May’s unit orders improve slightly from April’s lowest monthly total since May 2010. However, orders for the month contracted 26.6% compared with a year ago.
In June, the monetary base was $5.002 trillion, which was slightly lower than last month. However, compared with one year ago, June’s monetary base was up 52.7%.
May was the second lowest total for real durable goods new orders since July 2009 and was down 22.3% from one year ago.
May consumer durable goods spending returned to pre-pandemic levels based on strength in appliance, electronics, motor vehicle and part, and pleasure boat spending.
May 2020 was the second highest level of real disposable income ever. However, it was more than $800 billion lower than the income level in April
June Survey Registers Second Month of Slowing Decline in Manufacturing
In May, the annual rate of growth decelerated to 4.4%, which made it the ninth-straight month of growth but the second month of decelerating growth.
Gardner Intelligence providing free access to its 2020/2021 electronics end-market webinar hosted on June 17th, 2020.
In May, durable goods capacity utilization was 57.1%, which was a modest improvement over April. Compared with one year ago, capacity utilization contracted 24.4%.
Every industry segment was contracting at a faster annual rate in May except for electronics and military. Both of these segments were growing at a slower annual rate.
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The annual rate of contraction in cutting tool orders was 9.5%, which was the fastest rate of contraction since August 2016. This contraction was as expected based on the Gardner Business Index.
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