2024 New Orders – March

Source: U.S. Census Bureau

In March, there was a notable downturn in new orders, averaging a decrease of 0.9 percent or $5.6 million, as per data gathered by the U.S. Census Bureau. Comparing this to March 2023, the most significant surge was observed in the Nondurable Goods Industries sector, with new orders rising by 0.5 percent.

When examining year-over-year trends, all surveyed manufacturing industries showcased negative growth patterns, with only two exceptions. The Primary Metals sector saw the steepest decline at -5.3 percent, trailed by Transportation Equipment at -2.9 percent, Durable Goods industries at -2.3 percent, Machinery at -1.8 percent, and Electrical Equipment, Appliances and Components at -1.7 percent. Meanwhile, orders for Furniture and Related Products experienced a slight 0.3 percent decrease.

On a month-over-month basis, new orders increased by an average of 11.1 percent—equal to $61.4 million—as of March. Contrary to yearly patterns, all sectors surveyed experienced growth in new orders. The most remarkable spike was witnessed in the Transportation Equipment sector, which saw a 25.5 percent rise in new orders. Following closely behind was the Computers and Electronic Products segment, boasting a robust 22.9 percent gain. Durable Goods Industries also experienced a surge of 13.8 percent, while the Electrical Equipment, Appliances and Components sector saw a 10.6 percent uptick.

Conversely, other industries experienced growth rates that fell below the double-digit percentage mark. Nondurable Goods Industries observed a commendable 8.6 percent increase, while the Fabricated Metal Products segment saw a 7.2 percent uptick. Similarly, Machinery orders increased by 7.1 percent, while Primary Metals recorded a 1.4 percent rise.

—Posted on May 29, 2024.

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