Orders for goods are “sluggish”
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Manufacturing News, Source : The Manufacturer US
Published : 06 Nov 2002 12:21
Latest government figures tracking the value of new orders for manufactured goods suggest that July’s apparent recovery may have stalled.
The Department of Commerce Census Bureau reported that August orders decreased slightly to $326.6 billion, following a (revised) 4.4% July increase. Year to date, new orders for 2002 were 2.4% below the same period a year ago. Shipments decreased $1.9 billion or 0.6% to $324.2 billion, following a 1.6% July increase. Year to date, shipments for 2002 were 2.8% below the same period a year ago, while unfilled orders increased $2.4 billion or 0.5% to $491.4 billion, following a 0.1% July increase. Inventories, down 19 consecutive months, decreased slightly to $427.9 billion, following a 0.1% July decrease. New orders for manufactured durable goods in August decreased $0.7 billion or 0.4% to $178.5 billion, revised from the previously published 0.6% decrease. New orders for nondurable goods increased $0.7 billion or 0.5% to $148.1 billion.
Further evidence of a slowdown came from the Institute of Supply Management whose manufacturing index for September showed a drop to 49.5 from 50.5 in August. A reading above 50 indicates that manufacturing activity is expanding; below 50 indicates contraction. “Stagnant and sluggish are apt descriptions for manufacturing at this time,” said ISM chairman Norbert Ore.
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