2024 New Orders

As of August, new orders fell by an average of 0.6 percent, amounting to $3.9 million, based on data from the U.S. Census Bureau. However, three sectors showed improvement compared to August 2023. The Computers and Electronic Products sector saw a significant 3.2 percent increase in new orders, while Furniture and Related Products posted a 1.1 percent gain. Fabricated Metal Products saw a modest 0.2 percent rise.

Year-over-year, nearly all surveyed manufacturing industries experienced negative growth, except for these sectors. The Primary Metals sector faced the steepest decline, with orders dropping 1.9 percent. The Electrical Equipment, Appliances and Components sector saw a 1.1 percent decrease, and the Machinery sector recorded a 0.9 percent dip. Nondurable Goods Industries followed with a 0.8 percent decline, while Transportation Equipment orders fell by 0.6 percent.

Month-over-month growth

On a month-over-month basis, new orders grew by 4.5 percent, totaling $25.8 million as of August. Growth was seen in all but one sectors. Transportation Equipment led with a 13.2 percent surge, followed by a 10.5 percent increase in Electrical Equipment, Appliances and Components. Durable Goods Industries posted a 7.5 percent gain, and Computers and Electronic Products saw a 6.5 percent rise. Fabricated Metal Products orders increased by 5.8 percent.

In contrast, the Furniture and Related Products segment posted the largest monthly decline, falling by 0.5 percent. Nondurable Goods Industries saw a modest 1.8 percent increase, while the Primary Metals sector grew by 3.5 percent. Orders in Machinery rose by 3.8 percent.

—Posted on October 30, 2024.