Manufacturing by the Numbers: March 2024
The old adage ‘you can't manage what you can't measure’ has never been truer, especially in the industrial sector. Having the right data about your plant, your business, and the industry in general is essential if you want your company to thrive.
This monthly roundup highlights the reports, studies, surveys, and insights that are impacting the manufacturing industry. Here are this month’s stats.
Economic activity in the manufacturing sector contracted in February for the 16th consecutive month"The Manufacturing PMI registered 47.8% in February, down 1.3 percentage points from the 49.1% recorded in January. The overall economy continued in expansion for the 46th month after one month of contraction in April 2020." |
New orders for manufactured goods in January decreased $21.5 billion or 3.6% to $569.7 billion"This followed a 0.3% December decrease. Shipments, down four of the last five months, decreased $5.7 billion or 1.0% to $572.3 billion. This followed a 0.5% December decrease. Unfilled orders, up thirteen of the last fourteen months, increased $2.1 billion or 0.2% to $1,395.1 billion." |
Manufacturing activity fell significantly in New York State in March, with a decline in new orders pointing to softening demand"The new orders index fell eleven points to -17.2, and the shipments index moved down ten points to -6.9, pointing to a decline in orders and shipments. The unfilled orders index held steady at -10.9, a sign that unfilled orders continued to fall." |
Orders of manufacturing technology totaled $338 million in January 2024, a 31% decline from December"The value of orders in January 2024 were at the lowest level for a January since 2021, yet the unit count was the lowest since 2016. This indicates the demand for manufacturing technology is still being driven by orders of highly specialized, automated machinery." |
Industrial production edged up 0.1% in February after declining 0.5% in January"In February, the output of manufacturing rose 0.8% and the index for mining climbed 2.2%. Both gains partly reflected recoveries from weather-related declines in January." |
New orders for manufactured durable goods in February increased $3.7 billion or 1.4% to $277.9 billion"Shipments of manufactured durable goods in February, up following two consecutive monthly decreases, increased $3.5 billion or 1.2% to $282.7 billion. Unfilled orders for manufactured durable goods in February, up eleven of the last twelve months, increased $0.1 billion or virtually unchanged to $1,392.9 billion." |
Texas factory activity weakened in March, with the production index falling five points to -4.1"The new orders index—a key measure of demand—dropped 17 points to -11.8 after briefly turning positive last month. The capacity utilization index edged down five points to -5.7, and the shipments index plunged from 0.1 to -15.4." |
In January 2024, U.S. cutting tool consumption totaled $204.5 million, up 9.1% from December"January cutting tool shipments are a good start to 2024 and indicate that the expected decline will not be as severe as some fourth-quarter predictions that were based on the contraction in durable goods spending." |
About the Author
Alexis GajewskiAlexis Gajewski
Senior Content Strategist
Alexis Gajewski is a manufacturing writer and editor with nearly 20 years of experience covering the people, practices, and technologies that keep industrial facilities running. For more than a decade, she served as Senior Content Strategist for Plant Services, creating content for plant managers, engineers, and maintenance professionals on a variety of industrial topics.
During her tenure, Alexis worked to develop the brand’s digital strategy and helped launch and produce Great Question: A Manufacturing Podcast. She also created The Lighter Side of Manufacturing, a weekly blog that explored the inventive and sometimes humorous side of the industry.
Alexis co-founded Influential Women in Manufacturing, a recognition program that honored 49 women in its first two years, earned an industry award for Best Product Launch, and received a proclamation from Illinois Governor JB Pritzker and a commendation from U.S. Senator Tammy Duckworth.
She also led newsroom operations and development at a large media company where she set editorial standards, developed training curriculum, and helped support AI adoption for more than 150 editors across 80+ brands spanning manufacturing, industrial processing, automation, and more.
Additionally, Alexis works as a freelance writer and editor, and her areas of interest include continuous improvement, the skilled workforce, and the role of emerging technology on the plant floor.
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