This Morning in Metals: House passes $1.2T infrastructure bill
This morning in metals news: the House of Representative on Friday passed a $1.2 trillion infrastructure bill, sending the bill to the desk of President Joe Biden; meanwhile, the American Iron and Steel institute reacted to the infrastructure bill’s passage; and, lastly, nonfarm payroll employment rose by 531,000 in October.
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House passes $1.2T infrastructure bill
After a long and winding road, the House of Representatives voted to pass a $1.2 trillion infrastructure bill.
The bill includes funding for roads, bridges, broadband, lead pipe replacements and the electrical grid, among other things. The bill passed Friday by a bipartisan vote of 228-206.
In comments Saturday morning, President Joe Biden said the bill helps put the U.S. on the right path to win the “economic competition” of the 21st century.
AISI comments on infrastructure bill
The American Iron and Steel Institute (AISI) touted steel’s role in the infrastructure bill’s projects.
“American steel built this country, and the industry is now ready to get to work on rebuilding this country,” said Kevin Dempsey, president and CEO of AISI. “Repairing and modernizing our national transportation system is essential and we are glad Congress agrees. This bill would ensure that our infrastructure system meets the need of the 21st century. Funding roads and bridges, ports and waterways, water infrastructure, the electric grid and investing in electric vehicle systems, all will require a lot of steel —and our industry is ready to provide that steel. Passing this bill today provides a tremendous boost to our industry, as demand for American steel could increase by as much as five million tons for every $100 billion of new investment.”
Nonfarm payroll employment rises in October
Nonfarm payroll employment increased by 531,000 in October, the Bureau of Labor Statistics reported.
The unemployment rate fell by 0.2 percentage point to 4.6%.
“Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing,” BLS reported.
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