Global| Aug 04 2004Factory Inventories Up, Bottlenecks Are Few
by:Tom Moeller
|in:Economy in Brief
Summary
Factory inventories jumped 0.7% in June following a like, upwardly revised gain in May. The gain was seventh successive month of accumulation. Unfilled orders also rose, up a strong 0.6% and 8.2% y/y. The gain did not, however, [...]
Factory inventories jumped 0.7% in June following a like, upwardly revised gain in May. The gain was seventh successive month of accumulation.
Unfilled orders also rose, up a strong 0.6% and 8.2% y/y. The gain did not, however, represent much of a bottleneck problem. The ratio of unfilled orders to shipments rose versus the low of last March but remained well below the highs of 2001.
Factory orders rose 0.7% following an upwardly revised 0.4% May gain. Durable goods orders jumped 0.9% versus the advance report of a 0.7% rise.Non-durable goods orders (which equal shipments) rose 0.5% (12.7% y/y) after an upwardly revised 2.0% gain in May.
Factory shipments rose 0.7%. Excluding the transportation sector shipments rose 0.6% for the second consecutive month (12.7% y/y).
| Factory Survey (NAICS) | June | May | Y/Y | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|
| Inventories | 0.7% | 0.7% | 2.3% | -1.3% | -1.8% | -6.1% |
| New Orders | 0.7% | 0.4% | 12.1% | 3.7% | -1.9% | -6.7% |
| Shipments | 0.7% | 0.6% | 11.7% | 2.6% | -2.0% | -5.4% |
| Unfilled Orders | 0.6% | 0.6% | 8.2% | 4.2% | -6.1% | -5.9% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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