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New Orders on the rise again in December

U.S. Durable Goods, Orders, Shipments, Economic Indicators



Americans continued to buy big-ticket items after the recent pullback, but Shipments of durable goods fell by -0.35 % to $282 billions.The Commerce Department announced orders for U.S. durable goods edge up by 0.07 % to $296 billions, an increase of $0 billions from $295 in November in December on the seasonally adjusted basis, led by 8.85 % growth in communications equipment orders, representing 1.15 % of total bookings. Primary metals, fabricated metal products and communications equipment orders grew above averge in the last month. The growth in the manufacturing sector indicates that the recent decline in new orders is a temporary lull - but another poor report could renew worries over the U.S. growth. New orders for U.S.-made big-ticket items rose by 3.02 % in the past 12 months, and unfilled orders by 20.30 %.


Inventories grew in December by 0.43 % to $527 billions, an increase of $2 billions from $525 in November on the seasonally adjusted basis, as inventories of computers and related products grew the most, up 3.39 % to $4 billions, reported by the Commerce Department. Inventory to shipments ratio grew to 1.87 from 1.85 in the previous month.


In addition, new orders of core capital-equipment goods, which the government uses to help calculate gross domestic product, orders jumped and accelerated by 0.49 % on the seasonally adjusted basis and shipments by 0.08 %. Over the past 12 months, core capital goods bookings decreased by -0.73 %, but inventories grew by 6.90 %.



Manufacturing New Orders
Primary Metals New Orders
Capital Goods New Orders
Transp. Equip. New Orders
0.15% 4.75% 1.65% 35.30% -0.79% -1.21% -0.90% -1.14%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y


Unfilled orders continue to grow by higher rate, unfilled orders rose by 1.34 % on the seasonally adjusted basis, as unfilled orders for aircrafts and parts grew 3.35 % to $645 billions. Compare to a year ago Unfilled orders soared by 20.30 %.
In December total durable goods shipments fell by -0.35 % to $282 billions, a decrease by $1 billions from $283 in November on the seasonally adjusted basis. Excluding transportation shipments fell by -0.13 %.


   

New Orders / Shipments Ratio

Inventory / Shipments Ratio

New orders / shipments ratio for total durable goods was 1.05. Excluding transportation new orders / shipments ratio was 0.98. Excluding defense new orders / shipments ratio was 1.06. 
Inventory / shipments ratio for total durable goods was 1.87. Excluding transportation Inventory / shipments ratio was 1.87. Excluding defense Inventory / shipments ratio was 1.87.
 



Shipments Seasonally Adjusted, in millions $ Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
282,191 283,190 280,356 283,719 284,534 283,608
Excluding transportation
192,686 192,938 191,981 192,352 192,120 191,964
Excluding defense
266,156 266,780 264,072 267,823 268,652 268,006
Manufacturing with unfilled orders
196,955 197,794 196,484 196,869 196,868 196,109
Primary metals
26,756 26,622 26,272 26,410 26,525 26,766
Fabricated metal products
36,471 36,346 35,934 36,137 35,786 35,819
Machinery
37,605 37,986 38,318 38,178 38,329 37,864
Computers & electronic products
29,707 29,835 29,613 29,608 29,423 29,343
Computers & related products
2,059 2,112 2,056 2,046 2,055 1,965
Communications equipment
3,014 3,040 3,029 3,057 3,013 3,033
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,196 14,182 14,211 14,243 14,194 14,055
Transportation equipment
89,505 90,252 88,375 91,367 92,414 91,644
Motor vehicles & parts
4,850 4,894 4,912 4,523 4,688 4,786
Nondefense Aircraft & parts
61,253 61,034 59,354 62,604 63,290 63,044
Defense Aircraft & parts
13,199 14,070 13,284 13,515 13,566 13,183
All other durable goods
47,951 47,967 47,633 47,776 47,863 48,117
Capital goods
96,293 97,340 96,786 96,742 96,935 95,691
Nondefense capital goods
82,497 83,215 82,894 83,127 83,301 82,361
Excluding aircraft
74,160 74,102 74,351 74,381 74,417 73,806
Defense capital goods
13,796 14,125 13,892 13,615 13,634 13,330





New Orders Seasonally Adjusted, in millions $ Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
295,559 295,357 279,441 297,243 284,027 285,931
Excluding transportation
188,729 187,560 187,373 188,028 187,152 187,240
Excluding defense
281,888 279,605 261,629 282,483 267,038 270,871
Manufacturing with unfilled orders
215,250 214,926 200,524 215,380 201,256 203,395
Primary metals
27,078 26,639 26,457 26,518 26,627 26,977
Fabricated metal products
36,691 36,414 36,504 36,332 36,020 35,874
Machinery
37,506 37,565 37,797 38,119 37,777 37,747
Computers & electronic products
24,965 24,792 24,790 24,854 24,613 24,439
Computers & related products
2,062 2,106 2,048 2,045 2,042 1,977
Communications equipment
3,393 3,117 3,081 3,277 3,114 2,989
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,425 14,082 14,216 14,468 14,339 14,373
Transportation equipment
106,830 107,797 92,068 109,215 96,875 98,691
Motor vehicles & parts
4,172 4,584 4,996 4,918 5,800 4,751
Nondefense Aircraft & parts
61,150 60,830 59,403 62,730 63,347 63,182
Defense Aircraft & parts
33,211 32,347 16,146 32,348 16,806 21,166
All other durable goods
48,064 48,068 47,609 47,737 47,776 47,830
Capital goods
114,144 115,053 100,898 114,194 100,254 102,193
Nondefense capital goods
103,044 101,410 85,254 101,942 85,943 89,848
Excluding aircraft
74,332 73,973 73,794 74,462 74,045 73,629
Defense capital goods
11,100 13,643 15,644 12,252 14,311 12,345




New Orders Seasonally Adjusted, in millions $
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
295,559 295,357 279,441 297,243 284,027 285,931
Excluding transportation
188,729 187,560 187,373 188,028 187,152 187,240
Excluding defense
281,888 279,605 261,629 282,483 267,038 270,871
Manufacturing with unfilled orders
215,250 214,926 200,524 215,380 201,256 203,395
Primary metals
27,078 26,639 26,457 26,518 26,627 26,977
Fabricated metal products
36,691 36,414 36,504 36,332 36,020 35,874
Machinery
37,506 37,565 37,797 38,119 37,777 37,747
Computers & electronic products
24,965 24,792 24,790 24,854 24,613 24,439
Computers & related products
2,062 2,106 2,048 2,045 2,042 1,977
Communications equipment
3,393 3,117 3,081 3,277 3,114 2,989
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,425 14,082 14,216 14,468 14,339 14,373
Transportation equipment
106,830 107,797 92,068 109,215 96,875 98,691
Motor vehicles & parts
4,172 4,584 4,996 4,918 5,800 4,751
Nondefense Aircraft & parts
61,150 60,830 59,403 62,730 63,347 63,182
Defense Aircraft & parts
33,211 32,347 16,146 32,348 16,806 21,166
All other durable goods
48,064 48,068 47,609 47,737 47,776 47,830
Capital goods
114,144 115,053 100,898 114,194 100,254 102,193
Nondefense capital goods
103,044 101,410 85,254 101,942 85,943 89,848
Excluding aircraft
74,332 73,973 73,794 74,462 74,045 73,629
Defense capital goods
11,100 13,643 15,644 12,252 14,311 12,345




Unfilled Orders Seasonally Adjusted, in millions $
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
1,393,373 1,374,909 1,356,863 1,353,774 1,335,263 1,332,193
Excluding transportation
497,658 496,530 497,660 498,033 497,370 498,041
Excluding defense
1,152,838 1,131,199 1,112,290 1,110,935 1,091,288 1,089,506
Manufacturing with unfilled orders
1,393,373 1,374,909 1,356,863 1,353,774 1,335,263 1,332,193
Primary metals
38,769 38,463 38,537 38,298 38,190 38,027
Fabricated metal products
130,063 129,890 130,032 129,432 129,237 129,008
Machinery
136,909 137,091 137,664 138,448 138,507 139,377
Computers & electronic products
135,146 134,848 134,980 135,029 134,796 134,836
Computers & related products
1,272 1,269 1,275 1,283 1,284 1,297
Communications equipment
17,935 17,440 17,362 17,419 17,199 17,125
Semiconductors
- - - - - -
Electrical equipment, appliances & components
43,959 43,582 43,930 44,215 43,990 44,027
Transportation equipment
895,715 878,379 859,203 855,741 837,893 834,152
Motor vehicles & parts
35,035 35,144 35,360 35,331 35,205 35,365
Nondefense Aircraft & parts
644,664 623,769 603,803 601,260 582,427 579,937
Defense Aircraft & parts
72,146 73,117 73,465 73,411 73,016 71,751
All other durable goods
12,812 12,656 12,517 12,611 12,650 12,766
Capital goods
1,050,141 1,031,901 1,012,959 1,009,503 992,051 989,900
Nondefense capital goods
841,999 820,347 800,692 799,287 780,472 779,073
Excluding aircraft
270,278 270,038 270,416 271,618 271,537 272,379
Defense capital goods
208,142 211,554 212,267 210,216 211,579 210,827



Total Inventories Seasonally Adjusted, in millions $
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
527,047 524,781 525,111 523,701 523,164 522,239
Excluding transportation
359,384 358,848 359,207 359,136 358,747 358,527
Excluding defense
497,181 495,090 495,688 494,300 493,627 492,851
Manufacturing with unfilled orders
426,542 424,701 424,557 423,409 423,110 422,239
Primary metals
45,582 45,888 46,106 46,417 46,490 46,548
Fabricated metal products
64,805 64,811 64,756 64,737 64,787 64,818
Machinery
95,547 94,931 95,107 95,075 94,760 94,827
Computers & electronic products
55,640 55,403 55,332 55,173 55,127 54,934
Computers & related products
3,572 3,455 3,458 3,543 3,533 3,570
Communications equipment
4,989 5,049 5,033 5,044 5,019 5,001
Semiconductors
- - - - - -
Electrical equipment, appliances & components
26,583 26,530 26,411 26,424 26,390 26,371
Transportation equipment
167,663 165,933 165,904 164,565 164,417 163,712
Motor vehicles & parts
54,367 54,263 54,622 54,077 53,713 53,518
Nondefense Aircraft & parts
79,881 78,659 78,300 77,546 77,582 77,249
Defense Aircraft & parts
13,982 13,919 14,081 14,062 14,075 14,126
All other durable goods
71,227 71,285 71,495 71,310 71,193 71,029
Capital goods
254,057 251,917 251,472 250,894 250,422 249,190
Nondefense capital goods
229,438 227,436 227,279 226,713 226,094 225,032
Excluding aircraft
163,721 162,720 163,018 163,137 162,508 161,949
Defense capital goods
24,619 24,481 24,193 24,181 24,328 24,158




Inventory/Shipments ratio Seasonally Adjusted
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Sep. 2023

adv.
Aug. 2023

rest.
July 2023

adv.
Total
1.87 1.85 1.87 1.85 1.84 1.84
Excluding transportation
1.87 1.86 1.87 1.87 1.87 1.87
Excluding defense
1.87 1.86 1.88 1.85 1.84 1.84
Manufacturing with unfilled orders
2.17 2.15 2.16 2.15 2.15 2.15
Primary metals
1.70 1.72 1.75 1.76 1.75 1.74
Fabricated metal products
1.78 1.78 1.80 1.79 1.81 1.81
Machinery
2.54 2.50 2.48 2.49 2.47 2.50
Computers & electronic products
1.87 1.86 1.87 1.86 1.87 1.87
Computers & related products
1.73 1.64 1.68 1.73 1.72 1.82
Communications equipment
1.66 1.66 1.66 1.65 1.67 1.65
Semiconductors
- - - - - -
Electrical equipment, appliances & components
1.87 1.87 1.86 1.86 1.86 1.88
Transportation equipment
1.87 1.84 1.88 1.80 1.78 1.79
Motor vehicles & parts
0.89 0.89 0.92 0.86 0.85 0.85
Nondefense Aircraft & parts
6.05 5.59 5.89 5.74 5.72 5.86
Defense Aircraft & parts
2.88 2.84 2.87 3.11 3.00 2.95
All other durable goods
1.49 1.49 1.50 1.49 1.49 1.48
Capital goods
2.64 2.59 2.60 2.59 2.58 2.60
Nondefense capital goods
2.78 2.73 2.74 2.73 2.71 2.73
Excluding aircraft
2.21 2.20 2.19 2.19 2.18 2.19
Defense capital goods
1.78 1.73 1.74 1.78 1.78 1.81




Source U.S. Census Bureau, Manufacturing and Construction Division




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