The 2020 Mid-Year Economic Update_long

New Orders Increase in November: Full Report

Inventories grow, driven by increases in nondurable goods.

New orders for manufactured goods in November, up seven of the last eight months, increased $3.9 billion or 1.1% to $365.3 billion, the U.S. Census Bureau reported. This followed a 0.8% October increase. Excluding transportation, new orders increased 1.9%.

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Shipments, up five of the last six months, increased $3.9 billion or 1% to $374.2 billion. This followed a 1.5% October increase. Unfilled orders, down fourteen consecutive months, decreased $4.8 billion or 0.7% to $724.5 billion. This was the longest streak of consecutive monthly decreases since the series was first published on a NAICS basis in 1992.
 
The unfilled orders-to-shipments ratio was 5.69, down from 5.75 in October. Inventories, up two consecutive months, increased $0.7 billion or 0.2% to $495.1 billion. This followed a 0.6% October increase. The inventories-to-shipments ratio was 1.32, down from 1.34 in October.
 
New Orders
New orders for manufactured durable goods in November, up two of the last three months, increased $0.4 billion or 0.2% to $166.9 billion, unchanged from the previously published increase. This followed a 0.7% October decrease. Computers and electronic products, also up two of the last three months, had the largest increase, $1.2 billion or 4.9% to $26 billion.
 
New orders for manufactured nondurable goods increased $3.5 billion or 1.8% to $198.4 billion.
 
Shipments
Shipments of manufactured durable goods in November, up three consecutive months, increased $0.4 billion or 0.2% to $175.7 billion, revised from the previously published 0.3% increase. This followed a 0.7% October increase. Machinery, up two of the last three months, had the largest increase, $0.4 billion or 2% to $22.6 billion.
 
Shipments of manufactured nondurable goods, up four consecutive months, increased $3.5 billion or 1.8% to $198.4 billion. This followed a 2.2% October increase. This increase was led by petroleum and coal products, which increased $2.8 billion or 6.8% to $43.2 billion.
 
Unfilled Orders
Unfilled orders for manufactured durable goods in November, down fourteen consecutive months, decreased $4.8 billion or 0.7% to $724.5 billion, unchanged from the previously published decrease. This was the longest streak of consecutive monthly decreases since the series was first published on a NAICS basis in 1992 and followed a 0.6% October decrease. Transportation equipment, down thirteen of the last 14 months, had the largest decrease, $5.3 billion or 1.2% to $418.1 billion.
 
Inventories
Inventories of manufactured durable goods in November, down eleven consecutive months, decreased $0.9 billion or 0.3% to $303.1 billion, revised from the previously published 0.2% decrease. This followed a slight October decrease. Transportation equipment, down three of the last four months, had the largest decrease, $0.3 billion or 0.4% to $89.9 billion.
 
Inventories of manufactured nondurable goods, up two consecutive months, increased $1.6 billion or 0.9% to $192.0 billion. This followed a 1.7% October increase. Petroleum and coal products led the increase, up $1.2 billion or 4.2% to $29.7 billion.
 
By stage of fabrication, November materials and supplies decreased 0.9% in durable goods and increased 2.0% in nondurable goods. Work in process increased 0.2% in durable goods and 1.1% in nondurable goods. Finished goods decreased 0.4% in durable goods and 0.1% in nondurable goods.

 

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