Research >> Economics
New orders for manufactured goods decreased 3.6% in January 2024
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Summary
New orders for manufactured goods in January, down three of the last four months, decreased $21.5 billion or 3.6 percent to $569.7 billion, the U.S. Census Bureau reported today. This followed a 0.3 percent December decrease. Shipments, down four of the last five months, decreased $5.7 billion or 1.0 percent to $572.3 billion. This followed a 0.5 percent December decrease. Unfilled orders, up thirteen of the last fourteen months, increased $2.1 billion or 0.2 percent to $1,395.1 billion. This followed a 1.3 percent December increase. The unfilled orders-to-shipments ratio was 7.18, up from 7.10 in December. Inventories, down two consecutive months, decreased $0.8 billion or 0.1 percent to $855.8 billion. This followed a virtually unchanged December decrease. The inventories-to-shipments ratio was 1.50, up from 1.48 in December.
New Orders
New orders for manufactured durable goods in January, down three of the last four months, decreased $18.1 billion or 6.2 percent to $276.3 billion, down from the previously published 6.1 percent decrease. This followed a 0.3 percent December decrease. Transportation equipment, also down three of the last four months, led the decrease, $17.4 billion or 16.2 percent to $89.8 billion. New orders for manufactured nondurable goods decreased $3.3 billion or 1.1 percent to $293.4 billion.
Shipments
Shipments of manufactured durable goods in January, down four of the last five months, decreased $2.4 billion or 0.9 percent to $278.9 billion, unchanged from the previously published decrease. This followed a 0.6 percent December decrease. Transportation equipment, also down four of the last five months, drove the decrease, $2.9 billion or 3.2 percent to $86.3 billion. Shipments of manufactured nondurable goods, down four consecutive months, decreased $3.3 billion or 1.1 percent to $293.4 billion. This followed a 0.3 percent December decrease. Petroleum and coal products, also down four consecutive months, led the decrease, $2.5 billion or 3.8 percent to $63.1 billion.
Unfilled Orders
Unfilled orders for manufactured durable goods in January, up thirteen of the last fourteen months, increased $2.1 billion or 0.2 percent to $1,395.1 billion, unchanged from the previously published increase. This followed a 1.3 percent December increase. Transportation equipment, also up thirteen of the last fourteen months, drove the increase, $3.4 billion or 0.4 percent to $899.7 billion.
Inventories
Inventories of manufactured durable goods in January, up six consecutive months, increased $1.1 billion or 0.2 percent to $527.4 billion, unchanged from the previously published increase. This followed a 0.2 percent December increase. Transportation equipment, also up six consecutive months, drove the increase, $1.2 billion or 0.7 percent to $169.0 billion. Inventories of manufactured nondurable goods, down four consecutive months, decreased $1.9 billion or 0.6 percent to $328.4 billion. This followed a 0.4 percent December decrease. Petroleum and coal products, also down four consecutive months, led the decrease, $1.2 billion or 2.5 percent to $47.2 billion. By stage of fabrication, January materials and supplies increased 0.2 percent in durable goods and decreased 0.8 percent in nondurable goods. Work in process increased 0.3 percent in durable goods and 0.7 percent in nondurable goods. Finished goods were virtually unchanged in durable goods and decreased 0.9 percent in nondurable goods.
Posted: March 5, 2024 Tuesday 10:00 AM