Economy
September Durable Goods Up, Momentum Slows
Written by David Schollaert
October 28, 2022
New orders for US-manufactured durable goods rose in September to a seasonally adjusted $274.7 billion — having risen now for six out of the last seven months. Orders picked up less than expected but still reversed the weaker showings of previous months.
Last month’s bookings for durable goods were up roughly 0.04% or $1 billion more month-on-month (MoM), following a 0.2% gain a month earlier, according to the US Census Bureau. Figures are not adjusted for inflation.
Orders for big-ticket, US-made goods rose last month, helped by aircraft and autos. But excluding transportation, new orders decreased by 0.5%, as companies pulled back on orders for big-ticket items in September.
Transportation equipment, up five of the last six months, drove the increase by $1.9 billion, or 2.1%, to $95.4 billion, the government data showed.
Shipments of manufactured durable goods, up 16 of the last 17 months, rose 0.3% to $274.2 billion. That’s after a 1.3% increase in August. Transportation equipment, up 11 of the last 12 months, drove the increase, rising 1.1% to $90.5 billion.
Click here for more detail on the September advance report from the US Census Bureau on durable goods manufacturers’ shipments, inventories, and orders. See also Figure 1 below.
Revised and Recently Benchmarked August Data
Revised seasonally adjusted August figures for all manufacturing industries were: New orders, $549.2 billion (revised from $548.4 billion); shipments, $549.0 billion (revised from $547.9 billion); unfilled orders, $1,131.9 billion (revised from $1,132.1 billion); and total inventories, $800.3 billion (revised from $800.2 billion).
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Economy
US construction spending levels off in March
Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.
ISM: Manufacturing sector contracted in April
The Index had briefly showed expansion in March, but has indicated a contracting manufacturing sector for 17 of the last 18 months.
Chicago Business Barometer falls to 16-month low
The Chicago Business Barometer slipped further in April, now at the lowest measure recorded since November 2022.
Leading nonres indicator falls to more than three-year low
An important economic indicator for the nonresidential construction industry declined in March to its lowest point in more than three years.
Fed Beige Book: Economy improves, but manufacturing weak
While general economic conditions across the US improved slightly over the last six weeks, activity in the manufacturing sector was weak, according to the Fed’s latest Beige Book report.