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Economy in Brief
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Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
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by Tom Moeller January 6, 2016
New orders in the manufacturing sector fell 0.2% during November (-3.5% y/y) following a 1.3% October increase, revised from 1.5%. The decline compared to expectations for a 0.1% increase in the Action Economics Forecast Survey. The shortfall reflected little change (+2.3% y/y) in durable goods orders which were unrevised from the advance report. The figure contained a 22.2% decline (-10.4% y/y) in nondefense aircraft & parts orders. Factory sector orders excluding the transportation altogether eased 0.3% (-5.7% y/y) following a 0.1% gain. Orders for nondurable goods (which equal shipments) fell 0.4% (-8.7% y/y), off for the fifth straight month. A 1.7% decline (-36.1% y/y) in shipments from petroleum refineries was the fifth consecutive drop as prices fell. Also dipping by 0.2% (-1.8% y/y) were food product shipments. Basic chemical shipments eased 0.2% (+1.1% y/y). Apparel shipments rebounded 1.1% but they were up negligibly versus last year. Durable goods shipments recovered 0.8% (3.2% y/y), led by a 0.9% increase (9.3% y/y) in computers.
Unfilled orders in the manufacturing sector increased 0.2% (-2.2% y/y). Transportation sector backlogs rose 0.2% (-2.4% y/y), despite a 0.4% fall (-1.8% y/y) in nondefense aircraft & parts. Outside of the transportation sector, backlogs improved 0.2% (-2.0% y/y). Electrical equipment backlogs fell 0.6% (-4.7% y/y), the eighth decline in as many months. Computer & electronic product backlogs gained 0.7% (5.7% y/y).
Factory sector inventories fell 0.3% (-2.3% y/y), about as they have during the last five months. Outside of the transportation sector, inventories were off 0.1% (-3.2% y/y), off for the fifth consecutive month. Primary metals inventories fell 1.2% (-10.4% y/y) and machinery inventories eased 0.1% (-1.4% y/y). Electrical equipment & appliance inventories declined 0.2% (-1.3% y/y) while computer & electronic product inventories fell 0.4% (+0.1% 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 (%) | Nov | Oct | Sep | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| New Orders | -0.2 | 1.3 | -0.8 | -3.5 | 3.5 | 2.0 | 4.7 |
| Shipments | 0.2 | -0.7 | -0.3 | -3.1 | 2.6 | 1.9 | 4.7 |
| Unfilled Orders | 0.2 | 0.3 | -0.5 | -2.2 | 11.5 | 6.5 | 7.8 |
| Inventories | -0.3 | -0.2 | -0.5 | -2.3 | 2.4 | 1.7 | 3.8 |
