Recent Updates
- US: Employment Situation (Feb), Intl Trade (Jan)
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Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller October 4, 2005
Factory inventories slipped 0.1% in August following an upwardly revised 0.6% gain in July. To emphasize a notion that the turn toward inventory restocking has not yet begun, factory inventories less petroleum gave back most of the prior month's gain, fell 0.2% and have been virtually unchanged since March.
Electrical equipment inventories fell 0.1% (+2.5% y/y) for the fourth straight monthly decline. Computer inventories also slipped 0.2% (-0.5% y/y), primary metal inventories fell 0.5% (+17.6% y/y) for the third consecutive monthly drop and fabricated metals fell for the fourth consecutive month, off 0.4% (+7.1% y/y). Machinery inventories rose 0.4% (9.7% y/y) led by turbines and construction machinery.
Factory shipments surged 1.7% following a downwardly revised July gain. Less a 4.7% jump in shipments from petroleum refineries, factory shipments surged 1.4% (3.6% y/y). Electrical equipment shipments jumped 2.1% (6.0% y/y) and machinery rose 1.4% (8.4% y/y).
Factory sector orders reversed all of a a deepened 2.5% decline in July. The advance report of a surge in durables orders was little revised and they rose 3.3%.
Unfilled orders added 1.6% to the 1.0% jump in July. Nondefense aircraft & parts (32.5% y/y) again led the strength with a 3.9% surge. Less the transportation sector altogether, backlogs rose 1.8% (9.0% y/y) and the ratio of unfilled orders to shipments continued a moderate climb.
Factory Survey (NAICS) | Aug | July | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Inventories | -0.1% | 0.6% | 5.3% | 7.7% | -1.1% | -5.4% |
New Orders | 2.5% | -2.5% | 7.5% | 9.3% | 3.5% | -2.5% |
Shipments | 1.7% | 0.1% | 5.8% | 9.5% | 1.5% | -2.5% |
Unfilled Orders | 1.6% | 1.0% | 10.1% | 8.4% | 8.0% | -8.5% |