Global| Oct 04 2006U.S. Factory Inventory Gain Slowed
by:Tom Moeller
|in:Economy in Brief
Summary
Factory inventories rose 0.4% last month, half the upwardly revised gain during July. Nevertheless, the y/y rate of accumulation was at its highest since early 2005. Primary metals inventories again were firm and rose 1.4% (11.7% y/y) [...]
Factory inventories rose 0.4% last month, half the upwardly revised gain during July. Nevertheless, the y/y rate of accumulation was at its highest since early 2005.
Primary metals inventories again were firm and rose 1.4% (11.7% y/y) after an upwardly revised 2.1% increase during July. Growth in inventories of computers & electronic products slowed to 0.4% (8.5% y/y) from a 0.9% July gain but inventories of electrical equipment jumped another 1.5% (12.9% y/y). Machinery inventories rose 0.3% (4.5% y/y).
Total factory orders fell slightly after a deepened 1.0% July decline. Durable goods orders fell just slightly and that was a bit better than the 0.5% decline that was in the advance report of a 0.5% drop. Factory orders less transportation fell 0.7% (+5.5% y/y) after a 0.6% July gain.
Factory shipments surged 1.1%on the strength of a 6.0% jump in transportation. Less transportation shipments rose 0.4% (6.9% y/y) despite lower petroleum shipments. Factory shipments less transportation & petroleum rose a strong 0.9% (6.7% y/y).
Unfilled orders rose 0.4% last month and less the transportation sector backlogs rose 0.3% (13.8% y/y).
| Factory Survey (NAICS) | August | July | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Inventories | 0.4% | 0.8% | 6.5% | 4.0% | 6.9% | -7.4% |
| New Orders | -0.0% | -1.0% | 4.6% | 8.5% | 7.5% | 0.9% |
| Shipments | 1.1% | -0.1% | 6.1% | 7.1% | 6.8% | 0.2% |
| Unfilled Orders | 0.4% | 1.2% | 18.5% | 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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