The 2020 Mid-Year Economic Update_long

New Orders for Manufactured Goods Up 2.1% in May

Excluding transportation, news orders increased 0.6%.

New orders for manufactured goods in May, up three of the last four months, increased 2.1 percent to $485 billion, according to the full report from U.S. Census Bureau. This followed a 1.3 percent April increase. Excluding transportation, new orders increased 0.6 percent.

Shipments, up following two consecutive monthly decreases, increased 1 percent to $483.6 billion. This followed a 0.7 percent April decrease. Unfilled orders, up three of the last four months, increased 0.8 percent to $1 trillion. This followed a 0.3 percent April increase. The unfilled orders-to-shipments ratio was 6.21, down from 6.28 in April.

Inventories, up six consecutive months, increased $300 million to $627.8 billion. This was at the highest level since the series was first published on a NAICS basis in 1992, and followed a 0.1 percent April increase. The inventories-to-shipments ratio was 1.3, down from 1.31 in April.

New orders for manufactured durable goods in May, up three of the last four months, increased 3.7 percent to $231.2 billion, revised from the previously published 3.6 percent increase. This followed a 3.6 percent April increase.

Transportation equipment, also up three of the last four months, led the increase, up 10.9 percent to $74.5 billion. New orders for manufactured nondurable goods increased 0.7 percent to $253.8 billion.

Shipments of manufactured durable goods in May, up three of the last four months, increased $2.8 billion or 1.3 percent to $229.8 billion, revised from the previously published 1.2 percent increase. This followed a 0.6 percent April decrease.

 Transportation equipment, also up three of the last four months, led the increase, up 3.9 percent to $69.3 billion.

Shipments of manufactured nondurable goods, up following two consecutive monthly decreases, increased 0.7 percent to $253.8 billion. This followed a 0.7 percent April decrease. Petroleum and coal products, also up following two consecutive monthly decreases, led the increase, up 1.3 percent to $70 billion.

Unfilled orders for manufactured durable goods in May, up three of the last four months, increased 0.8 percent to $1 trillion, unchanged from the previously published increase. This followed a 0.3 percent April increase.

Transportation equipment, also up three of the last four months, led the increase, up 0.9 percent to $616.8 billion.

Inventories of manufactured durable goods in May, up four of the last five months, increased 0.1 percent to $377.7 billion, unchanged from the previously published increase. This was at the highest level since the series was first published on a NAICS basis, and followed a 0.2 percent April increase.

Computers and electronic products, up two consecutive months, drove the increase, up 0.9 percent to $46.5 billion. Inventories of manufactured nondurable goods, down three of the last four months, decreased $100 million to $250.1 billion. This followed a 0.1 percent April decrease. Chemical products, down following six consecutive monthly increases, drove the decrease, down 0.6 percent to $83.1 billion.

By stage of fabrication, May materials and supplies increased 0.6 percent in durable goods and 0.4 percent in nondurable goods. Work in process decreased 0.1 percent in durable goods and 1.2 percent in nondurable goods. Finished goods decreased 0.1 percent in durable goods and increased 0.2 percent in nondurable goods.

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