Page 10 - FDMAsia JulAug 2024

8 MARKET BEATS JUL/AUG 2024 FDM ASIA | www.fdmasia.com

Dave Weber Durable goods orders and factory shipments
New orders for manufactured durable goods in May, up four
consecutive months, increased $0.3 billion or 0.1 percent to
$283.1 billion, the US Census Bureau announced.

This followed a 0.2 percent April increase. Excluding
transportation, new orders decreased 0.1 percent. Excluding
defence, new orders decreased 0.2 percent. Transportation
equipment, up three of the last four months, drove the increase,
$0.5 billion or 0.6 percent to $95.4 billion.
Shipments of manufactured durable goods in May,
down following three consecutive monthly increases,
co-ops – retreated 0.7 percent from April to a seasonally decreased $1.0 billion or 0.3 percent to $284.7 billion.
adjusted annual rate of 4.11 million in May. Year-over-year, This followed a 1.2 percent April increase. Transportation

sales waned 2.8 percent (down from 4.23 million in May 2023). equipment, also down following three consecutive monthly
Single-family home sales declined to a seasonally adjusted increases, led the decrease, $0.8 billion or 0.8 percent
annual rate of 3.71 million in May, down 0.8 percent from to $92.0 billion.
3.74 million in April and 2.1 percent from the prior year. The On a seasonally-adjusted basis, shipments for furniture
median existing single-family home price was $424,500 in and related products were down (0.4) percent compared
May, up 5.7 percent from May 2023. to the prior month, while new orders were down (1.2)
At a seasonally adjusted annual rate of 400,000 units percent. On a non-adjusted basis, year to date shipments

in May, existing condominium and co-op sales were for furniture and related products were up 0.3 percent
unchanged from last month and down 9.1 percent from one compared to the prior year, while new orders were up
year ago (440,000 units). The median existing condo price 0.2 percent.
was $371,300 in May, up 5.1 percent from the previous
year ($353,300). US furniture market economic Indicators and
According to Freddie Mac, the 30-year fixed-rate mortgage summary
averaged 6.87 percent as of June 20. That’s down from 6.95 Real gross domestic product (GDP) increased at an annual
percent the prior week but up from 6.67 percent one year ago. rate of 1.4 percent in the first quarter of 2024, according
Sales of new single-family houses in May 2024 were at to the ‘third’ estimate released by the Bureau of Economic

a seasonally adjusted annual rate of 619,000, according to Analysis. In the fourth quarter of 2023, real GDP increased
estimates released jointly by the U.S. Census Bureau and the 3.4 percent.
Department of Housing and Urban Development. This is 11.3 The increase in real GDP primarily reflected increases in
percent below the revised April rate of 698,000 and is 16.5 consumer spending, residential fixed investment, non-residential
percent below the May 2023 estimate of 741,000. fixed investment, and state and local government spending
Compared to May 2023 on a seasonally-adjusted basis, that were partly offset by a decrease in private inventory
sales were down (16.5) percent overall with sales up 13.3 investment. Imports increased.

percent in the Midwest, down (17.7) percent in the South, Compared to the fourth quarter, the deceleration in real
(20.9) percent in the West, and (43.8) percent in the Northeast. GDP primarily reflected decelerations in consumer spending,