The 2020 Mid-Year Economic Update_long

New Orders for Manufactured Goods Down 1% in January

Excluding transportation, new orders declined 0.3%.

New orders for manufactured goods in January, down following two consecutive monthly increases, decreased $4.8 billion or 1 percent to $462.6 billion, the U.S. Census Bureau reported. This followed a 1.4 percent December increase. Excluding transportation, new orders decreased 0.3 percent.

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Shipments, up eight consecutive months, increased $4.1 billion or 0.9 percent to $463.6 billion. This followed a 0.8 percent December increase. Unfilled orders, up twenty-one of the last twenty-two months, increased $5.4 billion or 0.6 percent to $917.9 billion. This followed a 1.5 percent December increase. The unfilled orders-to-shipments ratio was 6.10, up from 6.04 in December.

Inventories, up twenty-seven of the last twenty-eight months, increased $3.9 billion or 0.6 percent to $614.7 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. The inventories-to-shipments ratio was 1.33, unchanged from December.

New orders for manufactured durable goods in January, down following three consecutive monthly increases, decreased $8.0 billion or 3.7 percent to $206.9 billion, revised from the previously published 4.0 percent decrease. This followed a 3.3 percent December increase. Machinery, also down following three consecutive monthly increases, had the largest decrease, $3.6 billion or 10.5 percent to $30.5 billion. New orders for manufactured nondurable goods increased $3.3 billion or 1.3 percent to $255.7 billion.

Shipments of manufactured durable goods in January, up two consecutive months, increased $0.8 billion or 0.4 percent to $208.0 billion, unchanged from the previously published increase. This followed a 2.0 percent December increase. Transportation equipment, also up two consecutive months, had the largest increase, $2.9 billion or 6.1 percent to $50.6 billion. Shipments of manufactured nondurable goods, up two of the last three months, increased $3.3 billion or 1.3 percent to $255.7 billion. This followed a 0.2 percent December decrease. Petroleum and coal products, also up two of the last three months, led the increase, up $2.5 billion or 3.5 percent to $74.1 billion.

Unfilled orders for manufactured durable goods in January, up twenty-one of the last twenty-two months, increased $5.4 billion or 0.6 percent to $917.9 billion, revised from the previously published 0.5 percent increase. This followed a 1.5 percent December increase. Transportation equipment, up twelve of the last thirteen months, had the largest increase, $4.8 billion or 0.9 percent to $534.9 billion.

Inventories of manufactured durable goods in January, up twenty-five consecutive months, increased $2.4 billion or 0.6 percent to $372.5 billion, revised from the previously published 0.7 percent increase. This was at the highest level since the series was first published on a NAICS basis and followed a 0.3 percent December increase. Machinery, up twenty-two consecutive months, had the largest increase, $0.9 billion or 1.5 percent to $61.5 billion.

Inventories of manufactured nondurable goods, up four of the last five months, increased $1.5 billion or 0.6 percent to $242.2 billion. This followed a slight December decrease. Petroleum and coal products, up five consecutive months, led the increase, up $1.2 billion or 2.1 percent to $57.1 billion. By stage of fabrication, January materials and supplies increased 1.1 percent in durable goods and 1.0 percent in nondurable goods. Work in process increased 0.4 percent in durable goods and 1.4 percent in nondurable goods. Finished goods increased 0.4 percent in durable goods and a slight increase in nondurable goods.

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