Economy
Durable Goods Rise for Second Straight Month in April
May 30, 2023
New orders for manufactured durable goods increased for the second consecutive month in April, rising 1.1% from the previous month to $283.0 billion, according to the US Census Bureau.
This follows a 3.3% month-over-month (MoM) gain in March, according to Census data.
The bureau said transportation equipment, also up for a second straight month, drove the increase, rising 3.7% MoM to $97.6 billion.
Excluding transportation—which includes big-ticket, non-steel-intensive items such as aircraft—new orders decreased 0.2%, while new orders excluding defense decreased 0.6%, Census data showed.
New orders for primary metals slipped 0.5% to a seasonally adjusted $26.7 billion in April from March. New orders for fabricated metal products remained flat at $35.3 billion in the same comparison.
Click here for more detail on the April 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
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey
Construction adds 13,000 jobs in March
The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.