A combination of slowly rebounding production activity coupled with quickly rising prices for durable goods has resulted in record-breaking shipments of industrial machinery when measured by dollar value. The April 2021 data from the Bureau of Labor Statistics (BLS) reported that the value of manufacturer’s shipments for industrial machinery hit a multiyear high of $4.2 billion.

The April 2021 value of shipments of industrial machinery hit a 14-year high in part due to strong demand which has inflated prices.

The last time such a 1-month figure was reached was in 2007; however, one would have to go back over 20-years to find an equivalent value of shipments based on a 3-month moving average which blunts any single 1-month reading. The latest one-month reading represents an 18.6% increase from the year-ago reading according to the BLS.  Other forms of machinery which also posted strong growth included farm machinery (+18.5%) and construction machinery (+17.0%). The latest surge in total values has resulted from a modest rebound in production activity coupled with strongly rising prices for durable goods.