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U.S. Durable-goods orders dropped

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



Durable Goods orders fell after recent increases, but unfilled orders improved by 0.88 % to $1,082 billions.The U.S. Commerce Department reported orders for U.S.-made products designed to last three years or more, such as autos or appliances dropped by -1.00 % to $254 billions, a decrease by $3 billions from $257 in January in February on the seasonally adjusted basis, largely because of lower aircrafts and parts orders, down -8.83 % to $58 billions, accounting for 22.67 % of total durable goods orders. Without a strong manufacturing sector, it is hard to see how economic growth can be realized. New orders for U.S.-made big-ticket items rose by 3.17 % in the past 12 months, but durable goods unfilled orders fell by -6.48 %. The increase in orders has been spearheaded by a growth among U.S. manufacturers. They are seeing greater demand for a variety of goods, including passenger jets, primary metals and machinery. Durable goods are big-ticket items such as autos, planes, appliances, furniture and computers designed to last at least three years. While orders jump around from month to month, they have gradually been increasing.


The U.S. Commerce Department announced total durable goods inventories surged by 0.71 % to $427 billions, an increase of $3 billions from $424 in January in February on the seasonally adjusted basis. Inventory to shipments ratio grew to 1.70 from 1.63 in the previous month.


Another category of orders closely watched by economists, known as core capital goods, orders sunk by -0.61 % on the seasonally adjusted basis, and shipments by -1.07 %.
That category excludes defense and transportation and gives a better indication of longer-term trends in the private sector.
Over the past 12 months, core capital goods bookings grew by 4.19 % and unfilled orders by 4.23 %.



Manufacturing New Orders
Primary Metals New Orders
Capital Goods New Orders
Transp. Equip. New Orders
1.81% 3.21% -0.63% 2.26% 2.95% 10.73% -1.76% 1.95%
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 increased by 0.88 % on the seasonally adjusted basis, led by 2.30 % increase in primary metals unfilled bookings, accounting for 3.2 % of total durable goods unfilled orders. total durable goods inventories dropped by -6.48 % from Jan. 2020.
The Commerce Department reported shipments of U.S.-made big-ticket items deteriorated in February by -3.75 % to $251 billions, a decrease by $10 billions from $261 in January on the seasonally adjusted basis. Excluding transportation shipments fell by -1.35 %.


   

New Orders / Shipments Ratio

Inventory / Shipments Ratio

New orders / shipments ratio for total durable goods was 1.01. Excluding transportation new orders / shipments ratio was 0.99. Excluding defense new orders / shipments ratio was 1.01. 
Inventory / shipments ratio for total durable goods was 1.70. Excluding transportation Inventory / shipments ratio was 1.63. Excluding defense Inventory / shipments ratio was 1.70.
 



Shipments Seasonally Adjusted, in millions $ Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
250,878 260,640 253,795 250,096 248,694 245,565
Excluding transportation
172,283 174,646 169,024 167,777 166,992 163,732
Excluding defense
236,115 245,726 239,509 234,963 234,250 231,774
Manufacturing with unfilled orders
171,969 176,114 169,845 167,928 168,129 163,739
Primary metals
20,014 20,387 19,654 19,183 18,792 18,366
Fabricated metal products
32,349 32,534 31,206 31,041 30,863 30,136
Machinery
32,396 33,207 31,801 31,650 31,406 31,019
Computers & electronic products
31,110 31,189 30,812 30,786 31,040 30,395
Computers & related products
2,059 2,121 1,848 1,930 1,902 1,804
Communications equipment
4,222 4,251 4,473 4,446 4,667 4,248
Semiconductors
- - - - - -
Electrical equipment, appliances & components
11,623 11,673 10,877 10,895 10,933 10,540
Transportation equipment
78,595 85,994 84,771 82,319 81,702 81,833
Motor vehicles & parts
4,002 4,272 3,564 4,235 4,201 62,052
Nondefense Aircraft & parts
57,196 62,902 63,096 61,896 60,119 5,110
Defense Aircraft & parts
5,572 7,426 6,258 4,276 6,313 3,742
All other durable goods
44,791 45,656 44,674 44,222 43,958 43,276
Capital goods
87,622 90,300 86,945 85,191 85,741 82,744
Nondefense capital goods
74,516 77,087 74,219 71,804 73,212 70,614
Excluding aircraft
71,281 72,054 70,208 69,888 69,380 67,800
Defense capital goods
13,106 13,213 12,726 13,387 12,529 12,130





New Orders Seasonally Adjusted, in millions $ Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
254,004 256,578 245,325 244,161 240,769 237,751
Excluding transportation
170,373 171,452 167,305 165,322 163,652 161,542
Excluding defense
238,750 240,322 232,537 230,123 227,040 226,679
Manufacturing with unfilled orders
180,333 177,121 166,624 167,108 165,378 161,210
Primary metals
20,625 20,756 19,890 19,672 19,436 19,355
Fabricated metal products
33,508 33,466 32,110 31,794 31,845 31,132
Machinery
33,371 33,539 33,156 32,179 31,581 31,770
Computers & electronic products
26,038 26,100 26,241 26,351 25,972 25,187
Computers & related products
2,059 2,108 1,902 1,963 1,912 1,825
Communications equipment
4,194 4,249 4,740 4,852 4,624 4,268
Semiconductors
- - - - - -
Electrical equipment, appliances & components
12,033 11,917 11,231 11,105 10,884 10,781
Transportation equipment
83,631 85,126 78,020 78,839 77,117 76,209
Motor vehicles & parts
4,665 4,808 2,848 3,266 2,957 62,105
Nondefense Aircraft & parts
57,588 63,167 63,155 62,051 60,109 1,905
Defense Aircraft & parts
9,504 5,036 1,143 2,291 2,645 1,651
All other durable goods
44,798 45,674 44,677 44,221 43,934 43,317
Capital goods
93,045 90,376 82,021 83,751 83,218 81,001
Nondefense capital goods
79,593 75,588 70,268 71,236 70,473 70,644
Excluding aircraft
72,480 72,924 71,772 70,901 70,025 69,510
Defense capital goods
13,452 14,788 11,753 12,515 12,745 10,357




New Orders Seasonally Adjusted, in millions $
Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
254,004 256,578 245,325 244,161 240,769 237,751
Excluding transportation
170,373 171,452 167,305 165,322 163,652 161,542
Excluding defense
238,750 240,322 232,537 230,123 227,040 226,679
Manufacturing with unfilled orders
180,333 177,121 166,624 167,108 165,378 161,210
Primary metals
20,625 20,756 19,890 19,672 19,436 19,355
Fabricated metal products
33,508 33,466 32,110 31,794 31,845 31,132
Machinery
33,371 33,539 33,156 32,179 31,581 31,770
Computers & electronic products
26,038 26,100 26,241 26,351 25,972 25,187
Computers & related products
2,059 2,108 1,902 1,963 1,912 1,825
Communications equipment
4,194 4,249 4,740 4,852 4,624 4,268
Semiconductors
- - - - - -
Electrical equipment, appliances & components
12,033 11,917 11,231 11,105 10,884 10,781
Transportation equipment
83,631 85,126 78,020 78,839 77,117 76,209
Motor vehicles & parts
4,665 4,808 2,848 3,266 2,957 62,105
Nondefense Aircraft & parts
57,588 63,167 63,155 62,051 60,109 1,905
Defense Aircraft & parts
9,504 5,036 1,143 2,291 2,645 1,651
All other durable goods
44,798 45,674 44,677 44,221 43,934 43,317
Capital goods
93,045 90,376 82,021 83,751 83,218 81,001
Nondefense capital goods
79,593 75,588 70,268 71,236 70,473 70,644
Excluding aircraft
72,480 72,924 71,772 70,901 70,025 69,510
Defense capital goods
13,452 14,788 11,753 12,515 12,745 10,357




Unfilled Orders Seasonally Adjusted, in millions $
Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
1,082,011 1,072,561 1,070,372 1,072,883 1,073,151 1,073,151
Excluding transportation
370,865 366,688 364,035 359,560 356,191 356,191
Excluding defense
864,646 855,912 855,421 856,079 855,023 855,023
Manufacturing with unfilled orders
1,082,011 1,072,561 1,070,372 1,072,883 1,073,151 1,073,151
Primary metals
34,584 33,805 33,393 33,071 32,463 32,463
Fabricated metal products
80,061 78,581 77,371 76,276 75,381 75,381
Machinery
102,654 101,592 100,937 99,307 98,587 98,587
Computers & electronic products
120,525 120,345 120,463 119,686 118,814 118,814
Computers & related products
1,943 1,943 1,956 1,889 1,866 1,866
Communications equipment
26,243 26,275 26,298 26,099 25,586 25,586
Semiconductors
- - - - - -
Electrical equipment, appliances & components
24,058 23,555 23,138 22,564 22,319 22,319
Transportation equipment
711,146 705,873 706,337 713,323 716,960 716,960
Motor vehicles & parts
22,336 21,871 21,560 21,460 21,206 21,206
Nondefense Aircraft & parts
471,731 467,847 470,278 475,370 477,606 477,606
Defense Aircraft & parts
79,786 79,088 78,529 79,504 80,627 80,627
All other durable goods
8,983 8,810 8,733 8,656 8,627 8,627
Capital goods
772,217 766,371 765,251 769,807 771,035 771,035
Nondefense capital goods
592,061 586,798 587,684 591,152 591,326 591,326
Excluding aircraft
227,043 225,644 224,152 222,075 220,671 220,671
Defense capital goods
180,156 179,573 177,567 178,655 179,709 179,709



Total Inventories Seasonally Adjusted, in millions $
Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
427,285 424,289 425,948 426,615 422,751 422,751
Excluding transportation
280,654 278,600 277,983 275,921 274,596 274,596
Excluding defense
401,651 398,871 400,645 401,379 397,096 397,096
Manufacturing with unfilled orders
347,202 345,595 347,834 347,824 345,115 345,115
Primary metals
34,963 34,395 34,317 33,797 33,592 33,592
Fabricated metal products
53,293 52,642 52,217 51,778 51,403 51,403
Machinery
70,405 69,908 69,841 69,313 68,839 68,839
Computers & electronic products
43,416 43,655 43,647 43,530 43,602 43,602
Computers & related products
3,950 3,979 3,986 3,911 3,914 3,914
Communications equipment
5,196 5,254 5,262 5,257 5,291 5,291
Semiconductors
- - - - - -
Electrical equipment, appliances & components
19,982 19,912 20,022 19,865 19,680 19,680
Transportation equipment
146,631 145,689 147,965 150,694 148,155 148,155
Motor vehicles & parts
41,612 40,446 39,596 40,250 39,135 39,135
Nondefense Aircraft & parts
74,953 75,396 78,582 80,802 79,151 79,151
Defense Aircraft & parts
12,533 12,544 12,383 12,359 12,451 12,451
All other durable goods
58,595 58,088 57,939 57,638 57,480 57,480
Capital goods
213,574 212,959 215,492 217,104 215,062 215,062
Nondefense capital goods
192,151 191,744 194,410 196,070 193,609 193,609
Excluding aircraft
129,468 128,739 128,380 127,769 127,097 127,097
Defense capital goods
21,423 21,215 21,082 21,034 21,453 21,453




Inventory/Shipments ratio Seasonally Adjusted
Feb. 2021

adv.
Jan. 2021

adv.
Dec. 2020

adv.
Nov. 2020

adv.
Oct. 2020

adv.
Sep. 2020

adv.
Total
1.70 1.63 1.68 1.71 1.70 1.72
Excluding transportation
1.63 1.60 1.64 1.64 1.64 1.68
Excluding defense
1.70 1.62 1.67 1.71 1.70 1.71
Manufacturing with unfilled orders
2.02 1.96 2.05 2.07 2.05 2.11
Primary metals
1.75 1.69 1.75 1.76 1.79 1.83
Fabricated metal products
1.65 1.62 1.67 1.67 1.67 1.71
Machinery
2.17 2.11 2.20 2.19 2.19 2.22
Computers & electronic products
1.40 1.40 1.42 1.41 1.40 1.43
Computers & related products
1.92 1.88 2.16 2.03 2.06 2.17
Communications equipment
1.23 1.24 1.18 1.18 1.13 1.25
Semiconductors
- - - - - -
Electrical equipment, appliances & components
1.72 1.71 1.84 1.82 1.80 1.87
Transportation equipment
1.87 1.69 1.75 1.83 1.81 1.81
Motor vehicles & parts
0.73 0.64 0.63 0.65 0.65 0.63
Nondefense Aircraft & parts
13.45 10.15 12.56 18.90 12.54 15.49
Defense Aircraft & parts
3.13 2.94 3.47 2.92 2.96 3.33
All other durable goods
1.31 1.27 1.30 1.30 1.31 1.33
Capital goods
2.44 2.36 2.48 2.55 2.51 2.60
Nondefense capital goods
2.58 2.49 2.62 2.73 2.64 2.74
Excluding aircraft
1.82 1.79 1.83 1.83 1.83 1.87
Defense capital goods
1.63 1.61 1.66 1.57 1.71 1.77




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


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