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
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.
SMU Community Chat: Simonson with the latest on construction
A lot of economists were predicting a recession last year. Ken Simonson, chief economist for The Associated General Contractors of America (AGC), wasn’t one of them.