New orders for manufactured products rose 2.0% from May to June, jumping to a record $555.2 billion, according to the U.S. Census Bureau.
The details: Excluding transportation equipment, manufacturing orders increased 1.4%, to $462.4 billion, also an all-time high.
- New orders for core capital goods (i.e., nondefense capital goods excluding aircraft, a proxy for capital spending) increased to another record, $74.0 billion.
- Factory shipments rose 1.1%, to the all-time high of $551.9. On a year-to-date basis, factory shipments have jumped 14.8%.
- Core capital goods shipments rose 0.7%, to a record $73.4 billion.
The last word: “Overall, the manufacturing sector continues to be resilient despite worries about the economic outlook and lingering supply chain, workforce and inflationary concerns,” NAM Chief Economist Chad Moutray said.
- “While other measures have reflected softening of activity in the sector, often at the weakest paces in two years, these data show that manufacturers continue to expand nonetheless.”