It followed two straight months of improvement, retracting further into contraction territory.
Following 2 consecutive monthly decreases, new orders increased $13.2 billion (or 4.7%) to $297.2 billion, the Census Bureau said.
U.S. cutting tool consumption totaled $219.2M, according to the U.S. Cutting Tool Institute and Association For Manufacturing Technology.
Industrial production increased 0.3% during the month and advanced at an annual rate of 2.5% in the third quarter.
Mike Hockett examines the latest economic trending data as it pertains to wholesale distributors, including their revenue expectations through next year.
Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment, according data from the federal government.
Nonresidential construction input prices increased 0.2% for the month as well, according to Associated Builders and Contractors.
More than 40% of the September increase in prices for final demand goods can be traced to a 5.4% rise in the index for gasoline.
Despite rising project financing costs, contractors report lofty backlog, rising employment, expanding sales and stable profit margins.
Year-to-date, however, orders have reached $2.23 billion, 12.6% lower than the first eight months of 2022.
MDM’s September content eyed what a leading distributor looks like in 2030; equipment leasing vs. purchasing considerations; and a deep dive on Ferguson’s market positioning.
The month-to-month growth is a considerable rebound from July’s 2.1% decline, according to the latest Census Bureau data.
