Global| Jun 04 2012U.S. Factory Orders Fall Again With Oil Prices
by:Tom Moeller
|in:Economy in Brief
Summary
During April, orders in the manufacturing sector fell 0.6% (+3.5% y/y) versus expectations for a 0.3% rise. The drop added to a 2.1% decline during March, revised from 1.5%. Last month's figure reflected a 1.1% shortfall in [...]
During April, orders in the manufacturing sector fell 0.6% (+3.5% y/y) versus expectations for a 0.3% rise. The drop added to a 2.1% decline during March, revised from 1.5%. Last month's figure reflected a 1.1% shortfall in nondurables orders (which equal shipments) due to a 4.4% drop in petroleum. Less oil, April nondurables orders ticked up 0.1% (1.5% y/y). Apparel orders rose 0.8% (4.6% y/y), paper product bookings increased 0.4% (-2.0% y/y) but basic chemicals orders fell 0.7% (+0.8% y/y). Durable goods orders were essentially unchanged (+6.7% y/y), little-changed from the advance report of a 0.2% decline.
Inventories in the factory sector were unchanged (4.8% y/y), a 0.4% rise was expected, as durable goods inventories rose 0.3% (6.8% y/y). Nondurables inventories fell 0.5% (+2.0% y/y) reflecting a 1.7% (+1.3% y/y) decline in oil. Inventories of apparel again were strong, up 0.4% (14.9% y/y). Factory sector backlogs slipped 0.1% (+9.3% y/y).
The factory sector figures are available in Haver's USECON database. The expectation figure is in AS1REPNA.
Monetary Policy, Economics and the Recovery from Sandra Pianalto, President and CEO, Federal Reserve Bank of Cleveland can be found here.
| Factory Sector - NAICS Classification (%) | Apr | Mar | Feb | Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| New Orders | -0.6 | -2.1 | 1.5 | 3.5 | 12.2 | 12.9 | -21.7 |
| Shipments | -0.3 | 0.1 | 0.4 | 4.4 | 11.3 | 8.6 | -18.5 |
| Inventories | 0.0 | 0.1 | 0.3 | 4.8 | 9.4 | 8.8 | -6.8 |
| Unfilled Orders | -0.1 | 0.0 | 1.1 | 9.3 | 9.7 | 3.9 | -15.2 |
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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