U.S. Construction Machinery New Orders for the 12 months through June were down 11.2% from 1 year ago; weakness in the construction and mining markets suggests additional decline is likely. U.S. Farm Machinery and Equipment Supplies were also down 17.9% from the year ago level.
June monthly Europe Agricultural and Forestry Machinery Production was down 1.5% from 1 year ago. However, declining export volumes indicate severe contraction in the coming quarters.
While Germany Industrial Production was down 22.1% in the second quarter, the Germany Purchasing Managers index for Manufacturing was up from July 2019, showing signs of positivity moving into 2021.
U.S. Defense Capital Goods New Orders continues to show positivity with an increase in June New Orders compared to the previous year. Further growth is in this sector is anticipated.
NOTE: All data for charts supplied by ITR Economics