Though less than expected, the latest rise in the wholesale inflation gauge suggests Federal interest rate cuts could be further delayed.
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It's another posititive indicator for the U.S. industrial economy, following a strong PMI reading at the start of April.
It was a solid rebound from a 3.8% decline in January.
During the first two months of the year, spending was up 11.9% from the same period in 2023.
At long last, U.S. manufacturing activity appears to be back in the black.
It followed a January monthly decrease of 0.2%.
A modest February increased followed a January that had the sharpest one-month decline since April 2020.
The buying group's quarterly membership survey showed considerable optimism among distributors despite potential headwinds later this year.
The distributor’s major acquisition of Dominion Electric is just the latest piece in what has been a rapid 13-year expansion. Mike Hockett breaks down what Dominion adds to Border States and how it aligns with its growth history.
Meanwhile, the U.S. central bank maintained the federal funds interest rate for a seventh-straight month.
The modest increase followed a weaker January that was revised downward from its previous estimate.
While oil & gas led the March downward revision for 2024, 10 of 19 total industry verticals likewise trended more pessimistic.
The figures raise concerns about lingering inflation amid a weakened industrial business cycle.
Consumption also increased 4.1% year-over-year, rebounding from December's declines.
By order value, January was the lowest level since January 2021, while the unit count was its lowest since 2016.
Respondents indicated staffing remains their top challenge — though weakening — and that new recent regulations will take significant time and costs to understand and comply with.
The latest Census Bureau figures indicate January was a weakened month for sales, both month-to-month and year-over-year.
The figure was boosted by an additional billing day, but the month was still a considerable rebound when excluding that factor.
It was the third decline in the past four months, and much sharper than December’s.
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