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Home » Aircraft and Parts Orders Drive January New Order Growth
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Aircraft and Parts Orders Drive January New Order Growth

By    MDM  Staff 
February 26, 2010
More about:  Economy
Outside of transportation, new orders were down 0.6%.
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New orders for manufactured durable goods in January increased $5.2 billion or 3% to $175.7 billion, according to the U.S. Census Bureau. This was the second consecutive monthly increase and followed a 1.9% December increase. Excluding transportation, new orders decreased 0.6%. Excluding defense, new orders increased 1.6%.
 
Transportation equipment, up four of the last five months, had the largest increase, $6.0 billion or 15.6% to $44.8 billion. This was led by nondefense aircraft and parts, which increased $4.0 billion.
 
Cliff Waldman, economist for the Manufacturers Alliance/MAPI, said the results were disappointing. “While total new orders increased a healthy 3% on top of nearly 2% in December, this was entirely due to volatile transportation orders," he said. Waldman pointed out that excluding transportation demand, total new orders actually fell by 0.6%. He said that industry-level data were mixed, indicative of a "less than stable expansion." Machinery demand fell by nearly 10%, although it was up more than 5% from year-ago levels. Fabricated metals demand was flat. 

“Further, it continues to be evident that business confidence in this economic recovery vacillates,” he said. “… Strong but volatile manufacturing output in recent months reflects a large inventory restocking after the historic liquidation that was seen in late 2008 and early 2009.  But recent indicators on employment and housing have been disconcerting and at a minimum show that the strength of the domestic economic recovery is less than certain. And on the global front, almost all of the strength is coming from Asia. Until the new expansion broadens both domestically and globally, a strong and sustained manufacturing recovery is questionable.”
 
Shipments
Shipments of manufactured durable goods in January, down following four consecutive monthly increases, decreased $0.3 billion or 0.2% to $180.7 billion. This followed a 2.4% December increase. Transportation equipment, down following two consecutive monthly increases, had the largest decrease, $1.6 billion or 3.5% to $44.6 billion.
 
Unfilled Orders
Unfilled orders for manufactured durable goods in January, up following a record fifteen consecutive monthly decreases, increased $0.4 billion or 0.1% to $718.1 billion. This followed a 0.9% December decrease. Primary metals, up seven of the last eight months, had the largest increase, $0.5 billion or 3.2% to $16.1 billion.
 
Inventories
Inventories of manufactured durable goods in January, down thirteen consecutive months, decreased $0.1 billion to $302.6 billion. This followed a 0.2% December decrease. Computers and electronic products, down twelve of the last thirteen months, had the largest decrease, $0.5 billion or 1.2% to $42.9 billion.
 
Capital Goods
Nondefense new orders for capital goods in January increased $2.6 billion or 4.7% to $57.7 billion. Shipments decreased $2.1 billion or 3.5% to $57.7 billion. Unfilled orders decreased slightly to $409 billion. Inventories increased $0.5 billion or 0.3% to $131.8 billion.
 
Defense new orders for capital goods in January increased $1.6 billion or 19.2% to $9.9 billion. Shipments increased $0.1 billion or 0.6% to $10.4 billion. Unfilled orders decreased $0.5 billion or 0.4% to $132.3 billion. Inventories increased $0.5 billion or 2.4% to $20.4 billion.
 
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