U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales.
Manufacturers reported another widespread downturn in May, according to the monthly purchasing managers' survey published by the Institute for Supply Management .
The forward-looking new orders component slumped to just 42.6 signalling activity is likely to continue falling for several more months at least.Because manufacturing output is closely correlated with consumption of distillate fuel oils and industrial electricity use, the downturn is filtering through into significant reductions in energy consumption.
Electricity sales to industrial customers also fell in seven of the eight months ending in February 2023, again the most recent data available .
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