On new orders, machinery had a blow out increase of +7.9% and durable goods orders were up +1.0% from August. In looking over the tables, it appears construction machinery was the driving force.
Inventories dropping to such an extent, yet such positive signs manufacturing is coming to life have to imply some hiring at some point in the near future.
Good news for manufacturing, but we have a long way to go. Last data I can locate, U.S. manufacturing is down to about 12.2% of total U.S. GDP. Obviously relying on the consumer to go shopping as an economic recovery plan isn't workin' out too well.
New orders for manufactured goods in August, down following four consecutive monthly increases, decreased $2.8 billion or 0.8 percent to $352.9 billion, the U.S. Census Bureau reported today. This followed a 1.4 percent July increase. Excluding transportation, new orders increased 0.4 percent.
More bad news on new orders for durable goods, down 2.6%:
New orders for manufactured goods in June, up four of the last five months, increased $1.4 billion or 0.4 percent to $349.0 billion, the U.S. Census Bureau reported today. This followed a 1.1 percent May increase.
Excluding transportation, new orders increased 2.3 percent. Shipments, up following ten consecutive monthly decreases, increased $4.9 billion or 1.4 percent to $358.3 billion. This followed a 0.8 percent May decrease.
Unfilled orders, down nine consecutive months, decreased $6.5 billion or 0.9 percent to $740.2 billion. This was the longest streak of consecutive monthly decreases since November 2001-July 2002. This followed a 0.3 percent May decrease.
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