The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent in April, following a 0.4 percent increase in March, as reported by the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index increased by 3.4 percent before seasonal adjustment.
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U.S. Wholesale, Manufacturing, and International Trade Reports Show Mixed Economic Indicators in January 2024
The latest releases from the U.S. Census Bureau offer a comprehensive look into the country’s economic performance in the first month of 2024, encompassing the wholesale trade, manufacturing sector, and international trade activities. The reports highlight varying trends in sales, inventories, new orders, and trade balances, reflecting the intricate dynamics of the U.S. economy amidst ongoing adjustments and external pressures.
Wholesale Trade Sees a Slight Dip in Sales and Inventories
On March 6, 2024, the Census Bureau revealed the wholesale trade figures for January, showcasing a decline in sales and inventories among merchant wholesalers. Sales dropped by 1.7% from December, totaling $657.2 billion, while inventories saw a modest decrease of 0.3% to reach $895.1 billion. These adjustments come ahead of the anticipated revisions based on the 2022 Annual Wholesale Trade Survey, scheduled for March 27, 2024.
Manufacturing Sector Faces Challenges with Decreased Orders and Shipments
The manufacturing sector experienced notable setbacks in January 2024, as reported on March 5. New orders for manufactured goods decreased by 3.6% to $569.7 billion, marking a downward trend for three of the last four months. Similarly, shipments fell by 1.0% to $572.3 billion, continuing a pattern of decline observed over recent months. Despite these challenges, unfilled orders saw a slight increase, suggesting some resilience in certain manufacturing areas.
U.S. International Trade Deficit Widens
The international trade report released on March 7 highlighted a growing deficit in goods and services, reaching $67.4 billion in January, up $3.3 billion from December. While exports marginally increased, imports saw a more significant rise, led by capital goods and automotive vehicles. The report also noted changes in trade balances with key partners, including increases in deficits with Japan and Taiwan, alongside a decrease in the deficit with Vietnam.
(Source: U.S Census Bureau Economic Indicators)
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Key Macroeconomic Trends Shaping the U.S. Economy in February 2024
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