In 2006 the steelmaker embarked on a massive investment and construction project to build blast furnaces to produce high-quality virgin steel for cars, ships and consumer durable goods for parent Hyundai Motor and other customers.
Peters said the upcoming durable goods and consumer confidence numbers will determine whether today's rally figures are sustainable.
Consumer-goods orders fell 1.9%, with consumer durable goods orders falling 0.7% and non-durables down 2.2%.
U.S. stock futures were modestly higher ahead of data including durable goods orders, consumer confidence and new home sales.
But in 2006, it embarked on a massive investment and construction project to build blast furnaces which use iron ore and coking coal to produce high-quality virgin steel for cars, ships and consumer durable goods.
So the cost of trade continues to fall, and that lowers the effective cost of everything that's traded: raw materials, labor, durable assets, consumer goods, capital, commodities and money itself.
New home sales in April were at about the same level as May 2008 and sales of consumer durable goods are still depressed.
But, these were offset by the recovery in residential investment and consumer spending on durable goods which was boosted in part by an aging auto fleet feeding new car sales.
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While some of the slowdown came primarily from a decline in farm inventories, due to the drought in the mid-west, consumer service spending, exports and durable goods all declined as well.
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Rent-A-Center operates company owned rent-to-own stores which offer high-quality, durable goods such as consumer electronics, appliances, furniture and accessories to consumers under flexible rental purchase arrangements that allow the customer to obtain ownership of the merchandise at the conclusion of an agreed-upon rental period.
U.S. economic data due for release Wednesday includes the weekly jobless claims report, the weekly MBA mortgage applications survey, durable goods orders, personal income and outlays and the University of Michigan consumer sentiment survey.
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On Wednesday, we get durable-goods orders, personal income and outlays, jobless claims, and the University of Michigan Consumer Survey.
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U.S. economic reports due for release Friday include durable goods orders, personal income and outlays, the Chicago Fed national activity index, the University of Michigan consumer sentiment survey, and the Kansas City Fed manufacturing survey.
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