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Economy in Brief
Japan’s Trade Surplus Returns Even As Trade Flows Slow
While the IMF has just lifted its outlook for growth in 2018, Japan is logging weaker and weaker export and import growth as the year progresses...
U.S. Industrial Production Strengthens; Factory Output Ticks Higher
The Fed reported that industrial production increased 0.5% (4.3% y/y) during March...
U.S. Housing Starts and Building Permits Recover
Total housing starts in March increased 1.9% to 1.319 million units (SAAR)...
U.S. Gasoline and Crude Oil Prices Strengthen
Retail gasoline prices rebounded to $2.75 per gallon last week (22.8% y/y)...
ZEW Expectations Take a Dive: From Fear to Eternity
Current conditions indexes in the ZEW framework usually do not change by much month-to-month...
by Tom Moeller March 31, 2005
Factory inventories added 0.5% in February to the prior month's 1.5% spurt. Less petroleum inventories which fell 0.4% (16.7% y/y) the total increased 0.6% (8.3% y/y).
Factory shipments fell 0.9% in part reflecting a 2.9% drop in transportation equipment (-5.1% y/y). Less transportation shipments fell 0.6% (+13.3% y/y).
Orders to the factory sector rose 0.2%. The advance report of a 0.3% rise in durable goods was revised to 0.5% (+7.8% y/y). Nondefense capital goods orders less aircraft fell 1.7% (14.2% y/y).
Unfilled orders jumped 0.6%. The ratio of unfilled orders to shipments for durables recovered most of the prior two months' declines.
| Factory Survey (NAICS) | Feb | Jan | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Inventories | 0.5% | 1.5% | 8.6% | 7.5% | -1.3% | -1.8% |
| New Orders | 0.2% | -0.0% | 10.0% | 10.9% | 3.7% | -1.9% |
| Shipments | -0.9% | 1.1% | 10.4% | 10.5% | 2.6% | -2.0% |
| Unfilled Orders | 0.6% | -0.0% | 8.8% | 9.1% | 4.2% | -6.1% |
