2024 New Orders

As of July, new orders increased by an average of 3.7 percent year-over-year, totaling $20.8 million, according to the latest data from the U.S. Census Bureau. The largest year-over-year growth was observed in the Furniture and Related Products category, where new orders surged by 7.7 percent compared to July 2023. Meanwhile, the Nondurable Goods Industries sector posted a solid 4.5 percent increase, closely followed by a 4.2 percent rise in the Fabricated Metal Products sector.

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During the same period, the Durable Goods Industries segment saw a more moderate 2.9 percent uptick, with Transportation Equipment orders growing by 2.8 percent, Machinery rising by 2.3 percent, and Primary Metals recording a 2 percent increase. Both the Computers and Electronic Products and Electrical Equipment, Appliances, and Components sectors experienced smaller gains, each posting a 1.8 percent rise in new orders.

Month-over-month growth

On a month-over-month basis, new orders decreased by an average of 3.1 percent, or $18.4 million. In contrast to the annual trend, most sectors saw a drop in new orders compared to June 2024. The only exception was the Furniture and Related Products segment, where orders rose by 1.4 percent. Meanwhile, the Nondurable Goods Industries sector remained virtually unchanged.

Across nearly all industries, July recorded negative month-over-month growth. The steepest decline occurred in the Computers and Electronic Products sector, where new orders plummeted by 17.6 percent. Similarly, the Electrical Equipment, Appliances, and Components sector experienced an 11.2 percent drop, while the Machinery sector reported a 7.3 percent decrease. The Transportation Equipment sector saw a 6.7 percent decline, closely followed by a 6.4 percent drop in the broader Durable Goods Industries.

—Posted on September 30, 2024.