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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
U.S. Initial Unemployment Insurance Claims Slip
Initial claims for jobless insurance eased to 213,000 (-2.6% y/y) during the week ended January 12...
Passenger Car Registrations Hold to Low Ground in Europe
Passenger car registrations in Europe fell on a year-over-year comparison for the fourth consecutive months in December...
by Tom Moeller August 4, 2015
New orders in the manufacturing sector increased 1.8% during June (-6.2% y/y) following a 1.1% May decline. The rise roughly matched expectations in the Action Economics Forecast Survey. Durable goods orders rose 3.4% (-3.0% y/y) following 2.3% decline. These figures were unchanged from the advance release. A roughly two-thirds increase in nondefense aircraft bookings (11.2% y/y) powered the rise. Orders excluding the transportation sector altogether rose 0.5% (-6.2% y/y) after a 0.1% dip. Nondurable goods orders (which equal shipments) improved 0.4% (-8.0% y/y) following no change. Petroleum refinery shipments gained 1.7% (-28.4% y/y) after a 2.4% increase. Food products shipments eased (-0.9% y/y) for the sixth straight month. Apparel shipments gained 0.4% (0.3% y/y) following a 0.9% jump and paper product shipments fell 0.9% (-2.1% y/y) after a 1.1% decline. Basic chemical shipments improved 0.4% (-0.9% y/y) and reversed the May decline. Shipments of durable goods improved 0.5% (3.5% y/y) after they declined during four of the prior five months.
Unfilled orders remained unchanged (4.6% y/y), also following declines in four of the prior five months. Backlogs excluding the transportation sector eased 0.1% (0.6% y/y). Unfilled orders of nondefense aircraft rose 0.5% (11.3% y/y).
Inventories in the factory sector rose 0.6% (-0.1% y/y) following a 0.1% uptick. Durable goods inventories increased 0.6% (4.0% y/y). Computes & electronic product inventories gained 0.7% (4.7% y/y) following a 0.3% easing. Nondurable goods inventories gained 0.4% (-5.9% y/y) as petroleum refinery inventories rose 2.4% (-28.7% y/y). Food product inventories fell 0.4% (-1.5% y/y) and reversed May's rise. Apparel inventories rose 0.2% (13.7% y/y) after 1-to-2 percent increases in the prior two months. Paper product inventories gained 0.5% (2.4% y/y). Basic chemical inventories improved 0.1% (-2.8% y/y) following seven consecutive months of decline.
The factory sector figures are available in Haver's USECON database. The expectations figure from the Action Economics Forecast Survey is available in AS1REPNA.
| Factory Sector- NAICS Classification (%) | Jun | May | Apr | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| New Orders | 1.8 | -1.1 | -0.7 | -6.2 | 3.4 | 2.2 | 4.4 |
| Shipments | 0.5 | -0.2 | -0.0 | -3.9 | 2.5 | 2.1 | 4.4 |
| Unfilled Orders | 0.0 | -0.5 | -0.2 | 4.6s | 11.4 | 6.4 | 7.5 |
| Inventories | 0.6 | 0.1 | 0.2 | -0.1 | 2.4 | 1.7 | 3.8 |
