Economy
Durable Goods Fall in January on Transportation
February 28, 2023
New orders for US-manufactured durable goods fell 4.5% in January month over month to a seasonally adjusted $272.3 billion, according to the US Census Bureau. They have now been down two of the last three months, according to Census data.
Transportation equipment, also down two of the last three months, drove the decrease in January, sliding 13.3% to $92.8 billion, Census said.
Excluding transportation – which includes big-ticket, non-steel-intensive items such as aircraft – new orders increased 0.7 percent.
New orders for primary metals ticked up 0.5% to a seasonally adjusted $21 million in January vs. December. New orders for fabricated metal products increased 0.1% to $36.2 million in the same comparison.
Click here for more detail on the December advance report from the US Census Bureau on durable goods manufacturers’ shipments, inventories, and orders. See also Figure 1 below.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest 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.