Recent Updates

  • US: New Res Sales (Mar), S&P Case Shiller Home Price Indexes, FHFA HPI (Feb), Final Building Permits (Mar)
  • US: Steel Imports (Mar-Prelim)
  • US: Richmond Fed Mfg & Service Sector Surveys (Apr)
  • US: Consumer Confidence (Apr)
  • Belgium: Business Confidence (Apr)
  • US: Regional Building Permits (Mar and YTD)
  • Ireland: Bank Lending Survey (Q2)
  • France: BdF Bank Lending Survey (Q2)
  • more updates...

Economy in Brief

U.S. Factory Orders, Inventories & Backlogs Rise
by Tom Moeller  July 5, 2011

Manufacturing orders recovered 0.8% during May after a 0.9% April drop. Consensus expectations were for a 0.9% rise. For durable goods only, orders rose 2.1% which was revised up slightly from 1.9% reported initially. Nondurable goods orders, which equal shipments, slipped 0.2% (+16.5% y/y) due to a 2.6% decline (+42.2% y/y) in oil refineries. Apparel shipments also fell 0.9% (+2.7% y/y) but chemical shipments rose 2.2% (12.0% y/y).

Inventories in the factory sector rose 0.8% (13.3% y/y) during May. Durable inventories jumped 1.3% (13.2% y/y). The rise was countered, however, as lower prices caused a 3.0% decline (+47.4% y/y) in oil refineries. That led a 0.1% slip in the nondurable total. Elsewhere, apparel inventories rose 0.9% (24.3% y/y) and basic chemicals rose 1.4% (7.3% y/y). Growth in unfilled orders accelerated to 0.9%. The 6.3% y/y gain still masks, however, the strength of a 13.7% rise in backlogs less the transportation sector. It was led by a one-third gain in backlogs of machinery and a 22.0% gain in electrical equipment, appliances & components.

The factory sector figures are available in Haver's USECON database.

New Study Shows That Economic Slack Must Be Below or Above Certain Levels To Have A Meaningful Effect On Inflation from the Federal Reserve Bank of New York can be found here.

Factory Sector - NAICS Classification (%) May Apr Mar Y/Y 2010 2009 2008
Orders 0.8 -0.9 3.8 13.3 12.9 -17.7 0.5
Shipments 0.1 -0.4 3.1 11.9 8.6 -18.5 2.3
Inventories 0.8 1.5 1.4 13.3 8.7 -6.8 -2.1
Unfilled Orders 0.9 0.6 0.7 6.3 3.9 -15.2 4.3
close
large image