'Economic activity expanded at a strong pace in the third quarter,' the central bank said in a statement Nov. 1.
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It followed two straight months of improvement, retracting further into contraction territory.
Following 2 consecutive monthly decreases, new orders increased $13.2 billion (or 4.7%) to $297.2 billion, the Census Bureau said.
It dwarfs the 2.1% growth seen in 2023's second quarter.
U.S. cutting tool consumption totaled $219.2M, according to the U.S. Cutting Tool Institute and Association For Manufacturing Technology.
Industrial production increased 0.3% during the month and advanced at an annual rate of 2.5% in the third quarter.
Mike Hockett examines the latest economic trending data as it pertains to wholesale distributors, including their revenue expectations through next year.
Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment, according data from the federal government.
Nonresidential construction input prices increased 0.2% for the month as well, according to Associated Builders and Contractors.
James Dorn joins MDM's Tom Gale to bust the myth of not being able to grow both top-line revenue and margin in challenging market conditions.
More than 40% of the September increase in prices for final demand goods can be traced to a 5.4% rise in the index for gasoline.
The annual sales growth for the 12 months through August 2023 was 5.7%, according to HARDI.
Despite rising project financing costs, contractors report lofty backlog, rising employment, expanding sales and stable profit margins.
Year-to-date, however, orders have reached $2.23 billion, 12.6% lower than the first eight months of 2022.
MDM's September content eyed what a leading distributor looks like in 2030; equipment leasing vs. purchasing considerations; and a deep dive on Ferguson's market positioning.
The month-to-month growth is a considerable rebound from July’s 2.1% decline, according to the latest Census Bureau data.
Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of more than $1.98 trillion.
The latest data shows a reading of 49% for September, the 11th straight month that the Producer Manufacturing Index was in contraction.
Cutting tool consumption totaled $189.6 million, according to the U.S. Cutting Tool Institute and Association For Manufacturing Technology.
Machinery, up four of the last five months, led the increase at $0.2 billion or 0.5% to $37.8 billion.
