The 2020 Mid-Year Economic Update_long

Durable Goods New Orders Up 3% in February

Full report: Excluding transportation, new orders increased 0.3 percent.

New orders for manufactured goods in February, up two of the last three months, increased $14.5 billion or 3 percent to $492 billion, according to the U.S. Census Bureau’s full report. This is the highest level since the series was first published on a NAICS basis in 1992 and followed a 1 percent January decrease.

Excluding transportation, new orders increased 0.3 percent. Shipments, up five of the last six months, increased 0.9 percent to $489.3 billion, the highest level since the series was first published on a NAICS basis, and followed a 0.4 percent January increase. Unfilled orders, up five of the last six months, increased $9.3 billion or 0.9 percent to $999.7 billion. This followed a slight January decrease.

The unfilled orders-to-shipments ratio was 6.28, up from 6.25 in January. Inventories, up three consecutive months, increased $1.1 billion or 0.2 percent to $620 billion. This was at the highest level since the series was first published on a NAICS basis and followed a 0.6 percent January increase. The inventories-to-shipments ratio was 1.27, down from 1.28 in January.

New orders for manufactured durable goods in February, up five of the last six months, increased $12.3 billion or 5.6 percent to $232.2 billion, revised from the previously published 5.7 percent increase. This followed a 3.7 percent January decrease.

Transportation equipment, up two of the last three months, drove the increase, up $13.3 billion or 21.8 percent to $74.5 billion. New orders for manufactured nondurable goods increased $2.2 billion or 0.8 percent to $259.8 billion.

Shipments of manufactured durable goods, up five of the last six months, increased $2.2 billion or 1 percent to $229.5 billion, unchanged from the previously published increase. This followed a 0.7 percent January decrease. Transportation equipment, up three of the last four months, had the largest increase, up $1 billion or 1.6 percent to $66.1 billion.

Shipments of manufactured nondurable goods, up two consecutive months, increased $2.2 billion or 0.8 percent to $259.8 billion. This was at the highest level since the series was first published on a NAICS basis and followed a 1.4 percent January increase. Petroleum and coal products, also up two consecutive months, led the increase, up $1.8 billion or 2.4 percent to $77.5 billion.

Unfilled orders for manufactured durable goods, up five of the last six months, increased $9.3 billion or 0.9 percent to $999.7 billion, unchanged from the previously published increase. This followed a slight January decrease. Transportation equipment, also up five of the last six months, led the increase, up $8.4 billion or 1.4 percent to $592.3 billion.

Inventories of manufactured durable goods in February, up sixteen of the last seventeen months, increased $1.8 billion or 0.5 percent to $377.2 billion, revised from the previously published 0.4 percent increase. This was at the highest level since the series was first published on a NAICS basis and followed a 0.4 percent January increase. Transportation equipment, up thirty-one consecutive months, drove the increase, up $1.9 billion or 1.6 percent to $118 billion.

Inventories of manufactured nondurable goods, down following two consecutive monthly increases, decreased $0.7 billion or 0.3 percent to $242.8 billion. This followed a 1 percent January increase. Petroleum and coal products, down four of the last five months, drove the decrease, down $1.5 billion or 2.7 percent to $52.3 billion. By stage of fabrication, February materials and supplies increased 0.2 percent in durable goods and decreased 1.7 percent in nondurable goods. Work in process increased 1.2 percent in durable goods and 1.9 percent in nondurable goods. Finished goods decreased 0.3 percent in durable goods and 0.1 percent in nondurable goods.

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