NAM: Manufacturing Rebounds For The Second Straight Month
According to Chad Moutray, Chief Economist at the Na- tional Association of Manufacturers (NAM), manufactur- ing production rebounded for the second straight month, rising by 3.8 percent and 7.2 percent in May and June, respectively. “In June, all 19 major manufacturing sectors had in- creases in production, as the industry attempts to recover from steep declines since February,” said Moutray. “Yet, it will take a while for output to get back to prerecession levels. On a year-over-year basis, manufacturing has de- clined 11.2 percent, with durable and nondurable goods output down 14.3 percent and 7.4 percent, respectively.” Manufacturing capacity utilization registered 60.0 per- cent in April, the lowest rate in the data’s history, which dates to January 1948, and it increased to 62.3 percent in May and 66.9 percent in June. It registered 75.2 percent in February. Regionally, manufacturers in the New York and Phil- adelphia Federal Reserve Bank districts both reported expanding activity in July, with rebounding new orders and employment. With the motor vehicle sector continuing to come back online, Michigan created the most net new manu- CONTINUED ON PAGE 6
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July 27, 2020
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