It was the fourth consecutive monthly increase, and more than twice the increase of May.
Latest In Economic Trends
Amid cooling inflation, that figure is an acceleration from 1Q's 2.0% growth.
The increase follows a one-month pause in June and despite recent sharp declines in wholesale and consumer inflation rates.
Inconsistent, sluggish revenue numbers dogged some distributors during the second quarter, according to the latest Baird-MDM survey.
The decline reflected a broad industrial deceleration, led by a contraction in consumer durable goods.
MDM's annual Mid-Year Economic Forecast webcast provided a current snapshot of market conditions and what to expect in a likely bumpy road ahead.
The strong growth figures suggest that metal-cutting production has not been drastically affected yet by an industrial slowdown.
Compared with 2022, TEU volume was down 16.1% in June, but up 6.0% from pre-pandemic June 2019, according to Descartes.
Economists polled by the Wall Street Journal had predicted a 0.2% increase in the producer price index, MarketWatch said.
The core June inflation index was up 4.8%, down from May’s 5.3%, and was a bigger decrease than expected.
The South remains the region with the highest backlog, despite being the only region in which backlog declined in June.
This category can only be viewed by members. To view this category, sign up by purchasing MDM Premium Subscription (monthly) or MDM Premium Subscription (annual).
May 2023 sales of merchant wholesalers were $650.2 billion, according to data released by the U.S. Census Bureau.
May orders increased 8.6% over April 2023 but fell short of May 2022 orders, according to The Association For Manufacturing Technology.
Nonresidential construction employment rose by 12,200 positions on net, with positive growth in 2 of the 3 subcategories.
New orders for manufactured goods in May increased $1.6 billion, or 0.3%, to $578.0 billion, according to the Census Bureau.
The CHIPS and Science Act and the Inflation Reduction Act are linked to the recent rise in construction spending, according to the WSJ.
While overall construction spending rose, nonresidential construction spending decreased for the fist time in nearly a year.
Following a 28-month period of growth, economic activity in the manufacturing sector contracted in June for the eighth consecutive month.
That total, which includes petroleum and related products, was down 22.1% year-over-year.
