New manufacturing orders for iron and steel mills and ferroalloy and steel product manufacturing fall 0.9 percent in June


New orders for iron and steel mills and ferroalloy and steel product manufacturing decreased $91 million, or 0.9 percent, to $10.23 billion in June, according to a U.S. Census Bureau report which was released in August.

The previous month saw new orders for the same products decrease by 0.1 percent.

The Census Bureau provides monthly broad-based data on current economic conditions as well as indicators of future production commitments in manufacturing. The statistics are a good indicator for future economic conditions.

Data is collected from approximately 3,100 companies representing manufacturers with $500 million or more in annual shipments. It is broken down into 89 industry categories of units that may be divisions of diversified companies, homogenous companies or single-unit manufacturers.

The statistics include the value of shipments as provided by manufacturers, new orders (net of cancellations), end-of-month order backlog/unfilled orders, end-of-month total inventory, materials and supplies, work in progress, and finished goods inventories at current market value or costs.

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