Global| Nov 03 2004US Factory Orders & Shipments Down
by:Tom Moeller
|in:Economy in Brief
Summary
Factory orders fell 0.4% after a 0.3% August decline. Durable goods orders rose 0.2% and that was unrevised from the advance report. The advance report of a 2.6% rise in nondefense capital goods orders less aircraft was revised up [...]
Factory orders fell 0.4% after a 0.3% August decline. Durable goods orders rose 0.2% and that was unrevised from the advance report. The advance report of a 2.6% rise in nondefense capital goods orders less aircraft was revised up slightly to a 2.8% (9.0% y/y).
Shipments out of the US manufacturing sector tumbled 1.1% in September due to broad based industry declines. Shipments of computers & electronic products plunged 3.5% (+8.3% y/y) and electrical equipment shipments skid 3.3% (+5.1% y/y).
Unfilled orders rose another 0.8% and the ratio of unfilled orders to shipments for durables rose sharply suggesting that supply bottlenecks started to emerge.
Factory inventory accumulation moderated to 0.3% following an upwardly revised 0.7% August gain. The inventory to sales ratio in the factory sector rose to its highest since February.
| Factory Survey (NAICS) | Sept | Aug | Y/Y | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|
| Inventories | 0.3% | 0.7% | 5.7% | -1.3% | -1.8% | -6.1% |
| New Orders | -0.4% | -0.3% | 10.3% | 3.7% | -1.9% | -6.7% |
| Shipments | -1.1% | 0.9% | 10.0% | 2.6% | -2.0% | -5.4% |
| Unfilled Orders | 0.8% | 0.3% | 9.6% | 4.2% | -6.1% | -5.9% |
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.
More Economy in Brief
