Not seasonally adjusted; $ in millions
Year-over-year through January, new orders decreased by an average of 1.6 percent, equal to $8.7 million, based on data from the U.S. Census Bureau. The Computers and Electronic Products sector recorded the most significant increase, up 5.4 percent from January 2023. Fabricated Metal Products followed closely with a 4.5 percent jump. Electrical Equipment, Appliances and Components saw a 1.3 percent growth, while orders for Primary Metals increased by 0.6 percent.
However, there was inconsistency in the year-over-year changes, with five sectors experiencing declines as of January 2024. Transportation Equipment had the largest decrease, down by 6.4 percent. Meanwhile, orders for Furniture and Related Products declined by 3.2 percent. Nondurable Goods Industries decreased by 2.2 percent, Machinery by 0.4 percent, and Durable Goods Industries by 0.9 percent.
Looking at the month-to-month data for January, new orders showed an uneven pattern, with an average decrease of 8.9 percent, or $52.4 million. Similar to the yearly trend, most industries experienced a decline in new orders, except for four. Fabricated Metal Products saw the most significant growth, up by 9.3 percent. Primary Metals increased by 8.1 percent, while Furniture and Related Products saw a 4.4 percent rise. At the same time, Machinery experienced a 0.5 percent increase.
Conversely, the Transportation Equipment sector experienced a significant decline of 36.7 percent in new orders, followed by Computers and Electronic Products (-25.6 percent) and Durable Goods Industries (-15.8 percent). Electrical Equipment, Appliances and Components recorded a 2.9 percent drop, while Nondurable Goods Industries decreased by 1.7 percent.
—Posted on March 29, 2024.
