Global| Oct 05 2016U.S. Factory Orders Rise; Shipments Steady
by:Tom Moeller
|in:Economy in Brief
Summary
Manufacturing sector orders improved 0.2% (-1.6% y/y) during August following a 1.4% increase, revised from 1.9%. The rise reflected a 0.1% improvement (-1.1% y/y) in orders for durable goods, which was unrevised from the advance [...]
Manufacturing sector orders improved 0.2% (-1.6% y/y) during August following a 1.4% increase, revised from 1.9%. The rise reflected a 0.1% improvement (-1.1% y/y) in orders for durable goods, which was unrevised from the advance report. Transportation equipment orders increased 0.7% (-1.5% y/y), but machinery orders fell by a like amount (-7.9% y/y). New orders for nondurable goods, which equal shipments, improved 0.2% (-2.1% y/y). Petroleum refinery shipments gained 0.4% (-16.2% y/y) while chemical shipments were little changed both m/m and y/y. Apparel shipments increased 0.4% (5.0% y/y) and food product shipments rose 0.1% (0.5% y/y).
Shipments of durable goods eased 0.2% (-2.0% y/y) as transportation equipment shipments fell 0.9% (-3.5% y/y). Computer & electronic product shipments improved 0.2% (3.3% y/y). Electrical equipment and appliance shipments gained 0.3% (-4.6% y/y), and furniture shipments gained 0.3% (1.6% y/y).
Unfilled orders fell 0.1% (-2.1% y/y), the third straight monthly decline. Backlogs of machinery declined 0.3% (-6.9% y/y), down in all but one month this year. Computer backlogs rose 0.2% (5.1% y/y) while electrical equipment backlogs improved 0.4% (5.1% y/y).
Inventories of manufactured products rose 0.2% (-2.2% y/y) for the second straight month. Inventories of finished goods rose 0.3% (-1.7% y/y), but materials & supplies inventories fell 0.4% (-0.9% y/y). Inventories of durable goods rose 0.2% (-2.1% y/y). Nondurable goods inventories rose 0.2% (-2.3% y/y) as basic chemical inventories eased 0.1% (+0.4% y/y). Apparel inventories dropped 0.4% (+7.6% y/y) and petroleum inventories jumped 1.9% (-22.9% y/y).
The factory sector figures are available in Haver's USECON database. The expectations figure from the Action Economics Forecast Survey is available in AS1REPNA.
| Factory Sector- NAICS Classification (%) | Aug | Jul | Jun | Aug Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| New Orders | 0.2 | 1.4 | -1.8 | -1.6 | -6.3 | 1.8 | 2.0 |
| Shipments | 0.0 | -0.4 | 0.6 | -2.0 | -4.4 | 1.2 | 2.0 |
| Unfilled Orders | -0.1 | -0.2 | -0.9 | -2.1 | -2.4 | 8.8 | 5.8 |
| Inventories | 0.2 | 0.2 | -0.0 | -2.2 | -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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