Upswing due to new orders for non-defense aircraft and parts
Yesterday’s Commerce Department report that manufactured durable products increased by 7.8 percent in September and climbed to a record-high $226.7 billion shows that, “America’s industrial base is taking off on the wings of aircraft manufacturers,” said David Huether, chief economist for the National Association of Manufacturers.
“The rise marks the biggest monthly gain in new orders for durable goods since manufacturing entered recession in mid-2000,” Huether said.
The upswing in orders last month was largely due to new orders for non-defense aircraft and parts, which soared 183.2 percent in September, the largest single monthly gain in four years.
“With over half of domestic aircraft production destined for markets overseas, today’s report is a good omen for U.S. exports, which is critical for the U.S. economy to maintain healthy growth in coming quarters,” Huether continued.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey