Manufacturing by the Numbers: Industry stats from May 2024

Manufacturing by the Numbers: Industry stats from May 2024

June 7, 2024
Plus, manufacturing technology orders reached $435.7 million.

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.

Manufacturing sector contracted in April after one month of expansion

"The Manufacturing PMI registered 49.2 percent in April, down 1.1 percentage points from the 50.3 percent recorded in March. The overall economy continued in expansion for the 48th month after one month of contraction in April 2020."

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Manufacturing activity remained sluggish in New York in May

"The headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady. Unfilled orders continued to decline. Delivery times shortened, and inventories were little changed."

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Philadelphia region saw declines in general manufacturing activity, new orders, and shipments in May

"The diffusion index for current general activity remained positive but declined 11 points to 4.5 in May, mostly undoing its increase from last month. More than 29% of the firms reported increases in general activity this month (down from 38% last month), while 25% reported decreases (up from 22%); 46% reported no change (up from 40%)."

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Manufacturing technology orders reached $435.7 million in March, up 25% from February

"Although the typical bump over February was seen in the data, March 2024 orders were 21.3% below those of March 2023. Year-to-date orders reached $1.13 billion, an 18.6% decline from orders in the first quarter of 2023."

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Richmond region manufacturing activity improved but remained sluggish in May

"The composite manufacturing index increased from -7 in April to 0 in May. Of its three component indexes, shipments increased from -10 to 13, new orders increased from -9 to -6, and employment fell from -2 to -6."

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Texas factory activity edged down in May

"The production index slipped from 4.8 to -2.8. The negative reading signals a slight decline in output from April. Other measures of manufacturing activity also suggested weaker activity this month. The new orders index remained negative, though it inched up to -2.2."

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Industrial production stayed the same in April

"Manufacturing output decreased 0.3 percent; excluding motor vehicles and parts, manufacturing output edged down 0.1 percent. The index for mining fell 0.6 percent, and the index for utilities rose 2.8 percent. At 102.8 percent of its 2017 average, total industrial production in April was 0.4 percentage point lower than its year-earlier level."

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Cutting tool orders reached $212.4 million in March

"This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 1.1% from February’s $214.6 million and down 5.8% when compared with the $225.6 million reported for March 2023. With a year-to-date total of $631.5 million, 2024 is up 2% when compared to the same time period in 2023."

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About the Author

Alexis Gajewski | Senior Content Strategist

Alexis Gajewski has over 15 years of experience in the maintenance, reliability, operations, and manufacturing space. She joined Plant Services in 2008 and works to bring readers the news, insight, and information they need to make the right decisions for their plants. Alexis also authors “The Lighter Side of Manufacturing,” a blog that highlights the fun and innovative advances in the industrial sector. 

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