The 2020 Mid-Year Economic Update_long

Advance Report: New Orders for Durable Goods Fell 1% in January

Decrease follows 5.3% fall in December.

New orders for manufactured durable goods in January decreased $2.2 billion or 1 percent to $225 billion, the U.S. Census Bureau announced in its advance report on durable goods.

This decrease, down three of the last four months, followed a 5.3 percent December decrease. Excluding transportation, new orders increased 1.1 percent. Excluding defense, new orders decreased 1.8 percent. Transportation equipment, also down three of the last four months, drove the decrease, $4 billion or 5.6 percent to $67.3 billion. This was led by nondefense aircraft and parts, which decreased $3.4 billion.

Shipments
Shipments of manufactured durable goods in January, down two consecutive months, decreased $0.9 billion or 0.4 percent to $232.3 billion. This followed a 1.8 percent December decrease. Machinery, down following five consecutive monthly increases, drove the decrease, $0.9 billion or 2.6 percent to $34.5 billion.

Unfilled Orders
Unfilled orders for manufactured durable goods in January, up 11 of the past 12 months, increased $0.6 billion or 0.1 percent to $1,060.1 billion. This was at the highest level since the series was first published on a NAICS basis in 1992, and followed a 0.2 percent December increase.

Machinery, up nine of the past 10 months, drove the increase, $2 billion or 1.8 percent to $112 billion.

Inventories
Inventories of manufactured durable goods in January, up nine of the past 10 months, increased $1 billion or 0.3 percent to $389.1 billion. This was at the highest level since the series was first published on a NAICS basis, and followed a 0.9 percent December increase. Transportation equipment, up 20 of the past 21 months, drove the increase, $1.1 billion or 0.9 percent to $123 billion.

Capital Goods
Nondefense new orders for capital goods in January decreased $3.2 billion or 3.9 percent to $78.3 billion.

Shipments decreased $0.8 billion or 1.0 percent to $75.1 billion. Unfilled orders increased $3.2 billion or 0.5 percent to $644.7 billion. Inventories increased $0.5 billion or 0.3 percent to $177.5 billion.

Defense new orders for capital goods in January increased $1.6 billion or 26.3 percent to $7.7 billion. Shipments decreased $0.2 billion or 1.9 percent to $9.7 billion. Unfilled orders decreased $2 billion or 1.3 percent to $158.8 billion. Inventories decreased $0.4 billion or 1.7 percent to $22.6 billion.

Revised December Data
Revised seasonally adjusted December figures for all manufacturing industries were: new orders, $486.4 billion (revised from $489.2 billion); shipments, $492.4 billion (revised from $492.7 billion); unfilled orders, $1,059.5 billion (revised from $1,061.7 billion); and total inventories $637 billion (revised from $636.6 billion).

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