It’s a significant drop that follows three consecutive monthly increases.
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Cutting tool orders were up 11.7% year-over-year in October.
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Economic data released Dec. 15 show the Chinese economy struggled mightily during the final month of the country's zero-tolerance COVID-19 policy.
Economists had forecasted a 0.1% increase.
It follows three-straight .75-point increases.
Final demand prices had declined 0.4% in July and remained stagnant in August before slightly increasing in each of the past three months.
Orders totaled $457.7 million in October 2022, a 20% drop from the same month last year and down 12% from September.
Construction input prices fell 0.9% in November but remain 40% ahead of February 2020 pre-pandemic levels.
The seasonally adjusted annual rate of $1.795 trillion was 0.3% below the revised September estimate of $1.8 trillion.
The industrial manufacturing barometer fell another 1.2 points from October, continuing its year-long slide.
This increase, up seven of the last eight months, followed a 0.3% increase in September.
U.S. producer prices increased less than expected in October, according to data released by the U.S. Bureau of Labor Statistics.
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The Wall Street Journal reports the layoffs would affect about 3% of corporate staff, not hundreds of thousands of Amazon warehouse workers.
After surpassing its pre-pandemic level in September, backlog is now back below the reading observed at the start of the pandemic, according to ABC.
New orders of manufacturing technology totaled $519.3 million in September 2022, a 13% increase from August, according to a new AMT report.
Last month, the Consumer Price Index was up 7.7% from October 2021, according to data from the Bureau of Labor Statistics.
An economic slowdown within the next 12 months is looking increasingly likely, according to economists.
On a year-over-year basis, industry employment has risen by 266,000 jobs, an increase of 3.6%, according to Associated Builders and Contractors.
