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Economy in Brief

U.S. Factory Orders Decline
by Tom Moeller  August 2, 2012

Orders in the manufacturing sector fell 0.5% in June and retraced their May increase. Expectations were for a 0.3% increase. Durable goods orders increased 1.3%, revised from last week's advance report of a 1.6% rise. Nondurable goods orders (which equal shipments) fell 2.0% (-1.7% y/y) led by a 2.9% drop (-2.4% y/y) in petroleum shipments. Shipments of textile products declined 1.2% (+2.2% y/y), basic chemicals shipments fell 2.1% (-5.4% y/y) and shipments of textile products fell 1.2% (+2.2% y/y). 

Inventories in the factory sector ticked up 0.1% during June offsetting a 0.1% May slip. That lessened the y/y rate of inventory accumulation to 3.4%, down from its 13.6% rate one year ago. Lower rates of inventory accumulation occurred across industries. Unfilled orders rose 0.3% (8.1% y/y) following three consecutive unchanged readings.

The factory sector figures are available in Haver's USECON database. The expectation figure is in AS1REPNA

Factory Sector- NAICS Classification Jun May Apr Y/Y 2011 2010 2009
New Orders -0.5 0.5 -0.7 2.5 11.8 18.0 -23.1
Shipments -1.1 0.3 -0.2 2.9 11.8 11.2 -18.8
Inventories 0.1 -0.1 -0.2 3.4 9.4 8.8 -6.8
Unfilled Orders 0.3 -0.0 -0.1 8.1 10.3 9.6 -19.5
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