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Economy in Brief

U.S. Factory Sector Orders and Inventories Improve
by Tom Moeller  November 4, 2013

Orders in the manufacturing sector jumped 1.7% (3.0% y/y) during September following two months of decline. Expectations were for a 1.6% rise. Durable goods orders increased 3.8% (7.8% y/y), little changed from last week's advance report. It was driven by a surge in aircraft orders. Shipments of durable goods inched up 0.4% (4.6% y/y). Nondurable goods shipments (which equal orders) slipped 0.2% (-1.1% y/y), as strong monthly gains in apparel (4.0% y/y) and textile mill (5.6% y/y) shipments were offset by a 1.5% decline (-7.4% y/y) in shipments from petroleum refineries. Basic chemical shipments inched up 0.2% (0.1% y/y)

Inventories in the manufacturing sector increased 0.4% during September. It was the firmest monthly increase since January. The y/y rate of inventory accumulation of 1.7% was down, however, from the 2.4% increase last year and a 10.2% rise during all of 2011. Unfilled orders gained 0.9% (6.5% y/y) and the rate of accumulation has picked up versus 3.7% during 2012.

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

Factory Sector - NAICS Classification (%) Sep Aug Jul Y/Y 2012 2011 2010
New Orders 1.7 -0.1 -2.8 3.0 2.9 12.9 16.3
Shipments 0.1 0.2 1.1 1.5 4.0 12.1 11.0
Inventories 0.4 0.2 0.3 1.7 2.4 10.2 9.8
Unfilled Orders 0.9 0.1 0.2 6.5 3.7 10.0 5.4
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