It followed two straight months of improvement, retracting further into contraction territory.
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Following 2 consecutive monthly decreases, new orders increased $13.2 billion (or 4.7%) to $297.2 billion, the Census Bureau said.
3Q23 revenue growth for industrial sectors declined 0.5%, according to the latest Baird-MDM Distribution Survey. Premium members can get our resulting MarketPulse report now.
It dwarfs the 2.1% growth seen in 2023's second quarter.
Mike Hockett examines where wholesale inventory levels are at today, where they are headed and MDM’s latest data on just how big of an issue excess inventory may be entering 2024.
U.S. cutting tool consumption totaled $219.2M, according to the U.S. Cutting Tool Institute and Association For Manufacturing Technology.
The 3Q23 Baird-MDM Survey revealed new quantitative data on industry-wide frontline hiring/retention, and plenty of interesting commentary.
Industrial production increased 0.3% during the month and advanced at an annual rate of 2.5% in the third quarter.
However, certain markets continue to see strong demand and runway, led by U.S. manufacturing.
Mike Hockett examines the latest economic trending data as it pertains to wholesale distributors, including their revenue expectations through next year.
Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment, according data from the federal government.
Nonresidential construction input prices increased 0.2% for the month as well, according to Associated Builders and Contractors.
James Dorn joins MDM's Tom Gale to bust the myth of not being able to grow both top-line revenue and margin in challenging market conditions.
More than 40% of the September increase in prices for final demand goods can be traced to a 5.4% rise in the index for gasoline.
The annual sales growth for the 12 months through August 2023 was 5.7%, according to HARDI.
Despite rising project financing costs, contractors report lofty backlog, rising employment, expanding sales and stable profit margins.
Year-to-date, however, orders have reached $2.23 billion, 12.6% lower than the first eight months of 2022.
MDM's September content eyed what a leading distributor looks like in 2030; equipment leasing vs. purchasing considerations; and a deep dive on Ferguson's market positioning.
The month-to-month growth is a considerable rebound from July’s 2.1% decline, according to the latest Census Bureau data.
Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of more than $1.98 trillion.
