News & Press

U.S. Manufacturing Profits up $41.3 Billion Q1 from Q4

Fri, 19 Jun 2026 12:23:00 GMT

U.S. manufacturing corporations' seasonally adjusted after-tax profits in the first quarter of 2026 totaled $286.6 billion, up $41.3 (±1.0) billion from the after-tax profits of $245.3 billion recorded in the fourth quarter of 2025, and up $72.1 (±1.0) billion from the after-tax profits of $214.5 billion recorded in the first quarter of 2025.

Seasonally adjusted sales for the quarter totaled $2,121.0 billion, up $50.1 (±5.9) billion from the $2,070.9 billion recorded in the fourth quarter of 2025, and up $145.7 (±19.4) billion from the $1,975.3 billion recorded in the first quarter of 2025.

Producer Price Index Rose 1.1 in May

Fri, 19 Jun 2026 11:59:00 GMT

The Producer Price Index for final demand rose 1.1% in May, seasonally adjusted, the U.S.
Bureau of Labor Statistics reported today. Final demand prices advanced 1.1% in April and
0.7% in March. On an unadjusted basis, the index for final demand increased 6.5% for the 12 months ended in May, the largest 12-month rise since moving up 7.4% in November 2022.

Nearly 80% of the May advance in final demand prices is attributable to a 2.8% increase in the index for final demand goods. Prices for final demand services moved up 0.3%.

The index for final demand less foods, energy, and trade services rose 0.8% in May, the
largest advance since increasing 0.9% in March 2022. For the 12 months ended in May,
prices for final demand less foods, energy, and trade services moved up 5.1%, the largest
12-month rise since jumping 5.5% in October 2022.

Final Demand

Final Demand Goods: The index for final demand goods moved up 2.8% in May, the largest
increase since data were first calculated in December 2009. Eighty percent of the broad-based advance can be traced to a 10.7% jump in prices for final demand energy. The indexes for final demand goods less foods and energy and for final demand foods also rose, 0.8% and 0.6%, respectively.

Product Detail: Over half of the May advance in prices for final demand goods is attributable to a 23.4% increase in the index for gasoline. Prices for diesel fuel, jet fuel, plastic resins and
materials, industrial chemicals, and natural gas liquids also rose. In contrast, the index for pork fell
10.1%. Prices for residential electric power and for sanitary paper products also declined.

Final Demand Services: The index for final demand services moved up 0.3% in May following a 0.7% advance in April. Leading the May increase, prices for final demand services less trade, transportation, and warehousing rose 0.7%. The index for final demand transportation and warehousing services moved up 2.6%. Conversely, margins for final demand trade services decreased 1.1%. (Trade indexes measure changes in margins received by wholesalers and retailers).

Product Detail: Over 40% of the May advance in the index for final demand services can be
traced to a 4.8% rise in prices for portfolio management. The indexes for truck transportation
of freight; securities brokerage, dealing, investment advice, and related services; chemicals and allied products wholesaling; food wholesaling; and airline passenger services also increased. In contrast, margins for machinery and equipment wholesaling fell 1.9%. The indexes for fuels and lubricants retailing and for residential real estate loans (partial) also moved lower.

Intermediate Demand by Commodity Type

Within intermediate demand in May, prices for processed goods increased 3.5%, the index for
unprocessed goods rose 4.9%, and prices for services moved up 0.5%.

Processed Goods for Intermediate Demand: The index for processed goods for intermediate demand rose 3.5% in May, the largest advance since moving up 3.5% in March 2021. Over 60% of the broad-based May increase can be attributed to a 10.4% jump in prices
for processed energy goods. The indexes for processed materials less foods and energy and for processed foods and feeds also moved higher, 1.8% and 0.7%, respectively. For the 12
months ended in May, prices for processed goods for intermediate demand advanced 13.3%,
the largest 12-month rise since increasing 14.3% in August 2022.

Product Detail: Nearly a quarter of the May increase in the index for processed goods for
intermediate demand can be attributed to a 15.7% rise in prices for diesel fuel. The indexes for gasoline, industrial chemicals, jet fuel, plastic resins and materials, and lubricating oil base stocks also advanced. Conversely, prices for pork declined 10.1%. The indexes for asphalt and for particleboard and fiberboard also moved lower.

Unprocessed Goods for Intermediate Demand: Prices for unprocessed goods for intermediate demand moved up 4.9% in May following a 1.5% advance in April. Half of the broad-based May increase can be attributed to a 6.9% jump in the index for unprocessed energy materials. Prices for unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy also rose, 4.8% and 2.6%, respectively. For the 12 months ended in May, the index for unprocessed goods for intermediate demand moved up 22.2%, the largest 12-month advance since increasing 29.2% in September 2022.

Product Detail: More than two-thirds of the May increase in prices for unprocessed goods for
intermediate demand can be traced to an 11.8% advance in the index for crude petroleum.
Prices for corn; slaughter cattle; raw milk; aluminum base scrap; and hay, hayseeds, and oilseeds also rose. In contrast, the index for natural gas decreased 18.2%. Prices for slaughter barrows and gilts and for high-grade recyclable paper also declined.

Philadelphia Business Activity Diffusion Index Rose to 10.3 in June

Thu, 18 Jun 2026 21:46:00 GMT

Manufacturing activity in the region expanded overall, according to the firms responding to the June Manufacturing Business Outlook Survey. The survey’s indicators for general activity and new orders rebounded into positive territory this month. The shipments index moved higher. The employment index also returned to positive territory, although most firms continued to report no changes in employment overall. The prices paid index rose this month, while the prices received index moved down. The firms continue to expect overall growth over the next six months.

Most Current Indicators Improve

The diffusion index for current general activity rose from -0.4 in May to 10.3 in June. Over 32% of the firms reported increases, exceeding the 22% reporting decreases; 45% of the firms reported no change in current activity. The current shipments index rose 10 points to 14.9, and the index for current new orders rose 29 points to 27.3. Over 43% of the firms reported increases in new orders (up from 28% last month), 16% reported decreases (down from 30%), and 41% reported no change in new orders, the latter of which was relatively unchanged from May. The inventories index fell 15 points to -8.5, its lowest reading since July 2024.

The firms reported an increase in employment overall, as the employment index rose 11 points to 7.9 in June, its highest reading since January. Although most firms (74%) reported no change in employment levels this month, 17% reported increases, while 9% reported decreases. The average workweek index fell 8 points to -6.5, its first negative reading since February.

Price Indexes Remain Elevated

On balance, the firms continued to report overall increases in prices. The prices paid index rose 5 points to 53.2 in June. Nearly 54% of the firms reported increases in input prices, 42% reported no change, and almost zero firms reported decreases. The current prices received index moved down 6 points to 20.3, its lowest reading since February, but was still elevated relative to its long-term average. More than 20% of the firms reported increases in the prices of their own goods, 77% reported no change, and no firms reported decreases.

Firms Report Higher Production, Little Change in Capacity Utilization This Quarter

In this month’s special questions, the firms were asked to estimate their total production growth for the second quarter ending this month compared with the first quarter of 2026. A higher share of the firms reported an increase in production (48%) than reported a decrease (22%). Regarding the firms’ capacity utilization for the current quarter and one year ago, the median current capacity utilization rate reported among the responding firms was unchanged at 70% to 80%.

Nearly 74% of the firms reported that uncertainty was at least a slight constraint to capacity utilization in the current quarter, down from 82% when the question was last asked in March. Looking ahead over the next three months, most of the firms expect the impacts of various factors to stay the same. However, 44% of the firms expect the impact of uncertainty to worsen over the next three months, and 36% expect the impact of energy markets to worsen.

Firms Continue to Expect Growth

The diffusion index for future general activity declined 3 points to 50.2 this month. More than 61% of the firms expect an increase in activity over the next six months, 11% expect a decrease, and 16% expect no change. The future new orders index rose 7 points to 60.8, and the future shipments index jumped 15 points to 60.3; both indexes are at five-year highs. The firms continue to expect increases in employment over the next six months, as the future employment index remained elevated at 30.8. The future price indexes moved in different directions but remained above their respective long-run averages: The future prices paid index fell from 70.0 to 63.2, while the future prices received index rose 7 points to 67.2. The index for future capital expenditures rose 10 points to 41.2, its highest reading since June 2021.

Import Capital Goods Prices Increased 1.3 Percent in May

Thu, 18 Jun 2026 20:27:00 GMT

U.S. import prices increased 1.9% in May, the U.S. Bureau of Labor Statistics reported today, following a 2.0% rise in April. Higher prices for fuel imports and nonfuel imports drove the advance in May. Prices for U.S. exports increased 1.3% in May, after rising 3.5% the previous month.

Imports

Prices for U.S. imports advanced 1.9% in May following increases of 2.0% in April and 0.9% in March. Prices for U.S. imports rose 6.7% from May 2025 to May 2026, the largest over-the-year advance since the index increased 7.7% in August 2022.

Fuel Imports: Fuels and lubricants import prices increased 12.5% in May following a rise of 18.6% in April and an advance of 10.2% in March. The 47.0% rise from February to May was the largest three-month advance since the index increased 58.3% for the three-month period ended July 2020.

Higher prices for petroleum and natural gas drove the May advance, increasing 13.0% and 10.4%, respectively. Import fuels and lubricants prices rose 45.1% from May 2025 to May 2026, the largest over-the-year advance since the index rose 46.4% for the 12-month period ended August 2022.

The price index for petroleum imports increased 48.1% over the 12 months ended May 2026 and prices for natural gas imports advanced 35.3% over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.8% in May, after advancing 0.6% in April. In May, higher prices for capital goods; nonfuel industrial supplies and materials; consumer goods, excluding automotives; and automotive vehicles, parts, and engines more than offset lower prices for foods, feeds, and beverages. Nonfuel import prices increased 3.7% from May 2025 to May 2026, the largest over-the-year advance since the index rose 3.9% for the 12 months ended August 2022. Higher prices for capital goods; nonfuel industrial supplies and materials; and consumer goods, excluding automotives, more than offset lower prices for foods, feeds, and beverages as well as automotive vehicles, parts, and engines for the 12 months ended in May.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices decreased 0.1% in May, the first monthly decline since the index fell 0.7% in November 2025. The May drop follows increases of 0.3% in April and 1.1% in March. In May, lower prices for vegetables, fruit, and green coffee more than offset higher prices for other animal and vegetable preparations and products; fish and shellfish; as well as wine, beer, and related products.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials rose 1.0% in May, after a 1.5% increase in April. Higher prices for chemicals and finished nonmetals (boxes, belting, glass, etc.) more than offset lower prices for major nonferrous metals-crude in May.

Finished Goods: Finished goods import prices were up in May. Import capital goods prices increased 1.3% for the month. Higher prices for computers, peripherals, and semiconductors; scientific and medical machinery; and industrial and service machinery drove the advance. The price index for import consumer goods, excluding automotives, increased 0.5% in May, the largest monthly advance since the index rose 1.1% in January 2024. Higher prices for apparel, footwear, and household goods as well as coins, gems, jewelry, and collectibles contributed to the advance in May. Import prices for automotive vehicles, parts, and engines increased 0.3% in May.

Exports

Prices for U.S. exports rose 1.3% in May, the sixth consecutive monthly advance for the index. The monthly rise was led by higher prices for nonagricultural exports; agricultural export prices also contributed to the advance. U.S. export prices increased 11.2% over the 12-month period ended in May, the largest over-the-year advance since the index rose 11.2% from August 2021 to August 2022.

Agricultural Exports: The price index for agricultural exports increased 1.2% in May following a 1.7% advance in April. Agricultural export prices have not recorded a monthly decline since December 2025. Higher prices for dairy products and eggs, meat, and vegetables drove the rise in May.

Agricultural export prices advanced 5.5% over the past 12 months, as higher prices for soybeans, meat, as well as other foods and food preparations drove the increase.

All Exports Excluding Agriculture: Nonagricultural export prices increased 1.2% in May, after rising 7.6% from January to April. Higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods, excluding automotives; and automotive vehicles, parts, and engines drove the advance in May. The price index for nonagricultural exports rose 11.8% from May 2025 to May 2026, the largest over-the-year advance since the index increased 12.9% for the 12-month period ended July 2022. Higher prices for nonagricultural industrial supplies and materials; capital goods; and consumer goods, excluding automotives, contributed to the 12-month rise of the index in May.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 2.4% in May, after rising 7.9% the previous month. Higher prices for petroleum, chemicals, and nonferrous metals more than offset lower prices for natural gas in May.

Finished Goods: Finished goods export prices were up in May. Capital goods prices increased 0.5%. Higher prices for industrial and service machinery; computers, peripherals, and semiconductors; and scientific and medical machinery contributed to the increase. Consumer goods, excluding automotives, prices rose 0.2% in May and prices for automotive vehicles, parts, and engines ticked up 0.1%.

Consumer Prices up 4.2 Percent in May 2026 Y/Y

Wed, 17 Jun 2026 22:22:00 GMT

The all items Consumer Price Index for All Urban Consumers increased 4.2% from May 2025 to May 2026. This was the largest 12-month increase since the index rose 4.9% over the year ended April 2023.

Food prices increased 3.1% from May 2025 to May 2026, as prices for food at home increased 2.7% and prices for food away from home increased 3.5%.

Over the year ended May 2026, energy prices increased 23.5%, after rising 17.9% for the 12 months ended April 2026. A year earlier, in May 2025, the 12-month change in energy prices was a 3.5% decrease.

Excluding food and energy, prices rose 2.9% from May 2025 to May 2026. The shelter index increased 3.4%. Other notable increases over the year included medical care (2.6%), recreation (2.6%), household furnishings and operations (3.0%), and apparel (4.8%).

NY Fed's Business Survey Still Negative in June

Wed, 17 Jun 2026 22:15:00 GMT

Business activity continued to decline modestly in the region’s service sector in June, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index fell four points to -10.1. The business climate index rose 10 points to -37.3, suggesting the business climate was still worse than normal, but less so than last month. Employment rose at the fastest pace in nearly two years, and wage growth picked up. Supply availability continued to worsen, and the pace of input price increases and selling price increases remained elevated. Looking ahead, firms were not very optimistic about the outlook for the next six months.

Activity Declines Modestly

Business activity continued to decline in the New York-Northern New Jersey region, according to the June survey. The headline business activity index fell four points to -10.1. Twenty-seven percent of respondents reported that conditions improved over the month while 37% said that conditions worsened. The business climate index remained deeply negative, but moved up ten points to -37.3, with 15% of respondents reporting a favorable business climate and 53 percent reporting an unfavorable climate.

Employment Growth Picks Up

The employment index jumped nine points to 11.2, its highest level in nearly two years, suggesting employment levels rose notably. The wages index rose 10 points to 36.0, indicating that wage growth picked up. The prices paid index held steady at 72.6, signaling that input prices continued to increase sharply, and the prices received index was little changed at 31.3, a sign that selling price increases also remained elevated. The supply availability index rose five points to -10.6, indicating that supply availability continued to worsen, though less so than last month.

Firms Not Very Optimistic

The index for future business activity was little changed at 8.3, suggesting that firms expect only modest growth in activity over the next six months. Employment is expected to move higher in the months ahead. Firms’ expectations for future input price increases declined notably. Supply availability is expected to continue to worsen, and capital spending plans remained soft.

Pending Home Sales Increased by 3.8% in May

Wed, 17 Jun 2026 22:02:00 GMT

Pending home sales in May increased by 3.8% month-over-month and 4.8% year-over-year. Month-over-month and year-over-year pending home sales rose in the Northeast, Midwest, South and West.

“A late spring buyer rush — even with mortgage rates not budging — is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal,” said NAR Chief Economist Dr. Lawrence Yun. “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth.”

“A late spring buyer rush — even with mortgage rates not budging — is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal,” said NAR Chief Economist Dr. Lawrence Yun. “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth.”

“Going forward, falling oil prices will help lower mortgage rates,” Yun said. “But declines will be modest given sizable borrowing by the federal government and strong AI investment spending by tech companies.”

May 2026 National Pending Home Sales
- 3.8% increase month-over-month
- 4.8% increase year-over-year

US Consumer Confidence Edged Up Again in April

Mon, 11 May 2026 13:52:00 GMT

The Conference Board Consumer Confidence Index® edged up by 0.6 points to 92.8 (1985=100) in April, from 92.2 in March’s upwardly revised reading. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions — retreated by 0.3 points to 123.8. The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — rose by 1.2 points to 72.2. The survey period for this month’s preliminary results was April 1–22, a period that included the temporary two-week ceasefire in the Middle East conflict beginning April 8 and the subsequent rebound in US equities.

“Consumer confidence edged up in April but was overall little changed, despite material concern about rising gasoline prices as the war in the Middle East prompted a surge in Brent crude oil prices,” said Dana M Peterson, Chief Economist, The Conference Board. “Consumer appraisals of current and expected business conditions declined moderately compared to last month. This was offset by modest improvements in consumers’ perceptions of the labor market, both current and expected, as well as income expectations, which were slightly more optimistic in April.”

The Present Situation Index cooled slightly in April, as net views of current business conditions (the share saying conditions are “good” versus “bad”) fell by 1.8 ppts to +4.1%. Perceptions of employment conditions improved slightly, with the labor market differential — the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get” — ticking up by 1.4 ppts to +7.5%. The Expectations Index increased by 1.2 points in April, as two of its three components — net perceptions of labor market and household income conditions six months from now — edged up. Expected business conditions were slightly more pessimistic.

Among demographic groups, confidence continued to trend downward on a six-month moving average basis for consumers aged 35 and up while younger consumers were a tad more confident in April. Respondents under 35 remained the most optimistic and those 55 and over the least.

On a six-month moving average basis, confidence improved among Millennials and Gen Z but declined among older generations. By income, confidence on a six-month moving average basis varied, but most income groups expressed less optimism. By political affiliation, Republicans remained the most optimistic, while confidence fell for Independents and improved slightly for Democrats.

Consumers’ write-in responses on factors affecting the economy continued to skew towards pessimism in April. Comments about prices, oil and gas, and war increased in frequency compared to March — a likely signal of consumers’ underlying worries about how the war in the Middle East will impact their pockets.

A two-week ceasefire and a rebound in stock market indices within the survey-sample period (April 1–22) likely helped ease concerns about financial indicators somewhat in April after spiking in March. Still, consumers remained warry. Consumers’ average and median 12-month inflation expectations ticked downward but continued to be elevated. The percentage of consumers saying interest rates over the next 12 months will be higher on net rose to nearly 50%. Expectations for higher stock prices a year from now ticked up.

Consumers’ net views of their Family’s Current Financial Situation and Family’s Future Financial Situation were both slightly less optimistic in April. Meanwhile, the share of consumers who said a US recession over the next 12 months is “very likely” rose again, while those saying “somewhat likely” or “not likely” fell. The cohort believing the US is already in a recession inched up. (These measures are not included in calculating the Consumer Confidence Index®).

Consumers’ plans to buy big-ticket items over the next six months continued to shift from “yes” and “maybe” in February, to “no” in April. Nonetheless, the proportion saying “yes” remained well above the other responses. Used cars, furniture, TVs, and smartphones remained the most popular items within their respective categories for future purchases. Among pricy items, furniture remains the top expected purchase.

Buying plans for autos continued rising on a six-month moving average basis in April, with used cars remaining the clear preference over new cars. Homebuying expectations staged a mild recovery on a six-month rolling basis for both existing and new units in the month, with consumers continuing to prefer existing homes to newly built ones. Purchase plans for all types of home furnishings, white goods, and electronics on a six-month moving average basis continued to improve in April.

Consumers planning more spending on services over the next six months also shifted from “yes” and “maybe” to “no” in April. Consumer spending trends in 2026 remain focused on “cheap thrills” and necessary services, and away from expensive and highly discretionary activities.

Among services, anticipated spending over the next six months fell for every category in April, except for pet care, which despite the increase was still below its January 2026 all-time peak. Notwithstanding the broad-based month-over-month downshift in future services spending, restaurants/bars/take-out remained the top category for expected purchases. Beauty and personal care and streaming/internet/mobile services followed. Utilities and healthcare continued to rank above hotel/motel for personal travel among the top five future spending categories. This displacement is consistent with the general downtrend in overall future vacation plans over the past six months. In April, travel intentions for six months ahead continued to favor domestic destinations over international travel. However, while foreign travel plans partially recovered in April after collapsing in Q1 2026, domestic travel edged lower in April and has largely moved sideways through the first four months of the year. Overall expected spending on airfare/trains for personal travel fell again in April.

Present Situation

Consumers’ views of current business conditions eroded in April.

22.0% of consumers said business conditions were “good,” up from 21.7% in March.
However, 17.9% said business conditions were “bad,” up from 15.8%.
On net, consumers’ views of the labor market improved moderately in April.
27.3% of consumers said jobs were “plentiful,” virtually unchanged from 27.4% in March.
19.8% of consumers said jobs were “hard to get,” down from 21.3%.

Expectations Six Months Hence

Overall, consumers were slightly more pessimistic about future business conditions in April.

18.9% of consumers expected business conditions to improve, up from 18.1% in March.
Conversely, 23.6% expected business conditions to worsen, up from 21.4%.
However, consumers were less negative about the labor market outlook in April.
16.1% of consumers expected more jobs to be available, up from 15.4% in March.
26.9% anticipated fewer jobs, down from 27.8%.
On net, consumers’ outlook for their income prospects was also slightly more optimistic in April.
18.6% of consumers expected their incomes to increase, down from 19.2% in March.
But only 12.3% expected their incomes to decline, also down from 13.6%.

FTR Reports Preliminary North American Class 8 Net Orders for April Fell to 25,500 Units

Mon, 11 May 2026 13:47:00 GMT

FTR reports North American (N.A.) Class 8 truck/tractor preliminary net orders in April fell 34% month over month (m/m) to 25,500 units; however, growth year over year (y/y) remained in the figurative stratosphere, rocketing 199% versus a very low base in April 2025. April marked the third straight month exceeding 140% y/y growth. Although both on-highway and vocational segments declined sequentially, both contributed to the y/y expansion with on-highway driving the bulk of the increase. Orders totaled 298,105 units over the past 12 months.

While April orders declined from March, the sequential drop largely reflects normal seasonality following March’s elevated level rather than a loss of momentum. Orders for 2026 to date are now up an astonishing 110% y/y, pushing the cumulative 2026 order season growth up to 23%. Demand is being supported by firmer freight rates, tighter capacity, higher utilization, replacement needs, possibly some limited fleet growth among better-positioned carriers, and fleets securing remaining 2026 build slots as part of a moderate EPA 2027 NOx pre-buy to avoid higher equipment costs. However, weak retail truck sales and varied carrier profitability suggest that the recovery is still uneven.

Order boards for 2026 likely will fill earlier than normal as orders are likely to remain significantly elevated y/y until remaining build slots are sold out in the coming months. Public comments from OEMs already suggest build availability is tightening with Q2 slots full at some manufacturers and much of second-half 2026 capacity already spoken for.

Dan Moyer, senior analyst, commercial vehicles, commented, “The abrupt shift in demand in recent months has brought some risks as we have noted previously. One risk is that fleets will act out of ‘fear of missing out,’ or FOMO, to order earlier or in larger quantities than needed to avoid being shut out of 2026 production, thus raising cancellation risks. We still believe that risk is limited unless freight recovery stalls.

“The more notable risk from elevated orders is build execution. Demand is very strong, but OEMs and suppliers must now ramp production from a low Q1 base without creating labor, supply chain, quality, or inventory issues.

“Other risks remain, including uncertainties over regulatory policy and the durability of the freight recovery, elevated financing costs, and geopolitical developments that could keep fuel prices elevated. Overall, April orders reinforce the main message: Class 8 demand remains strong, but the focus is shifting from demand recovery to backlog quality and production execution.”

Preliminary orders may be estimated and are subject to revision when FTR releases final data mid-month as part of its North American Commercial Truck & Trailer Outlook service.

Services PMI® at 53.6%

Mon, 11 May 2026 13:28:00 GMT

Economic activity in the services sector continued to expand in April, say the nation’s purchasing and supply executives in the latest ISM® Services PMI® Report. The Services PMI® registered 53.6%, the 22nd consecutive month in expansion territory.

The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “In April, the Services PMI® registered 53.6%, a decrease of 0.4 percentage point compared to March’s figure of 54%. The Business Activity Index remained in expansion territory in April, increasing 2 percentage points to 55.9% from March’s reading of 53.9%. The New Orders Index registered 53.5%, 7.1 percentage points below March’s figure of 60.6% and 0.4 percentage point below its 12-month average reading of 53.9%. The Employment Index contracted for the second month in a row with a reading of 48%, a 2.8-percentage point increase from the 45.2% recorded in March,” says Miller.

“The Supplier Deliveries Index registered 56.8%, 0.6 percentage point higher than the 56.2% recorded in March. This is the 17th consecutive month that the index has been in expansion territory, indicating slower supplier delivery performance. (Supplier Deliveries is the only ISM® PMI® Reports index that is inversed; a reading of above 50% indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

“The Prices Index held steady at 70.7% in April, the same as March’s figure and repeating its highest reading since October 2022 (70.7%). The index has exceeded 60% for 17 straight months, increasing its 12-month average from 67.2% to 67.7%. Diesel, gasoline, oil and related price increases were the most frequently mentioned commodities up in price in April.

“The Inventories Index registered 53.1%, down 1.7 percentage points from March’s figure of 54.8% and its second straight month-over-month decrease. The Inventory Sentiment Index expanded for the 36th consecutive month, registering 55.1%, up 0.8 percentage point from March’s figure of 54.3%, 0.6 point below its 12-month average. The Backlog of Orders Index remained in expansion territory for a third straight month for the first time since February 2023, registering 53% in April, a 0.6-percentage point decrease from the March figure of 53.6%. The New Export Orders and Imports indexes both remained in expansion territory for the third month in a row. The New Export Orders Index increased to 52.1%, 1.4 percentage points above its March reading of 50.7%, and the Imports Index registered 54.7%, a decrease of 0.5 percentage point compared to its March reading of 55.2%.

“Fourteen industries reported growth in April, one more than in March, and the number reporting contraction remained at three. The April Services PMI® reading of 53.6% is 1.1 percentage points above the 12-month average of 52.5%. That average is an uptick of 0.2 percentage point over March’s 12-month average of 52.3%.”

Miller continues, “April’s Services PMI® features the fourth month in a row with an increase in the 12-month PMI® average, up 0.8 percentage point from 51.7% in December 2025 to its current 52.5%. The Prices Index was flat but remained above 70%, amid sustained higher oil and fuel costs. The Supplier Deliveries Index indicated slower performance compared to March, coming in at 3.9 percentage points above its 12-month average. Increases in the Business Activity, Supplier Deliveries, and Employment indexes were more than offset by a 7.1 percentage point drop in the New Orders Index. Ongoing commentary that increased ordering is related to getting ahead of future price increases seems to have been more applicable to March than April; however, the Backlog of Orders Index remained in expansion territory, well above its 12-month average of 46.4%.

“Exports and imports activity remains strong and have expanded for three months in a row for the first time since a four-month run from July through October 2024. For the second month in a row, there are no commodities in the report listed as down in price, with aluminum, copper, lumber, petroleum products and software licensing continuing multi-month runs of being up in price. There were several comments from respondents stating that they have yet to see petroleum price increases impacting petroleum-related products, so we expect to see continued elevated readings for the Prices Index for several months — regardless of when the conflict in Iran ends — due to these costs working their ways through global supply chains.”

Home Sales Report Shows 3.6% Decrease in March

Mon, 11 May 2026 12:57:00 GMT

Existing-home sales decreased by 3.6% month-over-month in March, according to the National Association of REALTORS® Existing-Home Sales Report. The report provides the real estate ecosystem — including agents, homebuyers and sellers — with data on the level of home sales, price, and inventory.

“March home sales remained sluggish and below last year’s pace,” said NAR Chief Economist Dr. Lawrence Yun. “Lower consumer confidence and softer job growth continue to hold back buyers.”

Month-over-month sales fell in all four regions. Year-over-year sales rose in the South and West and fell in the Northeast and Midwest.

“Inventory remains a major constraint on the market,” Yun said. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”

“Because inventory remains limited, the median home price rose to a new record high for the month of March,” Yun added. “That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years.”

NAR also revised its 2026 housing forecast. Due to the upward trajectory of mortgage rates, NAR now expects existing-home sales to increase 4% this year, down from the previous projection. New-home sales are now expected to remain flat, a downward revision from the prior forecast of a 5% gain. The median home price forecast remains unchanged, with prices still projected to rise 4% in 2026.

“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” said Yun. “Even with a more modest pace of sales growth, home prices continue to steadily increase due to minimal inventory growth.”

National Snapshot

Total Existing-Home Sales for March

3.6% decrease in existing-home sales month-over-month to a seasonally adjusted annual rate of 3.98 million.
1.0% decrease in sales year-over-year.

Inventory in March

1.36 million units: Total housing inventory, up 3.0% from February and 2.3% from March 2025.
4.1-month supply of unsold inventory, up from 3.8 months last month and up from 4.0 months one year ago.

Median Sales Price in March
$408,800: Median existing-home price3 for all housing types, up 1.4% from one year ago ($403,100) — the 33rd consecutive month of year-over-year price increases.

Housing Affordability in March
The Housing Affordability Index fell slightly to 113.7 in March, down from 117.5 in February and up from 104.2 a year ago.

Unemployment Down 26,000 Week Ending April 25

Thu, 7 May 2026 00:55:00 GMT

In the week ending April 25, the advance figure for seasonally adjusted initial claims was 189,000, a decrease of 26,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 214,000 to 215,000. The four-week moving average was 207,500, a decrease of 3,500 from the previous week's revised average. The previous week's average was revised up by 250 from 210,750 to 211,000.

The advance seasonally adjusted insured unemployment rate was 1.2% for the week ending April 18, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 18 was 1,785,000, a decrease of 23,000 from the previous week's revised level. The previous week's level was revised down by 13,000 from 1,821,000 to 1,808,000. The four-week moving average was 1,797,250, a decrease of 11,750 from the previous week's revised average. The previous week's average was revised down by 3,250 from 1,812,250 to 1,809,000.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 179,765 in the week ending April 25, a decrease of 26,668 (or -12.9%) from the previous week. The seasonal factors had expected a decrease of 1,724 (or -0.8%) from the previous week. There were 224,021 initial claims in the comparable week in 2025.

The advance unadjusted insured unemployment rate was 1.2% during the week ending April 18, unchanged from the prior week. The advance unadjusted level of insured unemployment in state programs totaled 1,785,439, a decrease of 63,704 (or -3.4%) from the preceding week. The seasonal factors had expected a decrease of 41,574 (or -2.2%) from the previous week. A year earlier the rate was 1.2% and the volume was 1,898,153.

The total number of continued weeks claimed for benefits in all programs for the week ending April 11 was 1,880,515, a decrease of 35,858 from the previous week. There were 1,909,033 weekly claims filed for benefits in all programs in the comparable week in 2025.
No state was triggered "on" the Extended Benefits program during the week ending April 11.

Initial claims for UI benefits filed by former Federal civilian employees totaled 446 in the week ending April 18, a decrease of six from the prior week. There were 361 initial claims filed by newly discharged veterans, a decrease of 19 from the preceding week.

There were 9,343 continued weeks claimed filed by former Federal civilian employees the week ending April 11, a decrease of 691 from the previous week. Newly discharged veterans claiming benefits totaled 4,565, an increase of 82 from the prior week.

The highest insured unemployment rates in the week ending April 11 were in New Jersey (2.5), Massachusetts (2.2), Washington (2.2), California (2.1), Rhode Island (2.1), New York (2.0), Minnesota (1.9), Illinois (1.8), Oregon (1.8), Nevada (1.7), and Puerto Rico (1.7).
The largest increases in initial claims for the week ending April 18 were in New York (+2,885), California (+1,590), Tennessee (+1,562), Kentucky (+1,179), and South Carolina (+1,115), while the largest decreases were in New Jersey (-4,280), Pennsylvania (-2,742), Virginia (-1,528), Wisconsin (-1,248), and Indiana (-1,150).

Personal Income Decreased $18.2 Billion

Thu, 7 May 2026 00:50:00 GMT

Personal income decreased $18.2 billion (0.1% at a monthly rate) in February, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI) — personal income less personal current taxes — decreased $18.3 billion (0.1%), and personal consumption expenditures (PCE) increased $103.2 billion (0.5%).

This report for February 2026, originally scheduled for March 27, 2026, was rescheduled due to the October–November 2025 government shutdown.

Personal outlays — the sum of PCE, personal interest payments, and personal current transfer payments — increased $106.5 billion in February. Personal saving was $931.5 billion in February, and the personal saving rate — personal saving as a percentage of DPI — was 4.0%.

The decrease in current-dollar personal income in February primarily reflected decreases in personal dividend income and personal current transfer receipts.

The $103.2 billion increase in current-dollar PCE in February reflected increases of $58.7 billion in spending on goods and $44.5 billion in spending on services.

Real PCE increased $17.3 billion (0.1% at a monthly rate) in February.

From the preceding month, the PCE price index for February increased 0.4%. Excluding food and energy, the PCE price index also increased 0.4%.

From the same month one year ago, the PCE price index for February increased 2.8%. Excluding food and energy, the PCE price index increased 3.0% from one year ago.

Q1 2026 GDP Increased 2.0 Percent

Thu, 7 May 2026 00:47:00 GMT

Real gross domestic product (GDP) increased at an annual rate of 2.0% in the first quarter of 2026 (January, February, and March), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2025, real GDP increased 0.5%.

Compared to the fourth quarter of 2025, the acceleration in real GDP in the first quarter of 2026 reflected upturns in government spending and exports, and an acceleration in investment that were partly offset by a deceleration in consumer spending. Imports turned up.

Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, increased 2.5% in the first quarter, compared with an increase of 1.8% in the fourth quarter.

The price index for gross domestic purchases increased 3.6% in the first quarter, compared with an increase of 3.7% in the fourth quarter. The personal consumption expenditures (PCE) price index increased 4.5%, compared with an increase of 2.9%, and the PCE price index excluding food and energy increased 4.3%, compared with an increase of 2.7%.

Personal Income Increased $149.2 Billion in March

Thu, 7 May 2026 00:44:00 GMT

Personal income increased $149.2 billion (0.6% at a monthly rate) in March, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI) — personal income less personal current taxes — increased $142.5 billion (0.6%), and personal consumption expenditures (PCE) increased $195.4 billion (0.9%).

Personal outlays the sum of PCE, personal interest payments, and personal current transfer payments — increased $198.6 billion in March. Personal saving was $857.3 billion in March, and the personal saving rate — personal saving as a percentage of DPI — was 3.6%.

The increase in current-dollar personal income in March primarily reflected increases in compensation and farm proprietors’ income that were partly offset by a decrease in other government social benefits.

The $195.4 billion increase in current-dollar PCE in March reflected increases of $132.6 billion in spending on goods and $62.9 billion in spending on services.

Real PCE increased $39.6 billion (0.2% at a monthly rate) in March.

From the preceding month, the PCE price index for March increased 0.7%. Excluding food and energy, the PCE price index increased 0.3%.

From the same month one year ago, the PCE price index for March increased 3.5 percent. Excluding food and energy, the PCE price index increased 3.2% from one year ago.

Compensation Costs Increased 0.9 Percent in Q1

Wed, 6 May 2026 01:06:00 GMT

Compensation costs for civilian workers increased 0.9%, seasonally adjusted, for the three-month period ending in March 2026, the U.S. Bureau of Labor Statistics reported. Wages and salaries increased 0.8% and benefit costs increased 1.2% from December 2025.

Compensation costs for civilian workers increased 3.4%, not seasonally adjusted, for the 12-month period ending in March 2026. Wages and salaries increased 3.4% and benefit costs increased 3.6% over the year.

Compensation costs for private industry workers increased 0.9%, seasonally adjusted, for the three-month period ending in March 2026. Wages and salaries increased 0.7% and benefit costs increased 1.3% from December 2025.

Compensation costs for private industry workers increased 3.4%, not seasonally adjusted, for the 12-month period ending in March 2026. Wages and salaries increased 3.4% and benefit costs increased 3.6% over the year. Inflation-adjusted (constant dollar) wages and salaries increased 0.1% over the year.

Compensation costs for state and local government workers increased 1.0%, seasonally adjusted, for the three-month period ending in March 2026. Wages and salaries increased 1.0% and benefit costs increased 1.2% from December 2025.

Compensation costs for state and local government workers increased 3.5% not seasonally adjusted, for the 12-month period ending in March 2026. Wages and salaries increased 3.4% and benefit costs increased 3.6% over the year. Inflation-adjusted (constant dollar) wages and salaries increased 0.1% over the year.

Chicago Business Barometer™ & Eased to 49.2 in April

Wed, 6 May 2026 00:59:00 GMT

The Chicago Business BarometerTM, produced with MNI, eased 3.6 points to 49.2 in April. The Barometer saw a second consecutive fall and is now back in contractionary territory after three months above the neutral 50 mark.

The fall was driven by declines in Order Backlogs, New Orders, Supplier Deliveries and Production. A rise in Employment provided some offset.

Order Backlogs contracted 11.4 points, back in contractionary territory after one month above 50.

There was both an increase in the share of respondents reporting smaller backlogs and a decrease in the share reporting larger backlogs.

New Orders fell 6.5 points, back below 50 after three months in expansionary territory. The proportion of respondents reporting fewer orders more than tripled in April.

Supplier Deliveries trimmed 3.7 points, though the index remains in expansion for a fifteenth consecutive month.

Production softened 1.3 points, but remained in expansionary territory for the fourth straight month.

Employment rebounded 7.9 points, mostly unwinding March’s sharp drop, but remained below 50. The proportion of respondents reporting larger employment increased to its highest since August 2022.

Prices Paid increased 5.4 points to the highest level since June. Respondents cited oil, metals and transportation fuel surcharges as key drivers.

Inventories dipped 0.9 points.

The survey ran from April 1 to April 14.

April 2026 Manufacturing PMI® at 52.7%

Wed, 6 May 2026 00:49:00 GMT

Economic activity in the manufacturing sector expanded in April for the fourth consecutive month, say the nation’s supply executives in the latest ISM® Manufacturing PMI® Report.

The report was issued today by Susan Spence, MBA, Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee.

“The Manufacturing PMI® registered 52.7% in April, the same reading as March. The overall economy continued in expansion for the 18th month in a row. (A Manufacturing PMI® above 47.5%, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index expanded for the fourth straight month after four straight readings in contraction, registering 54.1%, up 0.6 percentage point compared to March’s figure of 53.5%.

The April reading of the Production Index (53.4%) is 1.7 percentage points lower than March’s reading of 55.1%.

The Prices Index remained in expansion (or ‘increasing’ territory), registering 84.6%, a 6.3-percentage point jump from March’s reading of 78.3%. In the last three months, the Prices Index has increased 25.6 percentage points to reach its highest level since April 2022 (84.6%).

The Backlog of Orders Index registered 51.4%, down 3 percentage points compared to the 54.4% recorded in March. The Employment Index registered 46.4%, down 2.3 percentage points from March’s figure of 48.7%,” says Spence.

“The Supplier Deliveries Index indicated slowing performance for the fifth month in a row after one month in ‘faster’ territory. The reading of 60.6% is up 1.7 percentage points from the 58.9% recorded in March; the index has risen in each of the last five months, meaning delivery times are increasingly slowing. (Supplier Deliveries is the only ISM® PMI® Reports index that is inversed; a reading of above 50% indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

“The Inventories Index registered 49%, up 1.9 percentage points compared to March’s reading of 47.1%. The Customers’ Inventories Index reading of 39.1% is a 1-percentage point decrease compared to March.

“The New Export Orders Index reading of 47.9% is 2 percentage points lower than the reading of 49.9% registered in March, making it the second month in a row in contraction territory. The Imports Index registered 50.3%, 2.3 percentage points lower than March’s reading of 52.6%.”

Spence continues, “In April, U.S. manufacturing activity remained in expansion territory, growing at the same pace as the month before. Of the five subindexes that make up the PMI®, the New Orders and Supplier Deliveries indexes indicated faster growth compared to the previous month, the Production Index grew at a slower rate, and the Employment and Inventories indexes remained in contraction.

“In this second month of the Iran War (at the time of data collection), 31% of the comments were positive and 69% negative, with a positive to negative sentiment ratio of 1 to 2.2. Among comments, the war was mentioned in 47% and tariffs in 18%. As was the case last month, some panelists referenced both topics within a single comment or in mixed sentiment.

“Two of four demand indicators (the New Orders and Backlog of Orders indexes) remain in expansion, although the Backlog of Orders Index dropped 3 percentage points compared to March. The New Export Orders Index remained in contraction with a 2-percentage point decrease, and the Customers’ Inventories Index remains in ‘too low’ territory, contracting at a slightly faster rate. A ‘too low’ status for the Customers’ Inventories Index is usually considered positive for future production.

“Regarding output, the Production Index is in expansion for the sixth month in a row (although it lost ground compared to March), and the Employment Index decreased by 2.3 percentage points and remains in contraction. Among panelists, 60% indicated that managing head counts remains the norm at their companies as opposed to hiring, and of those managing head counts, 34% are using layoffs and 43 percent using attrition or not backfilling positions.

“Finally, inputs (defined as supplier deliveries, inventories, prices, and imports) had another month of mixed results. The Supplier Deliveries Index indicated increasingly slowing deliveries, the Inventories Index contracted at a slower rate, and the Prices Index vaulted again — up another 6.3 percentage points to 84.6%, from 78.3% in March, and the highest reading from April 2022, when it was also at 84.6%. The Imports Index lost 2.3 percentage points for a reading of 50.3%, compared to 52.6% in March.

“Looking at the manufacturing economy, 19% of the sector’s gross domestic product (GDP) contracted in April, compared to 16% in March, and the percentage of manufacturing GDP in strong contraction (defined as a composite PMI® of 45% or lower) decreased to 2%, compared to 4% in March. The share of sector GDP with a PMI® at or below 45% is a good metric to gauge overall manufacturing weakness. Of the six largest manufacturing industries, four (Transportation Equipment; Machinery; Computer & Electronic Products; and Chemical Products) expanded in April,” says Spence.

The 13 manufacturing industries reporting growth in April — listed in order — are: Textile Mills; Nonmetallic Mineral Products; Primary Metals; Plastics & Rubber Products; Miscellaneous Manufacturing; Transportation Equipment; Machinery; Electrical Equipment, Appliances & Components; Paper Products; Fabricated Metal Products; Computer & Electronic Products; Chemical Products; and Furniture & Related Products. The three industries reporting contraction in April are: Wood Products; Petroleum & Coal Products; and Food, Beverage & Tobacco Products.

Sales Up 5.5 Percent in February M/M

Wed, 6 May 2026 00:44:00 GMT

Sales
The combined value of distributive trade sales and manufacturers’ shipments for February, adjusted for seasonal and trading day differences but not for price changes, was estimated at $2,014.8 billion, up 1.7% (±0.2%) from January 2026 and was up 5.5% (±0.5%) from February 2025.

Inventories
Manufacturers’ and trade inventories for February, adjusted for seasonal and trading day differences but not for price changes, were estimated at an end-of-month level of $2,686.8 billion, up 0.4% (±0.1%) from January 2026 and were up 1.3% (±0.4%) from February 2025.

Inventories/Sales Ratio
The total business inventories/sales ratio based on seasonally adjusted data at the end of February was 1.33. The February 2025 ratio was 1.39.

Motor Fuel Prices Increased 29.4 Percent M/M

Wed, 6 May 2026 00:40:00 GMT

The Bureau of Transportation Statistics (BTS) released monthly motor fuels prices for April 2026.

In April 2026, the average price for regular motor gasoline was $4.10 per gallon; up 12.8% from March 2026 and up 29.4% from April 2025.

By region, the average price for regular motor gasoline in April 2026 was and year-over-year change:

• West Coast: $5.38 (up 26.5%)
• Central Atlantic: $4.08 (up 30.1%)
• New England: $3.98 (up 35.3%)
• Rocky Mountain: $3.94 (up 25.6%)
• Lower Atlantic: $3.86 (up 30.5%)
• Midwest: $3.83 (up 26.5%)
• Gulf Coast: $3.71 (up 35.2%)

The average price for diesel no. 2 was $5.50 in April 2026, up 11.8% from March 2026, and up 54.2% from April 2025.

International Trade Deficit $98.5 Billion in December

Thu, 9 Apr 2026 13:07:00 GMT

Advance International Trade in Goods

The international trade deficit was $98.5 billion in December, up $15.8 billion from $82.8 billion in November. Exports of goods for December were $180.0 billion, $5.6 billion less than November exports. Imports of goods for December were $278.6 billion, $10.2 billion more than November imports.

Advance Wholesale Inventories

Wholesale inventories for December, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $917.2 billion, up 0.2% (±0.4%) from November 2025, and were up 2.8% (±1.1%) from December 2024. The October 2025 to November 2025 percentage change was unrevised from the preliminary estimate of up 0.2% (±0.2%).

Advance Retail Inventories

Retail inventories for December, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $812.5 billion, virtually unchanged (±0.2%) from November 2025, and were up 0.8% (±0.5%) from December 2024. The October 2025 to November 2025 percentage change was revised from the preliminary estimate of down 0.1% (±0.2%) to down 0.5% (±0.2%).

Consumer Prices up 2.4 Percent Over Year Ended February 2026

Wed, 8 Apr 2026 21:30:00 GMT

From February 2025 to February 2026, the Consumer Price Index for All Urban Consumers (CPI-U) increased 2.4%. Food prices increased 3.1% as prices for food at home rose 2.4% and prices for food away from home rose 3.9%. Energy prices increased 0.5% and the index for all items less food and energy increased 2.5%.

Despite a 42.1% drop in the price of eggs, the meats, poultry, fish, and eggs index rose 0.4% over the year ended February 2026. Prices for other categories of food at home, including nonalcoholic beverages and beverage materials (5.6%), other food at home (3.3%), cereals and bakery products (2.7%), and fruits and vegetables (2.7%), also increased over the year. Within food away from home, prices increased for full service meals and snacks (4.6%) and limited service meals and snacks (3.2%).

From February 2025 to February 2026, prices for energy services increased 6.3% as natural gas prices rose 10.9% and electricity prices rose 4.8%. In contrast, prices for gasoline (an energy commodity) fell 5.6%.

Within all items less food and energy, prices for commodities less food and energy increased 1.0% and prices for services less energy increased 2.9%. Price increases for services included 4.1% for medical care services, 3.0% for shelter, and 2.2% for transportation services.

Trailer Industry Backlogs Fell in February

Wed, 8 Apr 2026 21:24:00 GMT

According to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report, end-of-2025 challenges remained on the horizon as the trailer industry entered 2026.

“Cancellations gyrated wildly throughout 2025, before returning to a more subdued rate to start 2026. February’s rate of 0.5%, as a percentage of backlog, fell well below the target range for the first time in 13 months, following an improved but still-elevated 1.6% reading in January,” said Jennifer McNealy, Director–CV Market Research & Publications at ACT Research. “Data continued to show elevated cancellations in the tank segments, coming primarily from carriers and attributed to a decline in oil/gas activity. However, if high oil prices continue, tank trailer cancellations are unlikely to continue at elevated levels.”

“After two consecutive months of net orders significantly outpacing build and pumping some lifeblood into the anemic backlogs, the tide receded in February,” McNealy continued. “Backlogs fell 1.5% sequentially, or about 1.1k units. Given the annual order cycle is coming to an end, and it’s now typically the time to build down the backlog, the question remains truckers’ near-term appetite for trailers. Much like 2025, the issue today remains a shallow backlog.”

McNealy concluded, “In addition to weak backlogs, the industry is facing relatively soft demand, financing concerns, tariffs known, the uncertainty of tariffs to come, weak carrier profits and low freight volumes, and low levels of capital spending balanced against high input costs (metals in particular). And those on the front lines are waiting, knowing a ramp in demand is coming but worried about the industry’s ability to meet it if it is too steep and quick.”

ACT Research’s State of the Industry: U.S. Trailers report provides a monthly review of the current U.S. trailer market statistics, as well as trailer OEM build plans and market indicators divided by all major trailer types, including backlogs, build, inventory, new orders, cancellations, net orders, and factory shipments. It is accompanied by a database that gives historical information from 1996 to the present, as well as a ready-to-use graph packet, to allow organizations in the trailer production supply chain, and those following the investment value of trailers, trailer OEMs, and suppliers to better understand the market.

Philadelphia Fed Survey Shows Decline in March

Wed, 8 Apr 2026 21:04:00 GMT

Nonmanufacturing activity in the region declined this month, according to the firms responding to the March Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level and new orders were both negative, while the sales/revenues index moved higher. The firms reported overall decreases in both full- and part-time employment. Both price indexes continued to indicate overall increases in prices, but the prices received index fell below its long-run average. Expectations for growth over the next six months were less widespread this month.

Current Indexes Are Mixed

The diffusion index for current general activity at the firm level fell 14 points to -8.3, its first negative reading since June. More than 19% of the firms reported increases (down from 28% last month), 27% reported decreases (up from 22%), and 54% reported no change in activity (up from 50%). The new orders index rose 5 points to -4.7, remaining negative for the second consecutive month. Almost 19% of the firms reported increases in new orders, 23% reported decreases, and 35% reported no change. The sales/revenues index rose from 8.2 to 13.2. Almost 34% of the responding firms reported increases in sales/revenues, while 21% reported decreases. The regional activity index fell 7 points to -23.9 this month, its lowest reading since May.

Firms Report Overall Decreases in Employment

The full-time employment index fell 22 points to -11.3 this month, its lowest reading since August 2024. Almost 14% of the firms reported decreases in full-time employment (up from 8% last month), 2% reported increases (down from 19%), and 81% reported steady employment levels (up from 70%). The part-time employment index fell 13 points to -7.2 this month, its lowest reading since May.

Firms Continue to Report Price Increases

Price indicator readings suggest continued increases in prices for inputs and prices for the firms’ own goods and services, although both indexes moved down this month. The prices paid index ticked down 2 points to 39.1. Almost 44% of the respondents reported higher input prices, 36% reported no change, and 4% reported decreases. Regarding prices for the firms’ own goods and services, the prices received index fell 13 points to 9.3 this month, its lowest reading since June. Almost 18% of the firms reported increases in prices received, and 8% reported decreases. Most of the firms (60%) reported no change in prices for their own goods and services.

Firms were Mixed on Quarterly Sales/Revenues

In this month’s special questions, the firms were asked to estimate their total sales/revenues growth for the first quarter ending this month compared with the fourth quarter of 2025; they were also asked about factors constraining business operations. Equal shares of respondents (41%) expected increases and decreases in first-quarter sales/revenues. In the current quarter, nearly 89% of the firms reported uncertainty as at least a slight constraint on business operations, similar to when this question was last asked in December. Over 77% of the firms cited energy markets as at least a slight constraint, up from 38% last quarter. Looking ahead over the next three months, most of the firms expect the impacts of energy markets and uncertainty to worsen.

Future Indicators Decline

The future general activity indexes continued to suggest the firms expect growth at their own companies over the next six months, but expectations were less widespread this month. The diffusion index for future general activity at the firm level fell 19 points to 12.5, its lowest reading since December. Thirty-six percent of the firms expect an increase in activity at their firms over the next six months, 24% expect decreases, and 40% expect no change. The future regional activity index also fell, declining 16 points to -1.6, its first negative reading since December.

February Used Truck Sales Exceeded Seasonal Expectations

Wed, 8 Apr 2026 20:56:00 GMT

According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks by ACT Research, same dealer used Class 8 retail truck sales had a breakout month in February.

“The 23% m/m increase was directionally consistent with, but much greater than, the expected 4% seasonal gain. February is usually the sixth weakest sales month of the year, running about 2% below average,” said Steve Tam, Vice President at ACT Research. He continued, “The auction and wholesale markets also both improved in February. Auction volumes ballooned 127% m/m as they recovered from their typical first month of the quarter blues. Wholesale dealer activity increased 22% m/m. Combined, February total market same dealer sales volumes surpassed January by 51%.”

“The used Class 8 average retail sale price was flat m/m in February, slipping just $25, to $55,215. Longer term, prices were 2.6% higher y/y,” Tam explained.

ACT’s Used Classes 3-8 report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers, to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.