The 2020 Mid-Year Economic Update_long

New Orders for Manufactured Goods Down 0.7% in October

Transportation equipment up 3.4 percent.

New orders for manufactured goods decreased $3.3 billion, or 0.7 percent, in October to $496.6 billion, according to the U.S. Census Bureau. This followed a 0.5 percent decrease in September. Excluding transportation, new orders decreased 1.4 percent in October.

Shipments, down two of the last three months, decreased $3.8 billion, or 0.8 percent, to $499.2 billion. This followed a 0.1 percent September increase.

Unfilled orders, up 18 of the last 19 months, increased $4.9 billion, or 0.4 percent, to $1,174.2 billion. This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.4 percent September increase. The unfilled orders-to-shipments ratio was 6.73, up from 6.71 in September.

Inventories, up 23 of the last 24 months, increased $0.5 billion, or 0.1 percent, to $655.6 billion. This was also at the highest level since the series was first published on a NAICS basis and followed a 0.2 percent September increase. The inventories-to-shipments ratio was 1.31, up from 1.30 in September.

New orders for manufactured durable goods in October, up following two consecutive monthly decreases, increased $0.6 billion, or 0.3 percent, to $243.8 billion, revised from the previously published 0.4 percent increase. This followed a 0.7 percent September decrease.

Transportation equipment, also up following two consecutive monthly decreases, drove the increase, $2.5 billion, or 3.4 percent, to $76.5 billion.

New orders for manufactured nondurable goods decreased $3.9 billion to $252.7billion.

By stage of fabrication, October materials and supplies increased 0.4 percent in durable goods and 0.3 percent in nondurable goods. Work in process increased 0.8 percent in durable goods and decreased 3.1 percent in nondurable goods. Finished goods decreased slightly in both durable and nondurable goods.

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