Manufacturing by the Numbers: Industry stats from June 2024

Manufacturing by the Numbers: Industry stats from June 2024

July 4, 2024
Plus, industrial production rose 0.9%

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 May for the second consecutive month

"The Manufacturing PMI registered 48.7% in May, down 0.5 percentage point from the 49.2% recorded in April. The overall economy continued in expansion for the 49th month after one month of contraction in April 2020."

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Business activity declined modestly according to the June 2024 Empire State Manufacturing Survey

"The headline general business conditions index moved up ten points but remained below zero at -6.0. New orders held steady, while shipments inched higher."

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Industrial production rose 0.9% in May

"Manufacturing output posted a similar gain of 0.9% after declining in the previous two months. The index for mining increased 0.3% in May, and the index for utilities advanced 1.6%."

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Manufacturing activity in the Philadelphia region was mostly steady overall

"The diffusion index for current general activity edged down 3 points to 1.3 in June, its lowest reading since January. Twenty-four percent of the firms reported increases in general activity this month, while 23% reported decreases; 50% reported no change."

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New orders for manufactured durable goods in May increased 0.1% to $283.1 billion

"This followed a 0.2% April increase. Excluding transportation, new orders decreased 0.1%. Excluding defense, new orders decreased 0.2%."

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Texas factory activity was flat in June

"The production index, a key measure of state manufacturing conditions, inched up to 0.7 from -2.8 in May. The near-zero reading signals little change in output after a slight decline over the prior period."

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Cutting tool orders reached $214.7 million in April 

"Orders increased 1.1% over March 2024 and grew by 13% over April 2023. Year-to-date shipments totaled $846.1 million, nearly 5% above shipments made in the first four months of 2023."

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Manufacturing activity in the Richmond area slowed in June

"The composite manufacturing index decreased from 0 in May to -10 in June. Of its three component indexes, shipments fell notably from 13 to -9, new orders decreased from -6 to -17, and employment rose from -6 to -2."

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Orders of manufacturing technology reached $317.9 million in April 

"This is a 25.6% decrease from March 2024 but only 5.4% behind orders in April 2023. Orders in 2024 totaled $1.43 billion through April, 16.2% behind orders placed in the first four months of 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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