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New Orders on the rise again in March

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 -0.10 % to $282 billions.Orders for U.S.-made products designed to last three years or more, such as autos or appliances increased in March on the seasonally adjusted basis by 1.97 % to $283 billions, an increase of $5 billions from $278 in February, reported by the Commerce Department. The rise in demand last month was lead by transportation and defense, but almost every sector tracked by the Commerce Department reported an increase. 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. Orders for U.S.-made products designed to last three years or more, such as autos or appliances grew by 2.54 % over the past 12 months, and inventories by 8.01 %.


Also, orders for a category known as core capital goods, viewed as the report's best indicator of private-sector trends, orders fell despite the increase in total bookings, by -0.03 % on the seasonally adjusted basis, but shipments grew by 0.06 %.
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 decreased by -0.64 %, but inventories grew by 5.69 %.

In March total durable goods shipments declined by -0.10 % to $282 billions, a decrease by $0 billions from $283 in February on the seasonally adjusted basis, led by -11.20 % decrease in defense aircraft and parts shipments, representing 3.82 % of total durable goods shipments. Government purchases of defense products are uneven and can sometimes distort the data.. Shipments excluding the volatile transportation sector, grew by 0.03 %.



Manufacturing New Orders
Primary Metals New Orders
Capital Goods New Orders
Transp. Equip. New Orders
2.00% 2.05% -1.18% 31.35% 4.48% -3.48% 6.16% -1.49%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y

The Commerce Department announced total durable goods inventories edge up by 0.17 % to $528 billions, an increase of $1 billions from $527 in February in March on the seasonally adjusted basis, as inventories of aircrafts and parts grew 2.41 % to $82 billions. Inventory to shipments ratio grew to 1.87 from 1.86 in the previous month.

Unfilled orders have rebounded from decline in previous period, unfilled orders surged by 0.31 % on the seasonally adjusted basis, as unfilled orders for aircrafts and parts grew 1.01 % to $657 billions. Compare to a year ago Unfilled orders soared by 20.43 %.



   

New Orders / Shipments Ratio

Inventory / Shipments Ratio

New orders / shipments ratio for total durable goods was 1.00. Excluding transportation new orders / shipments ratio was 0.97. Excluding defense new orders / shipments ratio was 1.01. 
Inventory / shipments ratio for total durable goods was 1.87. Excluding transportation Inventory / shipments ratio was 1.86. Excluding defense Inventory / shipments ratio was 1.87.
 



Shipments Seasonally Adjusted, in millions $ March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
282,399 282,668 279,019 282,191 283,190 280,356
Excluding transportation
192,955 192,903 192,739 192,686 192,938 191,981
Excluding defense
265,919 266,062 262,633 266,156 266,780 264,072
Manufacturing with unfilled orders
194,505 196,313 194,387 196,955 197,794 196,484
Primary metals
26,414 26,640 26,363 26,756 26,622 26,272
Fabricated metal products
36,430 36,450 36,337 36,471 36,346 35,934
Machinery
37,961 37,895 38,130 37,605 37,986 38,318
Computers & electronic products
29,643 29,765 29,738 29,707 29,835 29,613
Computers & related products
2,195 2,252 2,201 2,059 2,112 2,056
Communications equipment
3,061 3,032 3,015 3,014 3,040 3,029
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,312 14,215 14,410 14,196 14,182 14,211
Transportation equipment
89,444 89,765 86,280 89,505 90,252 88,375
Motor vehicles & parts
4,999 5,063 4,906 4,850 4,894 4,912
Nondefense Aircraft & parts
62,973 61,704 60,777 61,253 61,034 59,354
Defense Aircraft & parts
10,779 12,138 9,953 13,199 14,070 13,284
All other durable goods
48,195 47,938 47,761 47,951 47,967 47,633
Capital goods
94,551 96,038 93,770 96,293 97,340 96,786
Nondefense capital goods
80,495 81,890 79,770 82,497 83,215 82,894
Excluding aircraft
74,464 74,423 74,772 74,160 74,102 74,351
Defense capital goods
14,056 14,148 14,000 13,796 14,125 13,892





New Orders Seasonally Adjusted, in millions $ March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
283,412 277,931 276,652 295,559 295,357 279,441
Excluding transportation
187,470 187,560 186,878 188,729 187,560 187,373
Excluding defense
268,064 263,809 260,151 281,888 279,605 261,629
Manufacturing with unfilled orders
200,383 196,461 196,787 215,250 214,926 200,524
Primary metals
26,406 26,720 26,373 27,078 26,639 26,457
Fabricated metal products
36,254 36,240 36,114 36,691 36,414 36,504
Machinery
37,515 37,618 37,232 37,506 37,565 37,797
Computers & electronic products
24,854 24,779 25,219 24,965 24,792 24,790
Computers & related products
2,193 2,288 2,207 2,062 2,106 2,048
Communications equipment
2,860 2,944 2,997 3,393 3,117 3,081
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,189 14,269 14,310 14,425 14,082 14,216
Transportation equipment
95,942 90,371 89,774 106,830 107,797 92,068
Motor vehicles & parts
4,746 4,646 4,351 4,172 4,584 4,996
Nondefense Aircraft & parts
63,107 61,742 60,742 61,150 60,830 59,403
Defense Aircraft & parts
18,409 15,200 13,732 33,211 32,347 16,146
All other durable goods
48,252 47,934 47,630 48,064 48,068 47,609
Capital goods
100,420 96,113 96,651 114,144 115,053 100,898
Nondefense capital goods
87,552 84,316 82,678 103,044 101,410 85,254
Excluding aircraft
73,848 73,872 73,720 74,332 73,973 73,794
Defense capital goods
12,868 11,797 13,973 11,100 13,643 15,644




New Orders Seasonally Adjusted, in millions $
March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
283,412 277,931 276,652 295,559 295,357 279,441
Excluding transportation
187,470 187,560 186,878 188,729 187,560 187,373
Excluding defense
268,064 263,809 260,151 281,888 279,605 261,629
Manufacturing with unfilled orders
200,383 196,461 196,787 215,250 214,926 200,524
Primary metals
26,406 26,720 26,373 27,078 26,639 26,457
Fabricated metal products
36,254 36,240 36,114 36,691 36,414 36,504
Machinery
37,515 37,618 37,232 37,506 37,565 37,797
Computers & electronic products
24,854 24,779 25,219 24,965 24,792 24,790
Computers & related products
2,193 2,288 2,207 2,062 2,106 2,048
Communications equipment
2,860 2,944 2,997 3,393 3,117 3,081
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,189 14,269 14,310 14,425 14,082 14,216
Transportation equipment
95,942 90,371 89,774 106,830 107,797 92,068
Motor vehicles & parts
4,746 4,646 4,351 4,172 4,584 4,996
Nondefense Aircraft & parts
63,107 61,742 60,742 61,150 60,830 59,403
Defense Aircraft & parts
18,409 15,200 13,732 33,211 32,347 16,146
All other durable goods
48,252 47,934 47,630 48,064 48,068 47,609
Capital goods
100,420 96,113 96,651 114,144 115,053 100,898
Nondefense capital goods
87,552 84,316 82,678 103,044 101,410 85,254
Excluding aircraft
73,848 73,872 73,720 74,332 73,973 73,794
Defense capital goods
12,868 11,797 13,973 11,100 13,643 15,644




Unfilled Orders Seasonally Adjusted, in millions $
March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
1,397,186 1,392,925 1,393,373 1,393,373 1,374,909 1,356,863
Excluding transportation
494,015 494,861 497,658 497,658 496,530 497,660
Excluding defense
1,160,505 1,155,032 1,152,838 1,152,838 1,131,199 1,112,290
Manufacturing with unfilled orders
1,397,186 1,392,925 1,393,373 1,393,373 1,374,909 1,356,863
Primary metals
38,550 38,676 38,769 38,769 38,463 38,537
Fabricated metal products
129,138 129,351 130,063 130,063 129,890 130,032
Machinery
134,783 135,162 136,909 136,909 137,091 137,664
Computers & electronic products
135,197 135,125 135,146 135,146 134,848 134,980
Computers & related products
1,312 1,314 1,272 1,272 1,269 1,275
Communications equipment
17,398 17,698 17,935 17,935 17,440 17,362
Semiconductors
- - - - - -
Electrical equipment, appliances & components
43,656 43,909 43,959 43,959 43,582 43,930
Transportation equipment
903,171 898,064 895,715 895,715 878,379 859,203
Motor vehicles & parts
34,759 34,757 35,035 35,035 35,144 35,360
Nondefense Aircraft & parts
657,053 650,512 644,664 644,664 623,769 603,803
Defense Aircraft & parts
70,810 71,082 72,146 72,146 73,117 73,465
All other durable goods
12,691 12,638 12,812 12,812 12,656 12,517
Capital goods
1,055,271 1,050,633 1,050,141 1,050,141 1,031,901 1,012,959
Nondefense capital goods
851,134 845,188 841,999 841,999 820,347 800,692
Excluding aircraft
266,944 267,605 270,278 270,278 270,038 270,416
Defense capital goods
204,137 205,445 208,142 208,142 211,554 212,267



Total Inventories Seasonally Adjusted, in millions $
March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
527,922 527,047 527,047 527,047 524,781 525,111
Excluding transportation
357,944 359,384 359,384 359,384 358,848 359,207
Excluding defense
497,323 497,181 497,181 497,181 495,090 495,688
Manufacturing with unfilled orders
427,380 426,542 426,542 426,542 424,701 424,557
Primary metals
45,652 45,582 45,582 45,582 45,888 46,106
Fabricated metal products
64,675 64,805 64,805 64,805 64,811 64,756
Machinery
95,009 95,547 95,547 95,547 94,931 95,107
Computers & electronic products
55,341 55,640 55,640 55,640 55,403 55,332
Computers & related products
3,517 3,572 3,572 3,572 3,455 3,458
Communications equipment
4,983 4,989 4,989 4,989 5,049 5,033
Semiconductors
- - - - - -
Electrical equipment, appliances & components
25,949 26,583 26,583 26,583 26,530 26,411
Transportation equipment
169,978 167,663 167,663 167,663 165,933 165,904
Motor vehicles & parts
54,136 54,367 54,367 54,367 54,263 54,622
Nondefense Aircraft & parts
81,806 79,881 79,881 79,881 78,659 78,300
Defense Aircraft & parts
14,071 13,982 13,982 13,982 13,919 14,081
All other durable goods
71,318 71,227 71,227 71,227 71,285 71,495
Capital goods
255,886 254,057 254,057 254,057 251,917 251,472
Nondefense capital goods
230,650 229,438 229,438 229,438 227,436 227,279
Excluding aircraft
163,034 163,721 163,721 163,721 162,720 163,018
Defense capital goods
25,236 24,619 24,619 24,619 24,481 24,193




Inventory/Shipments ratio Seasonally Adjusted
March 2024

adv.
Feb. 2024

adv.
Jan. 2024

rest.
Dec. 2023

adv.
Nov. 2023

adv.
Oct. 2023

adv.
Total
1.87 1.86 1.89 1.87 1.85 1.87
Excluding transportation
1.86 1.86 1.86 1.87 1.86 1.87
Excluding defense
1.87 1.87 1.89 1.87 1.86 1.88
Manufacturing with unfilled orders
2.20 2.17 2.19 2.17 2.15 2.16
Primary metals
1.73 1.71 1.73 1.70 1.72 1.75
Fabricated metal products
1.78 1.78 1.78 1.78 1.78 1.80
Machinery
2.50 2.52 2.51 2.54 2.50 2.48
Computers & electronic products
1.87 1.87 1.87 1.87 1.86 1.87
Computers & related products
1.60 1.59 1.62 1.73 1.64 1.68
Communications equipment
1.63 1.65 1.65 1.66 1.66 1.66
Semiconductors
- - - - - -
Electrical equipment, appliances & components
1.81 1.87 1.84 1.87 1.87 1.86
Transportation equipment
1.90 1.87 1.94 1.87 1.84 1.88
Motor vehicles & parts
0.86 0.88 0.89 0.89 0.89 0.92
Nondefense Aircraft & parts
7.59 6.58 8.03 6.05 5.59 5.89
Defense Aircraft & parts
2.81 2.76 2.85 2.88 2.84 2.87
All other durable goods
1.48 1.49 1.49 1.49 1.49 1.50
Capital goods
2.71 2.65 2.71 2.64 2.59 2.60
Nondefense capital goods
2.87 2.80 2.88 2.78 2.73 2.74
Excluding aircraft
2.19 2.20 2.19 2.21 2.20 2.19
Defense capital goods
1.80 1.74 1.76 1.78 1.73 1.74




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




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