Manufacturing production declined 0.3% in September. This suggests that production slowed after progress over the past four months following the 20.1% decline in manufacturing production experienced between February and April due to the COVID-19 pandemic. Despite progress in recent months, output remained 6.4% below the pre-pandemic pace in February.
Manufacturing data have been mostly solid. New orders for durable goods rose 1.9% in September, with the sector continuing to bounce back from steep declines in the spring. Core capital goods spending rose 1.0% in September to the highest level in six years. New durable goods orders remained down 1.9% year-over-year, but with transportation equipment excluded, orders have risen 1.7% over the past 12 months.