NAM: Manufacturers Adding (CONT’D FROM PAGE 8)
2018, with the sector continuing to recover from sharp declines from COVID-19 disruptions in the spring. New orders grew at the best rate since January 2004, even as hiring declined for the 13th straight month. On a regional level, the Dallas Federal Reserve re- ported that manufacturing activity continued to stabilize, expanding for the first time since February, with respon- dents optimistic about the next six months. New orders for manufactured goods increased 6.4 percent in July, or 2.1 percent with transportation equip- ment excluded. Over the past 12 months, factory orders have fallen 4.9 percent, but encouragingly, core capital goods—a proxy for capital spending in the economy— have declined just 0.2 percent year-over-year after re- cent rebounds. Shipments rose 4.6 percent in July. The U.S. trade deficit rose to the highest level since July 2008, with the goods trade deficit soaring to a new record. Growth in goods imports outpaced the gains in goods exports. The data continue to reflect the drop- off in trade activity year to date, with U.S.-manufactured goods exports down 17.3 percent through the first seven months of 2020 relative to the same period in 2019. Private manufacturing construction spending edged up 0.2 percent in July, but on a year-over-year basis, pri- vate construction spending among manufacturers has decreased 9.9 percent since July 2019.
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September 14, 2020
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