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Durable Goods orders rebounded in March 2022

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

Modified 2022-05-05T16:55:38-04:00
Goran Soko / CSIMarket.com Contributer


U.S. Durable Goods orders grew again after dipping in the last month, excluding defense booking grew even faster 1.76 %. That category excludes defense and gives a better indication of longer-term trends in the private sector.Orders for U.S.-made products designed to last three years or more, such as autos or appliances increased in March 2022 on the seasonally adjusted basis by 1.29 % to $275 billions, an increase of $4 billions from $272 in February 2022, reported by the Commerce Department. Primary metals, fabricated metal products and communications equipment orders grew above averge in the last month. The rebound in durable goods orders is an encouraging sign, particularly in light of the loss of momentum in the manufacturing sector evident in recent survey reports. From March 2021, bookings jumped by 7.29 % and shipments by 6.69 %. The normal wild swings in big-ticket purchases continue but the trend is still up and that is all that matters, some Wallstreet economists added. Durable goods are typically bulky or heavy products designed to last at three years, such as trains, computers or furniture. The government’s durables report, however, is particularly volatile and subject to large swings month to month.


Core capital equipment goods, which the government uses to help calculate quarterly reports on U.S. growth, orders increased by 0.86 % less than total orders on the seasonally adjusted basis and shipments by 0.06 %.
Such core capital goods orders are considered the best gauge of capital spending by businesses.
From March 2021, Core capital goods orders jumped by 10.34 % and inventories by 13.14 %.

Shipments of U.S.-made products designed to last three years or more, such as autos or appliances increased in March 2022 on the seasonally adjusted basis by 1.32 % to $274 billions, an increase of $4 billions from $271 in February 2022, reported by the Commerce Department. Shipments excluding the volatile transportation sector, grew by 0.69 %.



Manufacturing New Orders
Primary Metals New Orders
Capital Goods New Orders
Transp. Equip. New Orders
0.59% 10.09% 2.50% 20.36% -0.80% 12.59% 1.36% 2.22%
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y
M/M
Y/Y

Inventories jumped by 0.92 % to $483 billions, an increase of $4 billions from $479 in February 2022 on the seasonally adjusted basis, as inventories of computers and related products grew the most, up 2.59 % to $4 billions, reported by the U.S. Commerce Department. Inventory to shipments ratio fell to 1.76 from 1.77 in the previous month.

Unfilled orders have increased by higher rate than in previous period, unfilled booking jumped by 0.49 % on the seasonally adjusted basis, led by 1.33 % growth in communications equipment unfilled bookings, representing 1.73 % of total unfilled orders. Compare to a year ago Unfilled orders soared by 19.03 %.



   

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 0.98. Excluding defense new orders / shipments ratio was 1.01. 
Inventory / shipments ratio for total durable goods was 1.76. Excluding transportation Inventory / shipments ratio was 1.68. Excluding defense Inventory / shipments ratio was 1.76.
 



Shipments Seasonally Adjusted, in millions $ March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
274,229 270,646 270,700 265,997 263,574 261,486
Excluding transportation
194,251 192,924 192,541 188,640 187,214 186,220
Excluding defense
259,744 255,826 255,862 251,822 248,958 246,975
Manufacturing with unfilled orders
192,040 190,902 190,872 185,910 185,849 184,767
Primary metals
25,297 24,800 24,711 24,781 24,684 24,744
Fabricated metal products
37,914 37,294 37,335 36,785 36,375 36,175
Machinery
38,663 38,459 39,001 37,569 37,109 36,975
Computers & electronic products
30,252 30,309 29,972 29,286 29,150 29,167
Computers & related products
2,100 2,049 1,973 1,912 1,892 1,938
Communications equipment
3,696 3,817 3,788 3,473 3,525 3,484
Semiconductors
- - - - - -
Electrical equipment, appliances & components
13,818 13,603 13,400 12,999 12,931 12,844
Transportation equipment
79,978 77,722 78,159 77,357 76,360 75,266
Motor vehicles & parts
4,453 4,729 4,499 4,354 4,734 4,638
Nondefense Aircraft & parts
57,425 54,211 54,657 54,927 53,834 52,483
Defense Aircraft & parts
7,853 8,447 8,456 7,983 8,013 8,241
All other durable goods
48,307 48,459 48,122 47,220 46,965 46,315
Capital goods
96,730 97,286 97,216 94,249 93,704 93,293
Nondefense capital goods
84,150 84,429 84,249 81,976 81,075 80,818
Excluding aircraft
79,710 79,666 79,292 77,349 76,332 76,034
Defense capital goods
12,580 12,857 12,967 12,273 12,629 12,475





New Orders Seasonally Adjusted, in millions $ March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
275,013 271,512 277,561 267,629 268,251 260,087
Excluding transportation
191,319 188,940 190,095 187,498 186,192 184,836
Excluding defense
262,144 257,599 264,797 254,647 252,640 246,379
Manufacturing with unfilled orders
197,357 196,194 202,112 191,927 194,796 187,821
Primary metals
25,551 24,929 25,158 24,950 24,527 24,609
Fabricated metal products
38,117 37,435 37,465 37,512 36,688 36,890
Machinery
39,015 38,869 39,891 38,233 38,150 38,331
Computers & electronic products
26,274 25,573 25,846 25,770 26,535 25,367
Computers & related products
2,092 2,045 1,959 1,867 1,849 1,897
Communications equipment
3,961 3,673 3,881 4,228 4,514 3,953
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,137 13,628 13,599 13,386 13,313 13,377
Transportation equipment
83,694 82,572 87,466 80,131 82,059 75,251
Motor vehicles & parts
3,294 4,666 2,914 4,707 5,079 4,725
Nondefense Aircraft & parts
57,729 54,451 54,747 54,906 53,798 52,781
Defense Aircraft & parts
12,672 13,481 19,360 12,062 13,310 8,848
All other durable goods
48,225 48,506 48,136 47,647 46,979 46,262
Capital goods
101,306 102,124 107,091 97,142 102,550 95,602
Nondefense capital goods
90,027 89,933 96,418 87,386 88,581 83,776
Excluding aircraft
80,783 80,093 80,345 79,065 78,801 78,588
Defense capital goods
11,279 12,191 10,673 9,756 13,969 11,826




New Orders Seasonally Adjusted, in millions $
March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
275,013 271,512 277,561 267,629 268,251 260,087
Excluding transportation
191,319 188,940 190,095 187,498 186,192 184,836
Excluding defense
262,144 257,599 264,797 254,647 252,640 246,379
Manufacturing with unfilled orders
197,357 196,194 202,112 191,927 194,796 187,821
Primary metals
25,551 24,929 25,158 24,950 24,527 24,609
Fabricated metal products
38,117 37,435 37,465 37,512 36,688 36,890
Machinery
39,015 38,869 39,891 38,233 38,150 38,331
Computers & electronic products
26,274 25,573 25,846 25,770 26,535 25,367
Computers & related products
2,092 2,045 1,959 1,867 1,849 1,897
Communications equipment
3,961 3,673 3,881 4,228 4,514 3,953
Semiconductors
- - - - - -
Electrical equipment, appliances & components
14,137 13,628 13,599 13,386 13,313 13,377
Transportation equipment
83,694 82,572 87,466 80,131 82,059 75,251
Motor vehicles & parts
3,294 4,666 2,914 4,707 5,079 4,725
Nondefense Aircraft & parts
57,729 54,451 54,747 54,906 53,798 52,781
Defense Aircraft & parts
12,672 13,481 19,360 12,062 13,310 8,848
All other durable goods
48,225 48,506 48,136 47,647 46,979 46,262
Capital goods
101,306 102,124 107,091 97,142 102,550 95,602
Nondefense capital goods
90,027 89,933 96,418 87,386 88,581 83,776
Excluding aircraft
80,783 80,093 80,345 79,065 78,801 78,588
Defense capital goods
11,279 12,191 10,673 9,756 13,969 11,826




Unfilled Orders Seasonally Adjusted, in millions $
March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
1,294,611 1,288,357 1,283,065 1,267,535 1,259,882 1,249,687
Excluding transportation
436,968 435,000 434,558 432,469 428,651 425,556
Excluding defense
1,086,227 1,078,110 1,071,911 1,053,302 1,044,609 1,035,621
Manufacturing with unfilled orders
1,294,611 1,288,357 1,283,065 1,267,535 1,259,882 1,249,687
Primary metals
41,998 41,585 41,456 40,799 40,666 40,913
Fabricated metal products
106,048 105,574 105,433 105,392 104,423 104,540
Machinery
117,552 117,217 116,807 115,743 114,962 113,747
Computers & electronic products
125,199 124,589 124,899 124,772 123,856 122,071
Computers & related products
1,340 1,348 1,352 1,366 1,402 1,439
Communications equipment
22,348 22,055 22,199 22,174 21,434 20,349
Semiconductors
- - - - - -
Electrical equipment, appliances & components
33,459 33,113 33,088 32,879 32,367 31,922
Transportation equipment
857,643 853,357 848,507 835,066 831,231 824,131
Motor vehicles & parts
29,043 28,699 28,459 28,444 28,408 28,425
Nondefense Aircraft & parts
636,622 631,112 626,078 609,910 605,003 598,547
Defense Aircraft & parts
78,837 80,230 80,293 82,419 81,809 81,294
All other durable goods
12,712 12,922 12,875 12,884 12,377 12,363
Capital goods
988,560 983,516 978,678 964,343 960,760 950,301
Nondefense capital goods
805,183 798,630 793,126 775,667 769,290 760,337
Excluding aircraft
245,498 244,447 244,020 243,040 241,112 238,341
Defense capital goods
183,377 184,886 185,552 188,676 191,470 189,964



Total Inventories Seasonally Adjusted, in millions $
March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
482,893 478,509 476,495 473,606 469,559 466,034
Excluding transportation
326,923 324,419 322,463 319,033 315,533 311,970
Excluding defense
457,662 453,417 451,296 448,528 444,534 441,110
Manufacturing with unfilled orders
388,896 385,665 383,930 382,066 378,671 375,740
Primary metals
43,487 43,413 42,943 42,666 42,155 41,832
Fabricated metal products
63,486 63,310 63,158 62,629 61,939 61,006
Machinery
81,596 80,465 79,664 78,352 77,441 75,972
Computers & electronic products
48,287 48,102 48,199 48,036 47,665 47,576
Computers & related products
3,880 3,782 3,787 3,844 3,793 3,787
Communications equipment
5,227 5,153 5,139 5,131 5,128 5,133
Semiconductors
- - - - - -
Electrical equipment, appliances & components
23,091 22,695 22,512 22,069 21,472 21,310
Transportation equipment
155,970 154,090 154,032 154,573 154,026 154,064
Motor vehicles & parts
51,228 50,564 50,455 50,109 49,633 49,980
Nondefense Aircraft & parts
76,174 75,317 75,256 76,316 76,210 76,025
Defense Aircraft & parts
12,648 12,566 12,719 12,522 12,630 12,545
All other durable goods
66,976 66,434 65,987 65,281 64,861 64,274
Capital goods
234,086 231,192 229,957 228,931 227,241 224,996
Nondefense capital goods
212,673 209,867 208,504 207,594 205,956 203,792
Excluding aircraft
146,605 144,599 143,391 141,421 139,917 137,954
Defense capital goods
21,413 21,325 21,453 21,337 21,285 21,204




Inventory/Shipments ratio Seasonally Adjusted
March 2022

adv.
Feb. 2022

adv.
Jan. 2022

rest.
Dec. 2021

adv.
Nov. 2021

adv.
Oct. 2021

final
Total
1.76 1.77 1.76 1.78 1.78 1.78
Excluding transportation
1.68 1.68 1.67 1.69 1.69 1.68
Excluding defense
1.76 1.77 1.76 1.78 1.79 1.79
Manufacturing with unfilled orders
2.03 2.02 2.01 2.06 2.04 2.03
Primary metals
1.72 1.75 1.74 1.72 1.71 1.69
Fabricated metal products
1.67 1.70 1.69 1.70 1.70 1.69
Machinery
2.11 2.09 2.04 2.09 2.09 2.05
Computers & electronic products
1.60 1.59 1.61 1.64 1.64 1.63
Computers & related products
1.85 1.85 1.92 2.01 2.00 1.95
Communications equipment
1.41 1.35 1.36 1.48 1.45 1.47
Semiconductors
- - - - - -
Electrical equipment, appliances & components
1.67 1.67 1.68 1.70 1.66 1.66
Transportation equipment
1.95 1.98 1.97 2.00 2.02 2.05
Motor vehicles & parts
0.89 0.93 0.92 0.91 0.92 0.95
Nondefense Aircraft & parts
9.70 8.92 8.90 9.56 9.51 9.23
Defense Aircraft & parts
2.84 2.66 2.83 2.88 2.67 2.70
All other durable goods
1.39 1.37 1.37 1.38 1.38 1.39
Capital goods
2.42 2.38 2.37 2.43 2.43 2.41
Nondefense capital goods
2.53 2.49 2.47 2.53 2.54 2.52
Excluding aircraft
1.84 1.82 1.81 1.83 1.83 1.81
Defense capital goods
1.70 1.66 1.65 1.74 1.69 1.70




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


       
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