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Economy in Brief

U.S. Factory Sector Orders Improve
by Tom Moeller  September 2, 2015

New orders in the manufacturing sector improved 0.4% during July (-15.2% y/y) following a 2.2% June jump. A 0.7% rise was expected in the Action Economics Forecast Survey. Durable goods orders rose 2.2% (-20.2% y/y) following 4.1% increase. These figures were little-changed from the advance release. Overall orders excluding the transportation sector altogether eased 0.6% (-7.4% y/y) after a 0.6% increase. Nondurable goods orders (which equal shipments) fell 1.3% (-10.0% y/y) following a 0.4% rise. The value of petroleum refinery shipments declined 7.8% (-32.1% y/y) after a 0.8% increase. Food products shipments improved 0.2% (-2.4% y/y) following six straight months of decline. Apparel shipments fell 0.4% (-1.8% y/y) and paper product shipments gained 0.5% (-2.7% y/y). Basic chemical shipments also improved 0.5% (-2.5% y/y). Shipments of durable goods increased 1.0% (-0.1% y/y) after a 0.9% rise.

Unfilled orders improved 0.2% (-0.6% y/y), following little change during June. Backlogs excluding the transportation sector eased 0.1% (-0.1% y/y). Unfilled orders of nondefense aircraft rose 0.4% (0.7% y/y).

Inventories in the factory sector slipped 0.1% (-0.6% y/y) following a 0.3% rise. Durable goods inventories eased 0.1% (+3.1% y/y). Computes & electronic product inventories gained 0.2% (4.7% y/y). Nondurable goods inventories moved 0.1% lower (-6.0% y/y) as petroleum refinery inventories declined 4.2% (-31.7% y/y). Food product inventories increased 1.3% (-1.0% y/y). Apparel inventories jumped 1.2% (12.4% y/y). Paper product inventories gained 0.1% (2.5% y/y). Basic chemical inventories improved 0.6% (-1.4% y/y).

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 (%) Jul Jun May Y/Y 2014 2013 2012
New Orders 0.4 2.2 -1.1 -15.2 3.4 2.2 4.4
Shipments -0.2 0.6 -0.2 -5.5 2.5 2.1 4.4
Unfilled Orders 0.2 0.0 -0.5 -0.6 11.4 6.4 7.5
Inventories -0.1 0.3 0.1 -0.6 2.4 1.7 3.8
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