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Cleveland-Cliffs projects strongest profit since 2021 as steel supplies tighten

Illustration accompanying article: Cleveland-Cliffs projects strongest profit since 2021 as steel supplies tighten
  • Cleveland-Cliffs said it expected its highest profit since 2021 next year as tight steel supplies sent prices higher.
  • Cleveland-Cliffs postponed by about a year the refurbishment of an Indiana mill's blast furnace that had been planned for next spring, to avoid taking it out of service during high demand.
  • Goncalves criticized General Motors' continued production of vehicles in South Korea and called on Ford Motor to stop using aluminum for the F-150 body.
  • Werner Enterprises forecast third-quarter earnings down about 18 cents a share from the second quarter and revenue of $946 million to $951 million, below analyst expectations; Werner shares fell 7.9% Monday.
  • The NAHB/Wells Fargo Housing Market Index showed the share of U.S. home builders cutting prices at its highest level since 2020 and builder confidence at its lowest level in 14 years.
  • An S&P Global report projected U.S. food inflation could exceed 3.5% next year as Strait of Hormuz throttling, a strong El Niño and a diesel shortage tied to the Iran and Ukraine wars raised farm costs.
 2026-10-20 · 3 MIN READ

US GDP grew 3.2% since end of 2024, faster than any G7 peer

Illustration accompanying article: US GDP grew 3.2% since end of 2024, faster than any G7 peer
  • BBC Verify found the US economy grew around 3.2% since the end of 2024 — just before President Donald Trump began his second term — outpacing every other G7 economy over that period, with annualized expansion of 2.2%.
  • US inflation stood at 3.7% in late 2026, above the 3% Trump inherited in January 2025; economists estimate US inflation would have been lower without Trump's tariffs, with the Iran war's disruption to Middle East oil and fuel supplies also pushing domestic prices higher.
  • The Institute on Taxation and Economic Policy estimated the middle fifth of US households are about $1,700 worse off in 2026 than they would have been, the poorest fifth about $750 worse off, and the richest 1% about $12,560 better off, primarily because of Trump's tax cuts.
  • US employers added an average of 34,000 jobs per month under Trump, down from 122,000 per month in Joe Biden's final year; the unemployment rate held at 4.2%, partly because of immigration enforcement that shrank the available labor force.
  • The federal deficit reached $2 trillion in the year to September 2026 — about 6% of GDP — with the 10-year bond yield above 5% putting upward pressure on 30-year mortgage rates, which have risen to 7.4% and made homes less affordable for new buyers.
 2026-10-20 · 5 MIN READ
Illustration accompanying article: Dimon says US economy in 'good times,' flags inflation and war risks