Shipments of heating and cooling equipment continued to rebound in February, now up for the third consecutive month. HVAC equipment shipments totaled 1.727 million units, up 2.9% from January and up 3.7% from 1.665 million units in February 2023.
Prices paid by consumers continued to climb faster than market expectations. The March Consumer Price Index saw prices for all goods increase 3.48% compared to last year, the fastest increase since September. Within the overall CPI, both food and energy prices increased compared to year ago levels, climbing 2.2% and 2.1%, respectively. Compared to last March, the shelter component increased 5.7%, accounting for over 60% of the total increase.
After contracting for sixteen consecutive months, economic activity in the manufacturing sector expanded in March. The March ISM Manufacturing Index came in at 50.3, up from 47.8 in February and up from 46.3 last March. This is the highest monthly reading since September 2022.
After contracting for sixteen consecutive months, economic activity in the manufacturing sector expanded in March. The March ISM Manufacturing Index came in at 50.3, up from 47.8 in February and up from 46.3 last March. This is the highest monthly reading since September 2022.The production and new order components both rebounded, climbing 6.2 and 2.2 points, respectively. The increase in new orders points to firming demand for manufactured goods and suggests inventories are more aligned with sales.
New orders for manufactured durable goods increased in February after sliding the previous two months. New orders increased to a $277.9 billion rate, up 1.4% from January and followed a 6.9% decline in January.
New orders for manufactured durable goods increased in February after sliding in the previous two months. New orders increased to a $277.9 billion rate, up 1.4% from January and followed a 6.9% decline in January.
February new housing starts came in at a 1.521 million unit rate, up 10.7% from January and up 5.9% from the 1.436 million unit rate in February 2023. This is the fourth consecutive month in which starts increased on a year-over-year basis. While both single-family and multi-family starts increased in February, single-family starts led the push higher.
Price paid by U.S. consumers climbed 0.62% from January and 3.15% from February 2023. This year-over-year increase followed the two-and-half-year low of a 3.09% increase in January. Prices paid for goods, excluding food and energy, increased 0.57% from January and were up 3.75% from February last year. This was the lowest year-over-year increase in prices paid since April 2021.
U.S. light vehicle sales totaled 1.248 million units, up 16.6% from January and up 9.6% from 1.139 million unit rate in February 2023. Sales have now increased, on a year-over-year basis, for nineteen consecutive months. This was the highest February sales total since 2020.
Almost every industry is feeling the effects of raw material supply constraints. Click the article to find out why housing, automotive, and even computer companies are experiencing a tight squeeze on materials.
