Economic Data and Growth
Aircraft Orders Pull Factory Demand Lower, While Shipments Continue to Advance
New orders for manufactured goods decreased 1.3% in May after increasing 5.3% in April. Meanwhile, new orders for manufactured goods rose 5.1% over the year. When excluding transportation, new orders stepped up 1.9% over the month and 5.5% year-over-year in May. Orders for durable goods fell 4.5%, following an 8.5% jump in April. Year to …
Global Manufacturing Growth Weakens with Hiring and Optimism Losing Ground
In June, growth in global manufacturing weakened from May, decreasing from 52.7 to 52.2. Output and new orders both improved but at slower paces than the prior month. Meanwhile, lead times lengthened and remain near four-year highs. Employment declined while inventory levels continued to grow as firms prepare for anticipated supply chain disruptions and further …
Texas Factory Activity Slows, but Uncertainty Eases
In June, Texas factory activity expanded at a slower pace after weakening the prior month. The production index decreased from 9.4 to 4.1, remaining below the series average of 9.6. The new orders index stepped down 4.1 points to 2.3, while the capacity utilization index rose 2.1 points to 7.3, slightly below the series average …
Manufacturing Growth Moderates as Optimism Weakens
The S&P Global U.S. Manufacturing PMI was 53.9 in June, down from 55.1 in May, signaling weaker growth. Production rose in June, while supported by domestic demand, new orders continued to grow but at their softest pace since March. At the same time, employment fell, while optimism declined to its lowest level since October 2025. …
Labor Demand Strengthens and Hiring Holds Steady
Job openings for manufacturing rose by 33,000 to 529,000 in May. At the same time, the April job openings level of 496,000 was revised upward from 474,000 in the previous report. Nondurable goods openings in May increased 13,000 to 175,000, while durable goods job openings moved up 20,000 to 354,000. The manufacturing job openings rate …
Payroll Growth Slows, While Manufacturing Adds Jobs
Nonfarm payroll employment increased by 57,000 in June, coming in below expectations. Meanwhile, April’s job gain was revised downward by 31,000 to a gain of 148,000, while May’s job gain was revised downward by 43,000 to 129,000 jobs. The 12-month average stands at 42,200 jobs gains per month. Healthcare and social assistance exhibited the most …
Fifth District Manufacturing Slows, but Future Outlook Improves
Manufacturing activity in the Fifth District rose at a slower pace in June after moving up in May, with the composite manufacturing index decreasing from 13 to 4. At the same time, local business conditions turned negative, moving down from 5 to −3 in June. Despite a weakening of current business conditions, manufacturers are more …
Manufacturing PMI Reaches 49-Month High, but Factory Hiring Drops
The S&P Global Flash U.S. Manufacturing PMI rose for the 11th consecutive month from 55.1 to 55.7 in June, a 49-month high. Factory production improved at its fastest rate since July 2021, while new orders growth saw the largest rise since April 2022. Meanwhile, manufacturing employment saw its largest decline since May 2020 amid concerns …
Tenth District Factory Activity Gains Ground
Manufacturing activity grew at a faster pace in the Tenth District in June, with the month-over-month composite index rising to 11 in June from 8 in May. Meanwhile, expectations for future activity were unchanged at 19. The month-over-month activity growth was due to gains in both durable and nondurable manufacturing. At the same time, all …
Housing Starts Drop Sharply, Led by Multifamily Pullback
Building permits decreased 0.7% in May and 0.2% over the year. Permits for single-family homes in May rose 0.6% but fell 1.8% over the year. At the same time, permits for buildings with five or more units declined 3.5% from April but increased 3.0% over the year. In May, housing starts fell 15.4% from April …
