The 2020 Mid-Year Economic Update_long

New Orders for Manufactured Goods Jumps 6.4% in July

U.S. Census Bureau’s final report on new orders for manufactured goods shows a third consecutive month of growth and second consecutive month of mid-single-digit growth.
New orders for manufactured goods

New orders for manufactured goods in July, up three consecutive months, increased $27.8 billion or 6.4% to $466.1 billion, the U.S. Census Bureau reported Wednesday. This followed a 6.4% June increase.

Shipments, also up three consecutive months, increased $21.3 billion or 4.6% to $479.5 billion. This followed a 10% June increase. Unfilled orders, down four of the last five months, decreased $8.3 billion or 0.8% to $1,084.3 billion. This followed a 1.4% June decrease. The unfilled orders-to-shipments ratio was 6.70, down from 7.01 in June. Inventories, down following two consecutive monthly increases, decreased $3.1 billion or 0.5% to $687.2 billion. This followed a 0.5% June increase. The inventories-to-shipments ratio was 1.43, down from 1.51 in June.

New Orders

New orders for manufactured durable goods in July, up three consecutive months, increased $23.7 billion or 11.4% to $231.1 billion, up from the previously published 11.2% increase. This followed a 7.7% June increase. Transportation equipment, also up three consecutive months, led the increase, $19.6 billion or 35.7% to $74.7 billion. New orders for manufactured nondurable goods increased $4.2 billion or 1.8% to $235.0 billion.

Shipments

Shipments of manufactured durable goods in July, up three consecutive months, increased $17.1 billion or 7.5% to $244.6 billion, up from the previously published 7.3% increase. This followed a 15.2% June increase. Transportation equipment, also up three consecutive months, led the increase, $12.7 billion or 17.9% to $83.2 billion. Shipments of manufactured nondurable goods, up three consecutive months, increased $4.2 billion or 1.8% to $235.0 billion. This followed a 5.3% June increase. Petroleum and coal products, also up three consecutive months, led the increase, $2.3 billion or 6.5% to $38.3 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in July, down four of the last five months, decreased $8.3 billion or 0.8% to $1,084.3 billion, unchanged from the previously published decrease. This followed a 1.4% June decrease. Transportation equipment, down five consecutive months, drove the decrease, $8.5 billion or 1.1% to $735 billion.

Inventories

Inventories of manufactured durable goods in July, down two consecutive months, decreased $2.7 billion or 0.6% to $421.8 billion, down from the previously published 0.5% decrease. This followed a 0.1% June decrease. Fabricated metal products, also down two consecutive months, led the decrease, $0.9 billion or 1.6% to $51.7 billion. Inventories of manufactured nondurable goods, down following two consecutive monthly increases, decreased $0.5 billion or 0.2% to $265.4 billion. This followed a 1.4% June increase. Chemical products, down two of the last three months, led the decrease, $0.2 billion or 0.2% to $96.4 billion. By stage of fabrication, July materials and supplies decreased 0.8% in durable goods and increased 0.2% in nondurable goods. Work in process decreased 0.3% in durable goods and 0.4% in nondurable goods. Finished goods decreased 0.8% in durable goods and 0.3% in nondurable goods.

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