The well-regarded barometer of U.S. manufacturing ended 2022 on a sour note, contracting for a second-straight month to its lowest mark since May 2020 when industries were dealing with factory shutdowns.
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November's seasonally adjusted annual rate of $1.8075 trillion was 0.2% above the revised October rate.
It’s a significant drop that follows three consecutive monthly increases.
Cutting tool orders were up 11.7% year-over-year in October.
Mike Hockett dives into the numbers for distributors’ 2023 expectations and the latest economic indicators for the industrial economy.
Economic data released Dec. 15 show the Chinese economy struggled mightily during the final month of the country's zero-tolerance COVID-19 policy.
Economists had forecasted a 0.1% increase.
It follows three-straight .75-point increases.
The bill calls for leaders to discuss weaknesses within U.S. supply chains and advise on how to attract investment.
Final demand prices had declined 0.4% in July and remained stagnant in August before slightly increasing in each of the past three months.
Orders totaled $457.7 million in October 2022, a 20% drop from the same month last year and down 12% from September.
Construction input prices fell 0.9% in November but remain 40% ahead of February 2020 pre-pandemic levels.
The seasonally adjusted annual rate of $1.795 trillion was 0.3% below the revised September estimate of $1.8 trillion.
The industrial manufacturing barometer fell another 1.2 points from October, continuing its year-long slide.
This increase, up seven of the last eight months, followed a 0.3% increase in September.
U.S. producer prices increased less than expected in October, according to data released by the U.S. Bureau of Labor Statistics.
Distributors and their suppliers say they continue to see strong demand for industrial and commercial products, with no real slowdown in sight.
The Wall Street Journal reports the layoffs would affect about 3% of corporate staff, not hundreds of thousands of Amazon warehouse workers.
After surpassing its pre-pandemic level in September, backlog is now back below the reading observed at the start of the pandemic, according to ABC.
New orders of manufacturing technology totaled $519.3 million in September 2022, a 13% increase from August, according to a new AMT report.
