Second Quarter 2024, U.S Manufacturing Report
I chose this particular period to present as it depicts the impact of pandemic. It also shows the results of President Biden’s economic stimulus targeting manufacturing. And yes, you can also see the impact of the FED on the economy and their actions to normalize growth. It is a simple read.
Yes, there is some politicking going on here also. This is reality and not some politicians blathering about a failed economy. The nation dodged a bullet in a fathering economy.
A good read on Angry Bear is to catch “New Deal democrats” daily reports on the economy.
Quarterly Financial Report: U.S. Manufacturing Financial Report. U.S. Manufacturing, Mining, Wholesale Trade, and Selected Service Industries, Second Quarter 2024.
September 10, 2024 — The U.S. Census Bureau announced the following seasonally adjusted quarterly after-tax profits for manufacturing industries statistics for Second Quarter 2024
After-Tax Profits and Sales, Second Quarter 2024 – Seasonally Adjusted Manufacturing Corporations U.S. manufacturing corporations’ seasonally adjusted after-tax profits in the second quarter of 2024 totaled $210.9 billion, up $7.8 (±1.8) billion from the after-tax profits of $203.2 billion recorded in the first quarter of 2024, and up $10.3 (±1.1) billion from the after-tax profits of $200.6 billion recorded in the second quarter of 2023.
Seasonally adjusted sales for the quarter totaled $1,922.6 billion, not statistically different from the $1,919.0 billion in the first quarter of 2024, but down $62.3 (±34.2) billion from the $1,984.9 billion recorded in the second quarter of 2023.
Nondurable Goods Manufacturers
Nondurable goods manufacturers’ seasonally adjusted after-tax profits in the second quarter of 2024 totaled $92.8 billion, up $14.2 (±1.2) billion from the after-tax profits of $78.6 billion recorded in the first quarter of 2024, and up $8.4 (±1.7) billion from the after-tax profits of $84.4 billion recorded in the second quarter of 2023.
Seasonally adjusted sales for the quarter totaled $947.8 billion, not statistically different from the $943.7 billion in the first quarter of 2024, but down $28.2 (±14.8) billion from the $976.0 billion recorded in the second quarter of 2023.
Durable Goods Manufacturers
Durable goods manufacturers’ seasonally adjusted after-tax profits in the second quarter of 2024 totaled $118.2 billion, down $6.4 (±1.1) billion from the after-tax profits of $124.6 billion recorded in the first quarter of 2024, but up $1.9 (±1.7) billion from the after-tax profits of $116.2 billion recorded in the second quarter of 2023.
Seasonally adjusted sales for the quarter totaled $974.8 billion, not statistically different from the $975.3 billion in the first quarter of 2024, but down $34.1 (±20.5) billion from the $1,009.0 billion recorded in the second quarter of 2023.
Wholesale Trade Corporations
Wholesale trade corporations’ seasonally adjusted sales for the quarter totaled $909.5 billion, not statistically different from the $911.3 billion in the first quarter of 2024, but down $52.2 (±9.4) billion from the $961.7 billion recorded in the second quarter of 2023.
Information Services Corporations
Information corporations’ seasonally adjusted sales for the quarter totaled $432.0 billion, up $6.4 (±2.1) billion from the $425.6 billion recorded in the first quarter of 2024, and up $23.0 (±5.0) billion from the $409.0 billion recorded in the second quarter of 2023.
Professional and Technical Services Corporations (except Legal Services)
Professional and Technical Services corporations’ (except Legal Services) seasonally adjusted after-tax losses in the second quarter of 2024 totaled $3.1 billion, down $3.8 (±0.5) billion from the after-tax profits of $0.7 billion recorded in the first quarter of 2024, but up $13.4 (±1.2) billion from the after-tax losses of $16.5 billion recorded in the second quarter of 2023.
Seasonally adjusted sales for the quarter totaled $214.0 billion, not statistically different from the $215.4 billion in the first quarter of 2024, but down $13.5 (±9.2) billion from the $227.5 billion recorded in the second quarter of 2023.
After-Tax Profits and Sales, Second Quarter 2024 – Not Seasonally Adjusted Manufacturing Corporations
U.S. manufacturing corporations’ second quarter 2024 unadjusted after-tax profits totaled $218.7 billion, up $9.7 (±1.1) billion from the after-tax profits of $209.0 billion recorded in the second quarter of 2023, and up $21.6 (±1.8) billion from the after-tax profits of $197.1 billion recorded in the first quarter of 2024. Unadjusted sales for the second quarter of 2024 totaled $1,961.5 billion, down $64.6 (±34.2) billion from the $2,026.1 billion recorded in the second quarter of 2023, but up $111.6 (±11.2) billion from first quarter 2024 sales of $1,850.0 billion.
Nondurable Goods Manufacturers
Nondurable goods manufacturers’ second quarter 2024 unadjusted after-tax profits totaled $97.3 billion, up 7.8 (±1.7) billion from the after-tax profits of $89.5 billion recorded in the second quarter of 2023, and up 23.8 (±1.2) billion from first quarter 2024 after-tax profits of $73.5 billion.
Unadjusted sales for the second quarter of 2024 totaled $969.3 billion, down $29.7 (±14.8) billion from the 99.0 billion recorded in the second quarter of 2023, but up $59.1 (±8.2) billion from first quarter 2024 sales of $910.2 billion.
Durable Goods Manufacturers
Durable goods manufacturers’ second quarter 2024 unadjusted after-tax profits totaled $121.4 billion, up $1.9 (±1.7) billion from the after-tax profits of $119.5 billion recorded in the second quarter of 2023, but down $2.2 (±1.1) billion from first quarter 2024 after-tax profits of $123.6 billion.
Unadjusted sales for the second quarter of 2024 totaled $992.2 billion, down $35.0 (±20.5) billion from the 1,027.2 billion recorded in the second quarter of 2023, but up $52.5 (±5.3) billion from first quarter 2024 sales of $939.8 billion.
Mining Corporations
Second quarter 2024 unadjusted after-tax profits for mining corporations with assets of $50 million and over totaled $15.5 billion, down $4.7 (±0.1) billion from the after-tax profits of $20.1 billion recorded in the second quarter of 2023, and down $0.8 (±0.0) billion from the after-tax profits of $16.2 billion recorded in the first quarter of 2024.
Unadjusted sales for the second quarter of 2024 totaled $97.9 billion, down $5.5 (±0.5) billion from the $103.4 billion recorded in the second quarter of 2023, and down $4.9 (±0.5) billion from first quarter 2024 sales of $102.8 billion.
Wholesale Trade Corporations
Second quarter 2024 unadjusted after-tax profits for wholesale trade corporations with assets of $50 million and over totaled $25.3 billion, down $4.4 (±0.4) billion from the after-tax profits of $29.7 billion recorded in the second quarter of 2023, but up $9.1 (±0.2) billion from the after-tax profits of $16.1 billion recorded in the first quarter of 2024.
Unadjusted sales for the second quarter of 2024 totaled $919.3 billion, down $52.8 (±9.4) billion from the $972.1 billion recorded in the second quarter of 2023, but up $45.4 (±5.2) billion from first quarter 2024 sales of $873.9 billion.
Information Corporations
Second quarter 2024 unadjusted after-tax profits for information corporations with assets of $50 million and over totaled $76.7 billion, up $8.2 (±0.9) billion from the after-tax profits of $68.5 billion recorded in the second quarter of 2023, but down $6.9 (±1.3) billion from the first quarter 2024 after-tax profits of $83.7 billion.
Unadjusted sales for the second quarter of 2024 totaled $430.2 billion, up $23.1 (±5.0) billion from the $407.1 billion recorded in the second quarter 2023, and up $12.4 (±2.1) billion from first quarter 2024 sales of $417.7 billion.
Professional and Technical Services Corporations (except Legal Services)
Second quarter 2024 unadjusted after-tax losses for professional and technical services corporations (except legal services) with assets of $50 million and over totaled $2.7 billion, up $13.3 (±1.2) billion from the after-tax losses of $16.0 billion recorded in the second quarter of 2023, but down $1.6 (±0.5) billion from first quarter 2024 after-tax losses of $1.1 billion.
Unadjusted sales for the second quarter of 2024 totaled $214.5 billion, down $13.5 (±9.2) billion from the $228.0 billion recorded in the second quarter 2023, but not statistically different from first quarter 2024 sales of $212.6 billion.
Quarterly Financial Report, September 10, 2024
among the externalities:
US manufacturing generates $79B in annual climate costs, study finds – Manufacturing materials such as plastic, steel and cement generates $79 billion in climate damages each year, according to a new study.
A team of researchers at the University of California, Davis, quantified the annual climate costs of producing nine common materials in the United States in a study released Thursday in Environmental Research Letters.
The team used EPA’s social cost of carbon standard to show that the domestic manufacturing sector is generating tens of billions in climate costs, which go unreflected in the materials’ market prices. These hidden climate costs, as quantified by EPA, include the price of mitigating and addressing climate-related disasters.
By putting a direct price tag on the manufacturing sector’s carbon emissions, the researchers hope to draw policymakers’ attention to the need to ensure the damages from carbon emissions get reflected in materials pricing, said the study’s lead author Elisabeth Van Roijen, who completed her Ph.D. at UC Davis earlier this year.
rjs:
Tomorrow I will get a portion of your up. Down to the VA tomorrow too.
Bill
@rjs,
Good to see that discussion. The reason why coal is relatively cheap as an energy source is because the negative externalities–unremediated strip mining, air pollution and ash disposal–are not priced in.
rjs:
Sounds like an excellent topic for a post. Can yrh do such?
US manufacturing generates $79B in annual climate costs, study finds – Manufacturing materials such as plastic, steel and cement generates $79 billion in climate damages each year, according to a new study.