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Economy in Brief

U.S. Factory Orders Reverse Course With Decline in Aircraft Bookings
by Tom Moeller  January 9, 2017

Manufacturing sector orders declined 2.4% during November (+1.2 % y/y) following October's 2.8% surge. Durable goods bookings declined 4.5% (-0.2% y/y), revised from the advance estimate of a 4.6% fall. Transportation orders declined 13.2% (-6.7% y/y) as orders for nondefense aircraft & parts fell by three-quarters m/m (-55.1% y/y). Orders outside of the transportation sector nudged 0.1% higher (3.0% y/y). Electrical equipment, appliance & component orders increased 0.3% (0.9% y/y), but machinery orders jumped 1.4% (-1.5% y/y). Orders for nondurable goods, which equal shipments, eased 0.2% (+2.6% y/y). Petroleum refinery shipments declined 2.1% (+1.2% y/y). Textile product shipments remained steady (-1.0% y/y), but apparel shipments jumped 1.6% (0.7% y/y). Basic chemical shipments improved 0.3% (3.6% y/y). Shipments of durable goods gained 0.8% y/y. Machinery shipments rose 0.5% (-2.6% y/y), and computer & electronic product shipments gained 0.2% (4.6% y/y).

Unfilled orders eased 0.1% (-1.2% y/y). Outside of transportation, order backlogs improved 0.5% (1.5% y/y). Unfilled orders for electrical equipment & appliances rose 1.7% (9.0% y/y) while furniture backlogs rose 0.4% (6.8% y/y). Unfilled orders for machinery gained 0.3% (-6.1% y/y) while backlogs of computers & electronic products rose 0.3% (4.7% y/y).

Inventories of manufactured products rose 0.2% (-0.6% y/y). Outside of transportation, inventories increased 0.2% (-0.8% y/y). Durable goods inventories gained 0.2% (-0.8% y/y) as machinery inventories rose 0.4% (-2.2% y/y), but transportation equipment inventories rose 0.3% (0.1% y/y). Nondurable goods inventories rose 0.3% (-0.4% y/y). Apparel inventories fell 0.8% (-0.6% y/y) and basic chemical inventories rose 0.2% (1.1% y/y). Food product inventories increased 0.2% (0.9% y/y).

The factory sector figures are available in Haver's USECON database.

Factory Sector- NAICS Classification (%) Nov Oct Sep Nov Y/Y 2015 2014 2013
New Orders -2.4 2.8 0.6 1.2 -6.3 1.8 2.0
Shipments -0.1 0.2 0.9 1.7 -4.4 1.2 2.0
Unfilled Orders -0.1 0.8 -0.2 -1.2 -2.4 8.8 5.8
Inventories 0.2 0.1 -0.1 -0.6 -2.5 1.8 0.9
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