Global| Jan 09 2017U.S. Factory Orders Reverse Course With Decline in Aircraft Bookings
by:Tom Moeller
|in:Economy in Brief
Summary
Manufacturing sector orders declined 2.4% during November (+1.2 % y/y) following October's 2.8% surge. Durable goods bookings declined 4.5% (-0.2% y/y), revised from the advance estimate of a 4.6% fall. Transportation orders declined [...]
Manufacturing sector orders declined 2.4% during November (+1.2 % y/y) following October's 2.8% surge. Durable goods bookings declined 4.5% (-0.2% y/y), revised from the advance estimate of a 4.6% fall. Transportation orders declined 13.2% (-6.7% y/y) as orders for nondefense aircraft & parts fell by three-quarters m/m (-55.1% y/y). Orders outside of the transportation sector nudged 0.1% higher (3.0% y/y). Electrical equipment, appliance & component orders increased 0.3% (0.9% y/y), but machinery orders jumped 1.4% (-1.5% y/y). Orders for nondurable goods, which equal shipments, eased 0.2% (+2.6% y/y). Petroleum refinery shipments declined 2.1% (+1.2% y/y). Textile product shipments remained steady (-1.0% y/y), but apparel shipments jumped 1.6% (0.7% y/y). Basic chemical shipments improved 0.3% (3.6% y/y). Shipments of durable goods gained 0.8% y/y. Machinery shipments rose 0.5% (-2.6% y/y), and computer & electronic product shipments gained 0.2% (4.6% y/y).
Unfilled orders eased 0.1% (-1.2% y/y). Outside of transportation, order backlogs improved 0.5% (1.5% y/y). Unfilled orders for electrical equipment & appliances rose 1.7% (9.0% y/y) while furniture backlogs rose 0.4% (6.8% y/y). Unfilled orders for machinery gained 0.3% (-6.1% y/y) while backlogs of computers & electronic products rose 0.3% (4.7% y/y).
Inventories of manufactured products rose 0.2% (-0.6% y/y). Outside of transportation, inventories increased 0.2% (-0.8% y/y). Durable goods inventories gained 0.2% (-0.8% y/y) as machinery inventories rose 0.4% (-2.2% y/y), but transportation equipment inventories rose 0.3% (0.1% y/y). Nondurable goods inventories rose 0.3% (-0.4% y/y). Apparel inventories fell 0.8% (-0.6% y/y) and basic chemical inventories rose 0.2% (1.1% y/y). Food product inventories increased 0.2% (0.9% y/y).
The factory sector figures are available in Haver's USECON database.
| Factory Sector- NAICS Classification (%) | Nov | Oct | Sep | Nov Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| New Orders | -2.4 | 2.8 | 0.6 | 1.2 | -6.3 | 1.8 | 2.0 |
| Shipments | -0.1 | 0.2 | 0.9 | 1.7 | -4.4 | 1.2 | 2.0 |
| Unfilled Orders | -0.1 | 0.8 | -0.2 | -1.2 | -2.4 | 8.8 | 5.8 |
| Inventories | 0.2 | 0.1 | -0.1 | -0.6 | -2.5 | 1.8 | 0.9 |
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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