Durable Goods Orders During July 2024

The Durable Goods Orders report for July 2024 was released by the Commerce Department this morning:

================

Predicted: +5.0%

• Actual: $289,645,000,000 (+$26,074,000,000 [+9.89%])

================

CHART: Durable Goods Orders
JULY 2024 UPDATE

================

The yellow-highlighted figures represent the dollar amount of new orders for durable or hard goods for immediate or future delivery from U.S. manufacturers, along with both the dollar and month-to-month percentage change.

Examples of durable goods: cars, airplanes, computers, furniture -- items that are built to last at least three years.

================

• Click here to view the full Commerce Department report (PDF).
  

================

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U.S. Factory Shipments During May 2024

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for May 2024:

========

Predicted: FLAT

• Actual: -0.717% (-4,224,000,000)

========

• May 2024 New Shipments: $584,805,000,000.
  
  
• April 2024 New Shipments: $589,029,000,000.
  

========

 Year-to-Date Change: +$57,178,000,000 (+2.02%)

 ========

The yellow-highlighted percentage is the month-to-month change in new shipments for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders
May 2022 Update

=============

• Click here to view the full Census Bureau report.

=============

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ISM Manufacturing Index for June 2024

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for June 2024:

=========

Predicted: 49.0%

• Actual: 48.5% (-0.2 point month-on-month change)

=========

Previous month (revised): 48.7%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector contracted in June for the third consecutive month and the 19th time in the last 20 months, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

•     'High volume of customer orders.'
   [Chemical Products]
  

•     'Customers continue to cut orders with short notice, causing a ripple effect throughout lower-tier suppliers.'
   [Transportation Equipment]
  

•     'Consumer demand and inventories are no longer stable at retail and food service establishments.'
   [Food, Beverage + Tobacco Products]
  

•     'While orders are still steady, inventory from the previous month is enough to satisfy current- and near-term commitments.'
   [Computer + Electronic Products]
  

•     'Customers ordering more to create buffer stocks (in case of) future shortages.'
   [Electrical Equipment, Appliances + Components]
  

•     'Order levels in two of our main divisions are indicating weak demand, and now we must work to reduce inventory levels.'
   [Fabricated Metal Products]
  

•     'Sales backlog is decreasing. We have furloughed a portion of our workforce as a result.'
   [Machinery]
  

•     'The level of production is lower due to decreased demand for products.'
   [Miscellaneous Manufacturing]
  

•     'Elevated financing costs have dampened demand for residential investment. We have reduced inventories of production components.'
   [Wood Products]
  

•     'Orders have increased slightly due to seasonal restocking.'
   [Plastics + Rubber Products]
  

==========

 

CHART: ISM Manufacturing Index
 June 2024 Update

=========

• Click here to view the complete ISM report

=========

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U.S. Factory Orders During March 2022

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for March 2022:

========

Predicted: +1.5%

• Actual: +2.167% (+$11,821,000,000)

========

• March 2022 New Orders: $557,321,000,000.
  
  
• February 2022 New Orders: $545,500,000,000.
  

========

The yellow-highlighted percentage is the month-to-month change in orders for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders
March 2022 Update

=============

• Click here to view the full Census Bureau report.

=============

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ISM Manufacturing Index for April 2022

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for April 2022:

=========

Predicted: 57.0%

• Actual: 55.4% (-1.7 point month-on-month change)

=========

Previous month (revised): 57.1%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...The April Manufacturing PMI® registered 55.4%. This is the lowest reading since the July 2020 (53.9%.)

Economic activity in the manufacturing sector grew in April, with the overall economy achieving a 23rd consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

• "...'Tier-2 supplier shutdowns in Shanghai are causing a ripple effect for our suppliers in other parts of China. Long delays at ports, including in the U.S., are still providing supply challenges. Inflation is out of control. Fuel costs, and therefore freight costs, are leading the upward cycle. At some point, the economy must give way; it will be tough to have real growth with such pressure on costs. Despite the issues and poor outlook, business remains brisk.'
   [Chemical Products]
  

 

• 'Continued strong demand with improvements in the supply chain. Delays still exist, but supply issues are slowly improving. Cost increases in multiple categories.'
   [Transportation Equipment]
  

 

• 'Supply chain is still constrained, and prices continue to rise. We are focusing on ways to stay profitable while continuing to fill customer orders. Relationship management and strong negotiation skills are extremely important right now.'
   [Food, Beverage + Tobacco Products]
  

 

• 'New order entries are still very strong. Unfortunately, logistics issues have (not) yet improved, so lead times remain extended.'
   [Machinery]
  

 

• 'Due to electronic component supply chain issues, production output has been lower than normal. Backlog is growing due to the supply chain issues. New order sales are steady, except international orders are lower.'
   [Fabricated Metal Products]
  

 

• 'Business is strong. Backlog continues to grow due to new orders and inconsistent supply chain conditions. Shortages of components are the main factor limiting our production.'
   [Electrical Equipment, Appliances + Components]
  

 

• 'The shutdowns in China due to a new COVID-19 wave are causing supply concerns for late second quarter and early third quarter. We have extended lead times to customers and are ordering product from China to cover demand through Q4 and early 1Q 2023.'
   [Miscellaneous Manufacturing]
  

 

• 'Overall, improvements in supply chain are occurring on larger scale items, but we see suppliers that sell us low-volume items struggling in some cases with getting feed stocks and raw materials they need. Freight continues to plague things as well.'
   [Nonmetallic Mineral Products]
  

 

• 'Business is still very robust. Material price increases continue to be passed on (to customers) based on costs of raw materials, logistics and labor to produce products.'
   [Plastics + Rubber Products]..."

==========

 

CHART: ISM Manufacturing Index - April 2022 Update

=========

• Click here to view the complete ISM report

=========

 

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Durable Goods Orders During March 2022

The Durable Goods Orders report for March 2022 was released by the Commerce Department this morning:

================

Predicted: +1.1%

• Actual: $272,718,000,000 (+$2,295,000,000 [+0.842%])

================

 

CHART: Durable Goods Orders
March 2022 Update

================

From Today's Report:

"...Excluding transportation, new orders increased 1.1 percent. Excluding defense, new orders increased 1.2 percent. Computers and electronic products, up two of the last three months, led the increase, $0.7 billion or 2.6 percent to $26.3 billion..."

================

The yellow-highlighted figures represent the dollar amount of new orders for durable or hard goods for immediate or future delivery from U.S. manufacturers, along with both the dollar and month-to-month percentage change.

Examples of durable goods: cars, airplanes, computers, furniture -- items that are built to last at least three years.

================

• Click here to view the full Commerce Department report (PDF).
  
  

 ================

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U.S. Factory Orders During February 2022

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for February 2022:

========

Predicted: -0.3%

• Actual: -0.5% (-$2,724,000,000)

========

• February 2022 New Orders: $541,993,000,000.
  
  
• January 2022 New Orders: $544,717,000,000.
  

========

The yellow-highlighted percentage is the month-to-month change in orders for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders
February 2022 Update

=============

• Click here to view the full Census Bureau report.

=============

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ISM Manufacturing Index for March 2022

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for March 2022:

=========

Predicted: 58.0%

• Actual: 57.1% (-1.5 point month-on-month change)

=========

Previous month (revised): 58.6%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector grew in March, with the overall economy achieving a 22nd consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

• "...'No letup yet in supply chain challenges, especially electronic components. Relying more and more on the broker market.'
   [Computer + Electronic Products]
  

 

• 'Customer orders are brisk in the face of significant price increases, while we continue to struggle with inbound supplier service and raw material availability issues.'
   [Chemical Products]
  

 

• 'Generally speaking, the business environment is slowly improving for aerospace component manufacturers. Supply chain disruptions and still-extending lead times continue to keep purchasing busy. This further causes reevaluation of the current year’s business plan and cost assumptions.'
   [Transportation Equipment]
  

 

• 'Overall business conditions are challenging in both domestic and international transportation. The Russian invasion of Ukraine has created uncertainty in the grain markets, causing upward pricing pressure. In addition, inflationary pressures across all categories have made it challenging to manage cost and profitability.'
   [Food, Beverage + Tobacco Products]
  

 

• 'Prices are increasing on steel and steel products after a slight decrease from highs last month. Transportation costs are going up significantly with the increase in fuel prices.'
   [Machinery]
  

 

• 'Backlog continues to be strong as we ship delinquent orders resulting from COVID-19 slowdowns.' [Fabricated Metal Products]
  'Demand continues to be strong. Backlog is still increasing -- currently at about three months of production. Availability of purchased material continues to constrain production, causing the increased backlog.'
   [Electrical Equipment, Appliances + Components]
  

 

• 'Business continues to be strong, with incoming sales higher but still combating labor and material issues like availability and inflation. Still determining impact of the Russian invasion of Ukraine.'
   [Furniture + Related Products]
  

 

• 'The supply situation is getting worse, with lead times extending over 12 months, material not available, and suppliers not quoting or taking orders. Prices on the rise daily.'
   [Miscellaneous Manufacturing]
  

 

• 'Supply chain is still unstable. While we have seen improvements, there are still a lot of issues that have yet to be resolved.'
   [Primary Metals]..."

==========

CHART: ISM Manufacturing Index
March 2022 Update

=========

• Click here to view the complete ISM report

=========

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ISM Manufacturing Index for February 2022

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for February 2022:

=========

Predicted: 58.0%

• Actual: 58.6% (+1.0 point month-on-month change)

=========

Previous month (revised): 57.6%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector grew in February, with the overall economy achieving a 21st consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

• "...'Electronic supply chain is still a mess.'
   [Computer + Electronic Products]
  

 

• 'Strong sales growth as retail continues to return.'
   [Chemical Products]
  

 

• 'Demand for transportation equipment remains strong. Supply of transportation services continues to be a major issue for the supply chain.'
   [Transportation Equipment]
  

 

• 'Strong demand has continued beyond our traditional seasonality curves. Coupled with the continuing difficulties in procurement of ocean freight, operational planning and managing costs are our biggest challenges.'
   [Food, Beverage + Tobacco Products]
  

 

• 'We have seen year-over-year revenue growth of about 10 percent due to markets coming back. However, in the automotive area, the microchip shortage is causing slowness in growth.'
   [Machinery]
  

 

• 'Demand for steel products has increased to historic levels, driven by the automotive and energy industries.'
   [Fabricated Metal Products]
  

 

• 'We are expecting a year of strong demand, higher prices and continued supply chain challenges.'
   [Textile Mills]
  

 

• 'Demand continues to be strong, increasing our backlog. Production has been more consistent due to availability of parts, but we are not able to increase builds to cut into the backlog.'
   [Electrical Equipment, Appliances + Components]
  

 

• 'Business conditions are good, demand remains strong, and we continue to be challenged to keep up with demand.'
   [Miscellaneous Manufacturing]
  

 

• 'Business is still strong. Facing logistics and raw material supply chain issues with some products.'
  [Plastics + Rubber Products]..."

 =========

CHART: ISM Manufacturing Index
February 2022 Update

=========

• Click here to view the complete ISM report

=========

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ISM Manufacturing Index for January 2022

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for January 2022:

=========

Predicted: 58.0%

• Actual: 57.6% (-1.2 points month-on-month change)

=========

Previous month (revised): 58.8%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector grew in January, with the overall economy achieving a 20th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

 =========

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

• "...'We are experiencing massive interruptions to our production due to supplier COVID-19 problems limiting their manufacturing of key raw (materials) like steel cans and chemicals.'
   [Chemical Products]
  

 

•  'While there has been some improvement in materials making it to our factories and logistics centers, we are still constrained by (a lack of) qualified labor. Orders so far are not being cancelled, but we are concerned that customers may be losing patience.'
   [Computer + Electronic Products]
  

 

•  'Transportation, labor and inflation issues continue to hamper our supply chain and ability to service our customers. Fortunately, it’s also hampering our competition as well. Ultimately, the biggest impact is at the consumer level, as (price increases) continue to get passed through.'
   [Transportation Equipment]
  

 

•  'Our suppliers are having difficulty meeting scheduled releases as their suppliers experience delays and shortages, so lead times and inventories are struggling, resulting in lost production.'
   [Food, Beverage + Tobacco Products]
  

 

•  'Lack of skilled production personnel, either from missing work due to (COVID-19) variants or leaving for better opportunities, making it more difficult to complete work. Working off a backlog.'
   [Fabricated Metal Products]
  

 

•  'Strong backlog of orders coming into the new year. Potential to beat target revenue, depending on availability of purchased product.'
   [Electrical Equipment, Appliances + Components]
  

 

•  'Bookings continue to increase as we are still dealing with a shortage of labor and supply chain issues.'
   [Furniture + Related Products]
  

 

•  'Transportation restrictions and a lack of supplier manpower continue to create significant shortages that limit our production. This, in turn, limits what we can supply to customers, as well as on-time delivery.'
   [Machinery]
  

 

•  'Integrated circuit availability is really causing issues. Shortages of raw materials and other electronic materials continue to hamper deliveries to our customers.'
   [Miscellaneous Manufacturing]
  

 

•  'The supply chain crunch may be loosening a bit; however, specific original equipment manufacturer (OEM) parts and equipment now have lead times that we have not experienced before.'
   [Nonmetallic Mineral Products]..."

 =========

 
 CHART: ISM Manufacturing Index
January 2022 Update

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During November 2021

The Industrial Production, Manufacturing and Capacity Utilization numbers for November 2021 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: +1.0%
Actual: +0.5%

Manufacturing:
Predicted: +1.0%
Actual: +0.7%

The yellow-highlighted percentages represent the month-to-month change in manufacturing, and physical output from mining operations, utility plants and factories for the entire United States.

Capacity Utilization Rate:
Predicted: 77.0%
Actual: 76.8% 

The Capacity Utilization Rate represents the use of available resources at mining operations, utility plants and factories for the entire United States last month.

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Industrial production rose 0.5 percent in November. The indexes for both manufacturing and mining increased 0.7 percent, while the index for utilities decreased 0.8 percent.

At 102.3 percent of its 2017 average, total industrial production in November was 5.3 percent above its year-earlier level and at its highest reading since September 2019. Capacity utilization for the industrial sector increased 0.3 percentage point to 76.8 percent; even so, it was 2.8 percentage points below its long-run (1972–2020) average. ..."

===============

 CHART: Industrial Production - Consumer Goods

 ===============

• Click here to view the full Federal Reserve report

===============

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Industrial Production + Manufacturing + Capacity Utilization During October 2021

The Industrial Production, Manufacturing and Capacity Utilization numbers for October 2021 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: +1.5%
Actual: +1.6%

Manufacturing:
Predicted: +1.0%
Actual: +1.2%

The yellow-highlighted percentages represent the month-to-month change in manufacturing, and physical output from mining operations, utility plants and factories for the entire United States.

Capacity Utilization Rate:
Predicted: 75.0%
Actual: 76.4% 

The Capacity Utilization Rate represents the use of available resources at mining operations, utility plants and factories for the entire United States last month.

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Industrial production rose 1.6 percent in October after falling 1.3 percent in September; about half of the gain in October reflected a recovery from the effects of Hurricane Ida. Manufacturing output increased 1.2 percent in October; excluding a large gain in the production of motor vehicles and parts, factory output moved up 0.6 percent. The output of utilities rose 1.2 percent, and mining output stepped up 4.1 percent.

At 101.6 percent of its 2017 average, total industrial production in October was 5.1 percent above its year-earlier level and at its highest reading since December 2019. In October, capacity utilization for the industrial sector increased 1.2 percentage points to 76.4 percent; even so, it was still 3.2 percentage points below its long-run (1972–2020) average..."

===============

 

CHART: Industrial Production
+ Manufacturing
+ Capacity Utilization

===============

• Click here to view the full Federal Reserve report

===============

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ISM Manufacturing Index for October 2021

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for October 2021:

=========

Predicted: 59.9%

• Actual: 60.8% (-0.3 point month-on-month change)

=========

Previous month: 61.1%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector grew in October, with the overall economy achieving a 17th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®..."

 

=========

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

• "...'Global supply chain issues continue. Getting anything from China is near impossible -- extreme delays. Microchip and circuit breaker shortages continue and are expected to continue into 2022.'
   [Computer + Electronic Products]
  

 

• 'Business is getting stronger, but the supply chain is getting worse every day.'
   [Chemical Products]
  

 

• 'Strong sales continue; however, we have diverted chips (semiconductors) to our higher-margin vehicles and stopped or limited the lower-margin vehicle production schedules.'
   [Transportation Equipment]
  

 

• 'Import costs and delays hurting business, requiring more safety stock for uncertainty. Rolling blackouts in China starting to hurt shipments even more.'
   [Food, Beverage + Tobacco Products]
  

 

• 'Domestic original equipment manufacturer (OEM) capital-expenditure spending is trending up for our business. We are seeing an increase of capital equipment with life spans of more than 10 years in the fourth quarter.'
   [Fabricated Metal Products]
  

 

• 'Demand continues to be strong, but we continue to be held back by supply chain issues — logistics delays, as well as capacity and labor issues at suppliers.'
   [Electrical Equipment, Appliances + Components]
  

 

• 'Business remains strong, with brisk incoming orders. We have become much more supply driven versus demand driven, due to shortages of labor, materials and freight. Costs continue to increase on all fronts, and we are considering our third price increase of the year for our customers.'
   [Furniture + Related Products]
  

 

• 'Customer demand remains high. COVID-19 related supply chain issues still hamper our ability to meet demand. Labor is still difficult for our suppliers to obtain, and labor costs are rising.'
   [Machinery]
  

 

• 'Demand for our products remains strong, but we continue to struggle to secure enough raw material to keep our manufacturing lines running.'
   [Miscellaneous Manufacturing]
  

 

• 'My prediction is that 2022 will be very similar to 2021 — similar demand, constrained supply, restricted logistics and rampant inflation.'
   [Plastics + Rubber Products]..."

 =========

ISM Manufacturing Index - 12 Month History
October 2021 Update

=========

• Click here to view the complete ISM report

=========

 

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Industrial Production + Manufacturing + Capacity Utilization During September 2021

The Industrial Production, Manufacturing and Capacity Utilization numbers for September 2021 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: FLAT
Actual: -1.3%

Manufacturing:
Predicted: FLAT
Actual: -0.7%

The yellow-highlighted percentages represent the month-to-month change in manufacturing, and physical output from mining operations, utility plants and factories for the entire United States.

Capacity Utilization Rate:
Predicted: 75.0%
Actual: 75.2% 

The Capacity Utilization Rate represents the use of available resources at mining operations, utility plants and factories for the entire United States last month.

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Industrial production fell 1.3 percent in September after moving down 0.1 percent in August; output was previously reported to have risen 0.4 percent in August. In September, manufacturing output decreased 0.7 percent: The production of motor vehicles and parts fell 7.2 percent, as shortages of semiconductors continued to hobble operations, while factory output elsewhere declined 0.3 percent. The output of utilities dropped 3.6 percent, as demand for cooling subsided after a warmer-than-usual August. Mining production fell 2.3 percent.

The lingering effects of Hurricane Ida more than accounted for the drop in mining in September; they also contributed 0.3 percentage point to the drop in manufacturing. Overall, about 0.6 percentage point of the drop in total industrial production resulted from the impact of the hurricane.

Despite the decrease in September, total industrial production rose 4.3 percent at an annual rate for the third quarter as a whole, its fifth consecutive quarter with a gain of at least 4 percent.

At 100.0 percent of its 2017 average, total industrial production in September was 4.6 percent above its year-earlier level. Capacity utilization for the industrial sector fell 1.0 percentage point in September to 75.2 percent, a rate that is 4.4 percentage points below its long-run (1972–2020) average..."

 ===============

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===============

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U.S. Factory Orders During July 2021

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for July 2021:

======== 

 
Predicted: +0.5%
Actual: +0.382% (+$1,934,000,000)

• July 2021 New Orders: $508,062,000,000.
  
  
• June 2021 New Orders: $506,128,000,000.
  

========

The yellow-highlighted percentage is the month-to-month change in orders for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders - July 2021 Update

 

=============

• Click here to view the full Census Bureau report.

=============

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Industrial Production + Manufacturing + Capacity Utilization During July 2021

The Industrial Production, Manufacturing and Capacity Utilization numbers for July 2021 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: +0.5%
Actual: +0.9%

Manufacturing:
Predicted: +0.9%
Actual: +1.4%

The yellow-highlighted percentages represent the month-to-month change in manufacturing, and physical output from mining operations, utility plants and factories for the entire United States.

Capacity Utilization Rate:
Predicted: 75.0%
Actual: 76.1% 

The Capacity Utilization Rate represents the use of available resources at mining operations, utility plants and factories for the entire United States last month.

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Industrial production increased 0.9 percent in July after moving up 0.2 percent in June. In July, manufacturing output rose 1.4 percent. About half of the gain in factory output is attributable to a jump of 11.2 percent for motor vehicles and parts, as a number of vehicle manufacturers trimmed or canceled their typical July shutdowns. Despite the large increase last month, vehicle assemblies continued to be constrained by a persistent shortage of semiconductors; the production of motor vehicles and parts in July was about 3-1/2 percent below its recent peak in January 2021. The output of utilities decreased 2.1 percent in July, while the index for mining rose 1.2 percent.

At 101.1 percent of its 2017 average, total industrial production in July was 6.6 percent above its year-earlier level but 0.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1 percent, a rate that is 3.5 percentage points below its long-run (1972–2020) average..."

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CHART: Industrial Production and Capacity Utilization Rate

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Empire State Manufacturing Survey for August 2021

Earlier today, the Federal Reserve Bank of New York  (NY Fed) released the Empire State Manufacturing Survey for this month (August 2021):

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Expected: +15.0

• Actual: +18.3

Any figure below zero implies that manufacturing in the region is contracting, and vice versa.

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The July 2021 Figure: +43.0 

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From Today's Report:

"...Business activity continued to expand in New York State, according to firms responding to the August 2021 Empire State Manufacturing Survey, though growth was significantly slower than last month’s record-setting pace. The headline general business conditions index fell twenty-five points to 18.3. New orders increased modestly, and shipments grew slightly. Delivery times continued to lengthen substantially, and inventories were somewhat higher. Employment and the average workweek increased modestly. Input prices continued to rise sharply, and the pace of selling price increases set another record. Looking ahead, firms remained optimistic that conditions would improve over the next six months, with substantial increases in employment and prices expected..."

 

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About This Survey, From The NY Fed Website:

"...Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead..."

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• Click here to view the full New York Fed report.

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• For a national perspective on manufacturing in the United States, check out the Institute of Supply Management's Purchasing Manager's Index (PMI).

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U.S. Factory Orders During June 2021

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for June 2021:

Predicted: +1.0%
Actual: +1.482% (+$7,387,000,000)

• June 2021 New Orders: $505,974,000,000.
  
  
• May 2021 New Orders: $498,587,000,000.
  

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The yellow-highlighted percentage is the month-to-month change in orders for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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CHART: U.S. Factory Orders - June 2021 Update

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• Click here to view the full Census Bureau report.

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