2024 New Orders
Not seasonally adjusted; $ in millions
Source: U.S. Census Bureau
As of February, new orders increased by an average of 3.6 percent, translating to $19.4 million, according to data from the U.S. Census Bureau. Compared to February 2023, the most substantial rise came from the Fabricated Metal Products sector, where new orders climbed by 7.1 percent. The Computers and Electronic Products segment followed with a 6.5 percent gain, Durable Goods Industries recorded a 4.5 percent increase, followed by Transportation Equipment, where orders were up by 4.4 percent.
Year-over-year, all surveyed manufacturing industries displayed positive growth trends. As of February, the smallest increase came from the Furniture and Related Products sector, where the rate stood at 2.4 percent. Meanwhile, orders recorded a 2.8 percent increase for Nondurable Goods Industries. At the same time, the Machinery sector recorded a 3.3 percent increase.
On a month-over-month basis, new orders increased by an average of 3.3 percent—equal to $17.9 million—as of February. Consistent with yearly patterns, all sectors surveyed experienced positive growth in new orders. Transportation Equipment saw the most remarkable surge at 13.6 percent. Orders for Furniture and Related Products climbed by 7.2 percent, Durable Goods Industries saw a 6.3 percent increase, and the Computers and Electronic Products sector posted a 3.6 percent shift. Machinery orders closely followed with a 3.0 percent growth rate.
Meanwhile, orders for the other industries recorded growth rates below the 3 percent mark. Nondurable Goods Industries observed a 0.7 percent increase, while the Electrical Equipment, Appliances and Components segment experienced a 2.4 percent increase. At the same time, orders for Fabricated Metal Products were up by 2.5 percent, while Primary Metals registered a 2.6 percent increase.
—Posted on April 29, 2024.
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