Through November, year-to-date were down 13.3% from the same period in 2022.
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Orders bounced back from a down October for their third gain in four months.
The distribution and supply chain sector saw healthy month-to-month growth in project counts, with Texas leading the way geographically.
Nonetheless, it was the 14th straight month of overall manufacturing contraction overall — the longest such stretch since 2002.
November spending was 0.4% above October's figure, which was revised considerably higher.
Wholesale inventories have fallen in nine of 11 months through November 2023.
Mike Hockett extracts commentary from a panel discussion between STAFDA distributors, manufacturers and rep agents.
Manufacturers across most industries expect revenue growth in the new year, according to a nationwide Institute for Supply Management survey.
It was quite the rebound from an October slump, showing continued recent volatility.
However, November industrial production was down 0.4% year-over-year.
3Q23's uneven growth continued in October, and USCTI's President expects that narrative to continue through 2024's first half.
The U.S. Central Bank indicated its most recent rate hike in July was likely the end of an aggressive cycle of increases to quell inflation.
It followed a much bigger 1.2% decrease in October.
Core PPI edged up for a sixth straight month, while overall wholesale inflation continued its deceleration.
Meanwhile, about one-third reported decreased gross margins because of supplier price increases and other cost pressures.
The AMT said the U.S. west region saw monthly orders surge 60% from September.
Core inflation edged up 0.3% month-to-month and ended November up 4% from a year earlier.
The data gave more fuel to a “soft landing” consensus for economic conditions next year.
The September figure was also revised downward.
It followed two straight months of increases.
