Recent Updates

  • New Zealand: Jobs Online Index (Dec)
  • Euro area: Bank Lending Survey (Q1); Consumer Confidence (Jan-Flash)
  • Greece: Travel Balance of Payments (Nov)
  • Turkey: Consumer Confidence (Jan); Israel: Exports of Services (Nov); South Africa: Business Cycle Indicators (Nov); Qatar: Real Estate Price Index (Dec), Banks Monthly Statements (Dec); Kenya: Foreign Trade, Depository Corporation Survey, Public Finance (Nov)
  • more updates...

Economy in Brief

U.S. Factory Inventories Rise With Transportation Sector Strength
by Tom Moeller  April 2, 2014

Inventories in the factory sector increased 0.7% (2.5% y/y). Transportation equipment inventories gained 1.6% (9.2% y/y) while excluding transportation, inventories rose 0.4% (1.0% y/y). Furniture inventories increased 0.8% (0.3% y/y). Electrical equipment inventories declined 0.6% (-1.4% y/y), off for the seventh month in the last eight. Amongst nondurable goods industries, inventories rose 0.4% (0.1% y/y). Apparel inventories jumped 2.1% (17.6% y/y) and petroleum inventories improved 0.6% (-0.3% y/y). Basic chemical inventories rose 0.4% (-1.0% y/y) but paper product inventories slipped 0.1% (-0.2% y/y).

Orders to all manufactures gained 1.6% (-0.6% y/y) following a 1.0% January decline, revised from -0.7%. Consensus expectations had been for a 1.2% increase. The gain was led by an unrevised 2.2% rise (0.1% y/y) in durable goods orders, led higher by a 13.4% strengthening (-18.4% y/y) in aircraft bookings. New orders excluding transportation gained 0.7% (-0.3% y/y). Orders for nondurable goods (which equal shipments) recovered 1.0% (-1.3% y/y) after a 0.7% January decline. The gain was paced by a 4.9% rebound (0.5% y/y) in textile products while shipments from oil refineries gained 2.0% (-7.2% y/y). Shipments of apparel increased 1.4% (2.4% y/y) but basic chemical shipments were unchanged (-0.7% y/y).

Unfilled orders improved 0.3% (6.4% y/y), but excluding the transportation sector, backlogs were unchanged (5.3% y/y). Backlogs in the machinery sector rose 0.7% (6.9% y/y) and unfilled orders for transportation equipment gained 0.4% (7.0% y/y). Backlogs of electrical equipment increased 0.2% (7.4% y/y). Unfilled orders of furniture declined 1.1% (+0.2% y/) and primary metals were off 0.2% (+11.2% y/y).

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

Factory Sector- NAICS Classification Feb Jan Dec Y/Y 2013 2012 2011
New Orders 1.6 -1.0 -2.0 -0.6 2.7 2.9 12.9
Shipments 0.9 -0.7 -0.3 0.8 2.1 4.0 12.1
Inventories 0.7 0.2 0.5 2.5 2.3 2.4 10.2
Unfilled Orders 0.3 0.0 0.2 6.4 7.0 3.7 10.0
close
large image