As of May, new orders rose by an average of 0.9 percent, or $5.5 million, according to data from the U.S. Census Bureau. The most substantial increase compared to May 2023 occurred in the Computers and Electronic Products sector, where new orders climbed by 4.1 percent. The Furniture and Related Products segment experienced a 3.6 percent rise, Nondurable Goods Industries grew by 3.1 percent, and Fabricated Metal Products saw a 2.7 percent uptick.
Year-over-year, all but three surveyed manufacturing industries showed positive growth. As of May, the Transportation Equipment sector saw the steepest decline, with a rate of -6.3 percent. Meanwhile, orders in the Durable Goods Industries segment decreased by 1.3 percent, and the Machinery sector recorded a 0.2 percent drop.
On a month-over-month basis, new orders increased by an average of 2.0 percent, or $11.9 million, as of May. Reflecting similar yearly trends, nearly all surveyed sectors experienced an uptick in new orders. Transportation Equipment saw a 6.4 percent increase, Furniture and Related Products grew by 3.6 percent, Fabricated Metal Products and Durable Goods Industries rose by 3.4 percent, and orders in the Electrical Equipment, Appliances, and Components sector increased by 2.8 percent.
The only decline was in the Machinery segment, which fell by 0.8 percent. Orders for Nondurable Goods Industries edged up by 0.8 percent, Primary Metals increased by 1.2 percent, and the Computers and Electronic Products sector rose by 1.9 percent.
—Posted on July 29, 2024.
