The U.S. Census Bureau released the July advance report on manufacturers’ shipments, inventories and orders. The report showed a $5 billion or 2.1% increase in new orders for July, bring total orders for the month to $250.4 billion.
This increase, up two consecutive months, followed a 1.8% June increase. Excluding transportation, new orders decreased 0.4%. Excluding defense, new orders increased 1.4%. Transportation equipment, also up two consecutive months, drove the increase, $5.7 billion or 7.0% to $86.3 billion.
Shipments of manufactured durable goods in July, down following two consecutive monthly increases, decreased $2.9 billion or 1.1% to $254 billion. This followed a 1.0% June increase. Transportation equipment, also down following two consecutive monthly increases, led the decrease, $1.8 billion or 2.1% to $86.4 billion.
Unfilled orders for manufactured durable goods in July, up following three consecutive monthly decreases, increased $0.7 billion or 0.1% to $1,161.6 billion. This followed a 0.6% June decrease. Fabricated metal products, up two consecutive months, led the increase, $0.4 billion or 0.4% to $86.5 billion.
Inventories of manufactured durable goods in July, up twelve of the last thirteen months, increased $1.5 billion or 0.4% to $427.3 billion. This followed a 0.3% June increase. Transportation equipment, also up twelve of the last thirteen months, led the increase, $1.4 billion or 1.0% to $141.1 billion.
Nondefense new orders for capital goods in July increased $3.6 billion or 5.0% to $75.8 billion. Shipments decreased $2.3 billion or 3.0% to $74.4 billion. Unfilled orders increased $1.4 billion or 0.2% to $693.6 billion. Inventories increased $1.4 billion or 0.7% to $190.5 billion. Defense new orders for capital goods in July increased $1.5 billion or 14.4% to $11.8 billion. Shipments decreased $0.3 billion or 2.3% to $12.6 billion. Unfilled orders decreased $0.8 billion or 0.5% to $155.9 billion. Inventories increased $0.3 billion or 1.3% to $24.0 billion.
Revised seasonally adjusted June figures for all manufacturing industries were:
New orders: $493.8 billion (unchanged)
Shipments: $505.4 billion (revised from $506.2 billion)
Unfilled orders: $1,161 billion (revised from $1,160.2 billion)
Total inventories: $695.4 billion (revised from $695.6 billion)
The U.S. Census Bureau’s Manufacturers’ Shipments, Inventories, and Orders (M3) survey provides statistics on a calendar-month basis for manufacturers’ value of shipments, new orders (net of cancellations), end-of-month order backlog (unfilled orders), end-of-month total inventory (at current cost or market value), and inventories by stage of fabrication. Data published from the M3 survey are based on a panel of approximately 5,000 reporting units that represent approximately 3,100 companies and provide an indication of month-to-month change for the manufacturing sector.
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