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Economy in Brief
U.S. Unemployment Claims Increased
Initial claims for unemployment insurance filed in the week ended July 2 increased 4,000 to 235,000...
U.S. ISM Services PMI Falls in June to the Lowest Level since May '20
The U.S. ISM Services PMI fell to 55.3 in June...
May JOLTS: Openings, Hiring Slipped, Separations Edged Up
Job openings fell 427,000 in May to 11.254 million...
Euro Area Retail Sales Remain Weak
The graph shows the clear trend of euro area retail sales...
U.S. Factory Orders Rise More Than Expected in May
Total factory orders rose 1.6% m/m (14.0% y/y) in May...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller August 3, 2021
• Orders increase solidly for second month.
• Increased shipments again paced by petroleum.
• Order backlogs and inventories strengthen again.
Factory sector activity continues to strengthen. New orders for manufactured goods increased 1.5% (22.3% y/y) during June following a 2.3% gain during May, revised from 1.7%. A 1.0% increase was expected in the Action Economics Forecast Survey. The 0.1% dip during April was unrevised.
Durable goods orders rose 0.9% (29.4% y/y) last month following a 3.2% May increase, revised from 2.3% reported earlier. The June increase was 0.8% in the advance report. Transportation sector orders rose 2.0% (59.3% y/y) following a 10.0% gain. Machinery orders increased 1.0% (21.2% y/y) while electrical equipment orders edged 0.3% higher (24.5% y/y).
Nondurable goods orders, which equal shipments, increased 2.1% (15.7% y/y) in June after rising 1.4% in May. Shipments from petroleum refineries surged 8.9% (67.0% y/y) with higher prices. Basic chemical shipments rose 0.8% (10.9% y/y) and apparel shipments rose 0.9% (9.6% y/y). Textile product shipments rose 0.2% (7.9% y/y) while shipments of food products rose 0.4% (6.2% y/y).
Shipments of durable goods rose 1.0% (15.2% y/y) in June after gaining 0.4% in May. Transportation equipment shipments rose 1.1% (12.4% y/y) while furniture shipments rose 0.7% (0.1% y/y). Electrical equipment & appliance shipments improved 1.0% (17.4% y/y) but computer & electronic product shipments eased 0.2% (+7.8% y/y).
The value of unfilled orders rose 1.0% (0.9% y/y) in June for the second consecutive month. Unfilled orders of durable goods also rose 1.0% (0.9% y/y). Transportation sector backlogs rose 0.7% (-4.4% y/y) and excluding transportation, unfilled orders rose 1.4% (13.4% y/y). Electrical equipment order backlogs rose 2.0% (18.3% y/y).
Inventories of manufactured products rose 1.0% (5.5% y/y) in June following a 1.1% May rise. Transportation equipment inventories rose 0.9% (3.8% y/y) and excluding transportation, inventories rose 1.0% (5.9% y/y). Durable goods inventories increased 0.9% (4.6% y/y). Nondurable goods inventories rose 1.1% (6.8% y/y) as petroleum inventories increased 5.4% (37.6% y/y). Basic chemical inventories rose 0.3% (5.3% y/y) and apparel inventories rose 1.2% (-0.3% y/y).
The factory sector data are available in USECON database. The Action Economics Forecast Survey is in the AS1REPNA database.
Factory Sector (% chg) - NAICS Classification | Jun | May | Apr | Jun Y/Y | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
New Orders | 1.5 | 2.3 | -0.1 | 22.3 | -10.4 | -0.2 | 5.7 |
Shipments | 1.6 | 0.9 | 0.2 | 15.5 | -6.7 | -2.6 | 6.0 |
Unfilled Orders | 1.0 | 1.0 | 0.4 | 0.9 | -8.2 | 10.2 | -1.6 |
Inventories | 1.0 | 1.1 | 0.5 | 5.5 | -0.5 | 5.3 | 2.8 |