Global| Mar 04 2005U.S. Factory Inventories Jumped in January
by:Tom Moeller
|in:Economy in Brief
Summary
Factory inventories jumped 1.3% in January led higher by broad based industry gains. Less petroleum which jumped 8.6% (18.3% y/y), inventories increased 1.0% (8.1% y/y). Shipments out of the factory sector surged 1.4% but were notable [...]
Factory inventories jumped 1.3% in January led higher by broad based industry gains. Less petroleum which jumped 8.6% (18.3% y/y), inventories increased 1.0% (8.1% y/y).
Shipments out of the factory sector surged 1.4% but were notable for primary metals (32.0% y/y), machinery (20.6% y/y), computers & electronics (11.1% y/y) and chemicals (11.7% y/y).
Orders to the factory sector rose 0.2%. The advance report of a 0.9% decline in durable goods was revised deeper to 1.3% (+11.4% y/y). Nondefense capital goods orders less aircraft was unrevised at +2.9% (17.1% y/y).
Unfilled orders fell 0.2% for the first decline in a year. Fewer supply bottlenecks were indicated as the ratio of unfilled orders to shipments for durables fell sharply for the second month.
| Factory Survey (NAICS) | Jan | Dec | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Inventories | 1.3% | 0.1% | 8.5% | 7.5% | -1.3% | -1.8% |
| New Orders | 0.2% | 0.5% | 11.3% | 10.9% | 3.7% | -1.9% |
| Shipments | 1.4% | 1.2% | 11.7% | 10.5% | 2.6% | -2.0% |
| Unfilled Orders | -0.2% | 0.5% | 8.9% | 9.1% | 4.2% | -6.1% |
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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