decreases occurred in professional and business ser- vices and in manufacturing while openings continued to increase in retail trade and leisure and hospitality. Hires and separations were largely unchanged. The strength of the labor market was confirmed by the June employment situation, which showed the U.S. econ- omy added 372,000 jobs in June, and unemployment re- mained stable at 3.6 percent. Shipments and new orders for manufactured durable goods remained strong in May (at +1.2 percent and +0.7 percent, respectively). Despite weaker consumer spend- ing, businesses continue to rebuild inventories. The June ISM Manufacturing PMI contracted to 53 per- cent from 56.1 percent in May, indicating that the expan- sion continues but at a slower pace. New orders dropped 5.9 percentage points to 49.2 percent, signaling that the inventory rebuilding may have run its course. The Semiconductor Industry Association released the latest World Semiconductor Trade Statistics monthly glob- al semiconductor sales numbers for May last Tuesday. While year-over-year monthly sales remained strong in May at 18 percent, they have decelerated throughout the year, indicating the semiconductor market is moving into a cyclical downturn. The question is to what degree will the macroeconomic headwinds described above weaken chip demand? NAM: Consumer Spending (CONT’D FROM PAGE 6)
Box Shipments ( U.S. Corrugated Product Shipments) Industry Shipments In Billions of Square Feet Month March 2022
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
37.675 37.992
-0.8
8.190 8.259
-0.8
Industry Total
Year-to Date
March 2022
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
102.648 102.938
-0.3
8.019 8.170
-1.8
Industry Total
Containerboard Consumption (Thousands of Tons)
Year
Month
Percent Change Year-to-Date Percent Change
2022 2021
3.1027 3.0967
0.2
8.4866 8.4625
0.3
Container Board Inventory - Corrugator Plants (Thousands of Tons)
Corrugator Plants Only
Date
Percent Change Weeks of Supply
Percent Change
Mar. Feb.
2.2693 2.3081
-1.7
3.4 3.5
-2.9
Shipping Days
Year
Month
Year-to-Date
2022 2021
23 23
64 63
SOURCE: Fibre Box Association
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