CHICAGO U.S. metal
producers shipments rose 1.8 percent in October following
a 5.7-percent drop in September, while new orders grew 7.5
percent, more than reversing a 5.4-percent decline the previous
The value of primary metal
producers shipments totaled nearly $28.35 billion last
month, while new orders were valued at more than $28.57
billion, the latest Census Bureau data show.
shipments in October were valued at $28.87 billion, a
3.3-percent improvement from the previous month but not quite a
recovery from a 4.6-percent decline in September. New orders
totaled $28.1 billion, rebounding 2.7 percent from a
4.5-percent dip in September.
remain robust. Primary metal producers shipments and new
orders grew 14.6 percent and 12.7 percent, respectively,
compared with October last year, while fabricated metal
shipments and orders improved 4.7 percent and 4 percent,
Manufactured durable goods
shipments slipped 0.6 percent in October to a seasonally
adjusted $222.21 billion, according to the Census Bureau, while
new orders were flat at $216.95 billion. "The weakness was
mostly confined to motor vehicles (down 1.6 percent) and
civilian and defense aircraft (down 5.8 and 4.3 percent)," Paul
Edelstein, economist at IHS Global Insight Inc., Lexington,
Mass., said. "Excluding transportation, new orders actually
increased 1.5 percent."
Orders for core capital
equipment grew by the strongest rate since May, but "downgraded
earnings projections due in part to weaker overseas growth and
recession in Europe offer businesses little incentive to expand
capacity," Edelstein said. "As long as the fiscal cliff does
not pull us back into recession, business capital investment
should recover next year."