERS AND FLAKES, OF NICKEL (EXCL. NICKEL OXIDE
SINTERS)
26%
36%
19%
14%
2% 3%
IN METRIC TONS OF 75040000 - POWDERS AND FLAKES, OF NICKEL
(EXCL. NICKEL OXIDE SINTERS)
CANADA AUSTRALIA RUSSIAN FEDERATION (RUSSIA)
UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) JAPAN

Source: Eurostats
0
1000
2000
3000
4000
5000
6000
7000
YEARLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 75040000 - POWDERS AND FLAKES, OF NICKEL (EXCL. NICKEL OXIDE
SINTERS)
CANADA AUSTRALIA RUSSIAN FEDERATION (RUSSIA) UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) JAPAN NORWAY (incl.SJ excl.1995,1996) TURKEY

Source: Eurostats
0
100
200
300
400
500
600
Jan.
2014
Feb.
2014
Mar.
2014
Apr.
2014
May.
2014
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014
Oct.
2014
Nov.
2014
Dec.
2014
Jan.
2015
Feb.
2015
Mar.
2015
Apr.
2015
May.
2015
Jun.
2015
Jul.
2015
Aug.
2015
Sep.
2015
Oct.
2015
Nov.
2015
Dec.
2015
Jan.
2016
Feb.
2016
Mar.
2016
Apr.
2016
May.
2016
Jun.
2016
Jul.
2016
Aug.
2016
Sep.
2016
MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 75040000 - POWDERS AND FLAKES, OF NICKEL (EXCL. NICKEL OXIDE
SINTERS)
CANADA AUSTRALIA RUSSIAN FEDERATION (RUSSIA) UNITED STATES CHINA (PEOPLE'S REPUBLIC OF) JAPAN NORWAY (incl.SJ excl.1995,1996) TURKEY

76031000 - POWDERS OF ALUMINIUM, OF NON-LAMELLAR STRUCTURE (EXCL. PELLETS
OF ALUMINIUM)
Source: Eurostats
43,366, 72%
16,975, 28%
OF 76031000 - POWDERS OF ALUMINIUM, OF NON-LAMELLAR
STRUCTURE (EXCL. PELLETS OF ALUMINIUM)
54%
19%
7%
5%
5%
4%
2% 2% 2%
IN METRIC TONS OF 76031000 - POWDERS OF ALUMINIUM, OF NON-
LAMELLAR STRUCTURE (EXCL. PELLETS OF ALUMINIUM)
RUSSIAN FEDERATION (RUSSIA) SLOVENIA
BAHRAIN INDIA
AUSTRALIA CHINA (PEOPLE'S REPUBLIC OF)
SOUTH AFRICA (incl. NA ->1989) UNITED STATES
ISRAEL (GAZA and JERICHO->1994)

OF ALUMINIUM)
Source: Eurostats
0
5000
10000
15000
20000
25000
30000
YEARLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 76031000 - POWDERS OF ALUMINIUM, OF NON-LAMELLAR STRUCTURE
(EXCL. PELLETS OF ALUMINIUM)
RUSSIAN FEDERATION (RUSSIA) SLOVENIA BAHRAIN INDIA AUSTRALIA
CHINA (PEOPLE'S REPUBLIC OF) SOUTH AFRICA (incl. NA ->1989) UNITED STATES ISRAEL (GAZA and JERICHO->1994)

OF ALUMINIUM)
Source: Eurostats
0
500
1,000
1,500
2,000
2,500
3,000
Jan.
2014
Feb.
2014
Mar.
2014
Apr.
2014
May.
2014
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014
Oct.
2014
Nov.
2014
Dec.
2014
Jan.
2015
Feb.
2015
Mar.
2015
Apr.
2015
May.
2015
Jun.
2015
Jul.
2015
Aug.
2015
Sep.
2015
Oct.
2015
Nov.
2015
Dec.
2015
Jan.
2016
Feb.
2016
Mar.
2016
Apr.
2016
May.
2016
Jun.
2016
Jul.
2016
Aug.
2016
Sep.
2016
MONTHLY IMPORTS EXTERNAL TO EU28 COUNTRIES IN METRIC TONS OF 76031000 - POWDERS OF ALUMINIUM, OF NON-LAMELLAR STRUCTURE
(EXCL. PELLETS OF ALUMINIUM)
RUSSIAN FEDERATION (RUSSIA) SLOVENIA BAHRAIN INDIA AUSTRALIA
CHINA (PEOPLE'S REPUBLIC OF) SOUTH AFRICA (incl. NA ->1989) UNITED STATES ISRAEL (GAZA and JERICHO->1994)

GLOSSARY

• Industrial Production and Capacity Utilization (IPCU) is a measure of economic activity, released on a monthly basis by the United States Federal Reserve. The IPCU report for each month
contains data for previous months (for example, June’s report releases information on May) about the total amount of US industrial production for that month, expressed as a %age of the
gross production for a previous baseline year. The report also gives information about %age changes from month to month and year to year, as well as a detailed breakdown of production by
industry grouping, most broadly for manufacturing, mining and utilities. The data in the report is based on employment records that detail the total hours worked by industrial-sector
employees.
• The report also includes a measure of capacity utilization, meaning the %age ratio of actual production to potential production. The report presents data about average capacity over a number
of years, a record of %age change in capacity from month to month, and a breakdown of capacity measures by industry and by stage of completeness (from crude to finished materials.)
• Traders consider the IPCU report important as a gauge for the future performance of assets in the marketplace. Because of this, the report can also function as a “trigger” to increase buying or
selling pressure in certain industries. A capacity utilization %age of 85% or more can also be considered a signal for imminent inflation, but the inherent difficulty of measuring industrial
capacity implies that this measure shouldn’t be exclusively relied on to predict market behavior.
• Definition: An index designed to measure changes in the level of output in the industrial sector of the economy. The index is grouped by both products (consumer goods, business equipment,
intermediate goods, and materials) and industry (manufacturing, mining, and utilities).
• Source: Board of Governors of the Federal Reserve System
• Frequency: Monthly
• Availability: Preliminary estimate released around the middle of the month for the immediately preceding month.
Reason: While the industrial sector of the economy represents only about 20 % of GDP, because changes in GDP are heavily concentrated in the industrial sector changes in this index provide
useful information on the current growth of GDP. The level of capacity utilization in the industrial sector provides information on the overall level of resource utilization in the economy which
may in turn provide information on the likely future course of inflation.
• The index of Industrial Production is a fixed-weight measure of the physical output of the nation’s factories, mines, and utilities. Manufacturing production, the largest component of the total,
can be accurately predicted using total manufacturing hours worked from the employment report. One of the bigger wildcards in this report is utility production, which can be quite volatile
due to swings in the weather. Severe hot or cold spells can boost production as increased heating/cooling needs drive utility production up.
• In addition to production, this monthly report also provides a measure of capacity utilization. Though the rate of capacity utilization is seen as a critical gauge of the slack available in the
economy, the market does not completely trust this measure. Capacity is very difficult to measure, and the Fed essentially assumes that growth in capacity in any given year follows a straight
line. One can therefore predict the capacity utilization rate quite accurately based on the assumption for production growth. The 85% mark is seen as a key barrier over which inflationary
pressures are generated, but given revisions to these data and the difficulties with capacity measurement, the 85% mark should be viewed cautiously. It would be appropriate to look for
corroborating inflation indications from commodity prices and vendor deliveries.
Industrial Production and Capacity Utilization

• The Customs value is the value of imports as appraised by the U.S. Customs and Border Protection
in accordance with the legal requirements of the Tariff Act of 1930, as amended.
This value is generally defined as the price actually paid or payable for merchandise when sold for
exportation to the United States, excluding U.S. import duties, freight, insurance, and other
charges incurred in bringing the merchandise to the United States.
The term "price actually paid or payable" means the total payment (whether direct or indirect,
and exclusive of any costs, charges, or expenses incurred for transportation, insurance, and
related services incident to the international shipment of the merchandise from the country of
exportation to the place of importation in the United States) made, or to be made, for imported
merchandise by the buyer to, or for the benefit, of the seller.
In the case of transactions between related parties, the relationship between buyer and seller
should not influence the Customs value.
Customs Value

Release Date of release Time of release
ISM Manufacturing Index 11/1/2016 10:00 a.m.
International trade (Full report), Employment situation 11/4/2016 8:30 a.m.
Wholesale trade 11/9/2016 10:00 a.m.
Retail sales + inventories, Import and export prices 11/15/2016 10:00 a.m.
Housing starts (C30), Consumer Price Index 11/17/2016 8:30 a.m.
Advance durable manufacturing, New-home sales 11/23/2016 8:30 a.m.
Personal income and outlays 11/30/2016 8:30 a.m.
ISM Manufacturing Index 12/1/2016 10:00 a.m.
International trade (Full report), M3 Manufacturing (Full report) 12/6/2016 10:00 a.m.
Retail sales + inventories, Industrial production and capacity utilization 12/14/2016 10:00 a.m.
Housing starts (C30) 12/16/2016 8:30 a.m.
Personal income and outlays, Advance durable manufacturing 12/22/2016 10:00 a.m.
ISM Manufacturing Index, Construction spending 1/3/2017 10:00 a.m.
International trade (Full report), Employment situation, M3
Manufacturing (Full report) 1/6/2017 10:00 a.m.
Retail sales + inventories 1/13/2017 10:00 a.m.
Housing starts (C30) 1/19/2017 8:30 a.m.
Personal income and outlays 1/30/2017 8:30 a.m.
ISM Manufacturing Index, Construction spending 2/1/2017 10:00 a.m.
International trade (Full report) 2/7/2017 8:30 a.m.
Schedule of Releases

Early January 2017 Monthly Economic Indicators and Industry Trends

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