The month-to-month growth is a considerable rebound from July’s 2.1% decline, according to the latest Census Bureau data.
New orders for manufactured goods in August — which were up five of the last six months — increased $6.7 billion or 1.2% over July to $586.1 billion, the U.S. Census Bureau reported Oct. 5. This followed a 2.1% decrease the prior month.
Economists polled by news outlet Reuters had forecasted just 0.2% month-to-month growth for August. The news outlet also reported that low weekly jobless claims and a shrinking trade deficit is likely boosting the nation’s current economic picture despite a yearlong threat of a potential slowdown.
The August figure also coincides with the September PMI improving for a third consecutive month to its highest mark since November 2022.
Shipments, up four consecutive months, increased $7.7 billion or 1.3% to $586.0 billion in August. This followed a 0.7% July increase, the bureau said.
Unfilled orders, up eight of the last nine months, increased $5.0 billion or 0.4% to nearly $1.336 trillion. This followed a 0.5% July increase. The unfilled orders-to-shipments ratio was 6.78, down from 6.80 in July.
Inventories, up two consecutive months, increased $2.8 billion or 0.3% to $855.4 billion. This followed a 0.1% July increase. The inventories-to-shipments ratio was 1.46, down from 1.47 in July, the bureau said.
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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