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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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