This morning in metals news: U.S. President Joe Biden signed the over $1 trillion infrastructure bill into law Monday; meanwhile, import prices rose by 1.2% in October, the Bureau of Labor Statistics reported today; and, lastly, manufacturers’ and trade inventories increased in September.
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Biden signs infrastructure bill
The bill, the Infrastructure Investment and Jobs Act, includes $550 million for infrastructure improvements, from roads and bridges to electric grid improvements.
“This law makes this the most significant investment in roads and bridges in the past 70 years,” Biden said during remarks on the South Lawn on Monday. “It makes the most significant investment in passenger rail in the past 50 years and in public transit ever.
“So, what — what that means is you’re going to be safer, and you’re going to get there faster, and we’re going to have a whole hell of a lot pollution — less pollution in the air.
“The bipartisan law will modernize our ports, our airports, our freight rail to make it easier for companies to get goods to market; reduce supply chain bottlenecks, as we’re experiencing now; and lower cost for you and your family.”