Global| May 05 2014U.S. Factory Inventories Inch Higher
by:Tom Moeller
|in:Economy in Brief
Summary
The Commerce Department reported Friday that inventories in the factory sector notched up 0.1% (2.6% y/y) during March, moderating from a 0.7% February rise. Transportation equipment inventories gained 0.7% (9.8% y/y) while, excluding [...]
The Commerce Department reported Friday that inventories in the factory sector notched up 0.1% (2.6% y/y) during March, moderating from a 0.7% February rise. Transportation equipment inventories gained 0.7% (9.8% y/y) while, excluding transportation, inventories slipped 0.1% (1.0% y/y). Furniture inventories increased 0.3% (1.0% y/y) while electrical equipment inventories gained 0.4% (-0.8% y/y) after four months of decline. Amongst nondurable goods industries, petroleum inventories were off 2.2% (-1.1% y/y) and plastics & rubber inventories fell 0.4% (+1.4% y/y). These declines were offset by a second consecutive 2.6% (19.4% y/y) jump in apparel. Basic chemical inventories rose 0.2% (-1.4% y/y) while paper product inventories gained 0.4% (0.4% y/y).
Orders to all manufacturers improved 1.1% (5.3% y/y) following a 1.5% February jump. The gain was led by a 2.9% rise (9.6% y/y) in durable goods orders, led higher by an 8.4% surge (54.7% y/y) in commercial aircraft. New orders excluding transportation gained 0.6% (3.2% y/y). Orders for nondurable goods (which equal shipments) declined 0.6% (+1.6% y/y). The decline reflected a 3.0% drop (-1.1% y/y) in shipments from oil refineries and a 0.1% slip in basic chemicals (-0.3% y/y). Shipments from textile mills jumped 1.1% (4.5% y/y) and apparel shipments increased 0.4% (6.2% y/y).
Unfilled orders improved 0.6% (7.6% y/y) and, excluding the transportation sector, they rose 0.7% (6.2% y/y). Backlogs of electrical equipment jumped 1.6% (8.9% y/y). Unfilled orders in the machinery sector rose 0.9% (9.1% y/y) and unfilled orders for transportation equipment improved 0.6% (8.5% y/y). Unfilled orders of furniture declined 1.1% (+0.2% y/) and fabricated metals backlogs were off 0.8% (-1.0% y/y).
The factory sector figures are available in Haver's USECON database.
| Factory Sector- NAICS Classification | Mar | Feb | Jan | Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| New Orders | 1.1 | 1.5 | -1.0 | 5.3 | 2.7 | 2.9 | 12.9 |
| Shipments | 0.3 | 0.9 | -0.7 | 2.6 | 2.1 | 4.0 | 12.1 |
| Inventories | 0.1 | 0.7 | 0.2 | 2.6 | 2.3 | 2.4 | 10.2 |
| Unfilled Orders | 0.6 | 0.3 | 0.0 | 7.6 | 7.0 | 3.7 | 10.0 |
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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