Recent Updates

  • UK: Supplementary Public Sector Finance (Q2)
  • Greece: Job Vacancies (Q2)
  • Italy: Annual National Accounts (2016)
  • Estonia: Dwelling Price Index (Q2), Central Govt Debt (Q2); Azerbaijan: IP (Aug); Kazakhstan: Balance Sheet of Two-Tier Banks (Aug); Poland: Wages, Employment, IP, Construction, Retail & Wholesale Trade, New Orders, PPI (Aug), Foreign Trade (Jul), Import/Export Prices (Jun), Business Tendency Survey (Sep); Croatia: Wages/Earnings (Jul-Prelim)
  • more updates...

Economy in Brief

U.S. Factory Orders Decline Again
by Tom Moeller  July 5, 2017

Manufacturing sector orders fell 0.8% during May (+6.0% y/y) following a 0.3% April decline, revised from -0.2%. Durable goods orders were off 0.8% (+5.7% y/y), revised from -1.1% in the advance report. Transportation sector orders declined 3.0% (+1.7% y/y). Orders outside of the transportation sector eased 0.3% (+6.8% y/y). Computer & electronic product orders slipped 0.2% (-0.4% y/y). Machinery orders increased 1.1% (12.9% y/y), while electrical equipment orders rose 1.0% (4.4% y/y).

Total factory sector shipments improved 0.1% (3.1% y/y) and have been little changed so far this year. Durable goods shipments increased 1.0% (6.6% y/y). Transportation equipment shipments improved 2.3% (5.8% y/y). Auto shipments improved 0.4% (-3.0% y/y) while light truck shipments increased 4.5% (14.8% y/y). Nondefense aircraft shipments strengthened 4.9% (-6.7% y/y). Excluding the transportation sector, shipments fell 0.3% (+6.6% y/y). Shipments of machinery ticked 0.1% higher (7.0% y/y) and computer & electronic product shipments also rose 0.1% (4.2% y/y).

Nondurable goods shipments (which equal orders) fell 0.8% (+6.3% y/y). The value of petroleum refinery shipments declined 3.4% (+19.4% y/y) with lower prices. Basic chemical shipments fell 1.0% (+3.7% y/y), but textile product shipments rose 1.2% (4.0% y/y). Shipments of apparel gained 2.2% (6.5% y/y) and food product shipments held steady (6.2% y/y).

Unfilled orders fell 0.2% (-1.4% y/y) and continued the weak trend in place since 2015. Backlogs in the transportation sector slipped 0.4% (-3.5% y/y). Outside of the transportation sector, unfilled orders improved 0.3% (3.2% y/y). Electrical equipment & appliance backlogs increased 0.7% (13.0% y/y) and computer & electronic product backlogs inched 0.1% higher (3.2% y/y). Unfilled orders for machinery increased 0.4% (1.8% y/y).

Inventories at the factory level eased 0.1% (+2.2% y/y) in May. Outside of the transportation sector, inventories also slipped 0.1% (+3.2% y/y). Durable goods inventories gained 0.2% (1.7% y/y). Fabricated metals inventories rose 0.4% (2.1% y/y). Machinery inventories inched 0.1% higher (3.7% y/y), while inventories of computers & electronic products rose 0.4% (2.0% y/y). Nondurable goods inventories declined 0.5% (+3.0% y/y) as apparel inventories fell 1.4% (-7.0% y/y).

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

Factory Sector- NAICS Classification (%) May Apr Mar May Y/Y 2016 2015 2014
New Orders -0.8 -0.3 1.0 6.0 -1.9 -7.7 1.8
Shipments 0.1 0.0 -0.2 3.1 -1.8 -5.8 1.3
Unfilled Orders -0.2 0.2 0.3 -1.4 -1.9 -2.0 8.4
Inventories -0.1 0.0 0.2 2.2 0.7 0.0 1.7
close
large image