Global| Aug 31 2006U.S. Factory Inventories Again Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Factory inventories rose 0.6% last month after a revised 0.9% June jump. The 8.1% annual rate of accumulation through July is double the rate of accumulation during all of last year. Primary metals inventories again were firm and rose [...]
Factory inventories rose 0.6% last month after a revised 0.9% June jump. The 8.1% annual rate of accumulation through July is double the rate of accumulation during all of last year.
Primary metals inventories again were firm and rose 1.4% (8.6% y/y) while inventories of computers & electronic products jumped 1.3% (8.2% y/y). Inventories of electrical equipment surged 1.2% (10.2% y/y) and machinery inventories recovered 0.5% (4.4% y/y) after a slight June decline.
Total factory orders slipped 0.6% after two months of sharp increase. Durable goods orders fell 2.5%, a decline that was little revised from the advance report of a 2.4% drop. Factory orders less transportation rose 1.1% (10.3% y/y).
Factory shipments were unchanged but less transportation rose a sharp 1.1% (9.0% y/y). Petroleum shipments surged 3.6% (18.7% y/y). Factory shipments less transportation & petroleum rose a strong 0.8% (7.9% y/y).
Unfilled orders jumped again, by 1.3% last month and less the transportation sector altogether backlogs were also strong and surged 1.7% (16.0% y/y).
| Factory Survey (NAICS) | July | June | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Inventories | 0.6% | 0.9% | 5.7% | 4.0% | 6.9% | -7.4% |
| New Orders | -0.6% | 1.5% | 8.4% | 8.5% | 7.5% | 0.9% |
| Shipments | 0.0% | -0.1% | 7.5% | 7.1% | 6.8% | 0.2% |
| Unfilled Orders | 1.3% | 1.7% | 20.0% | 16.3% | 4.5% | -1.0% |
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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