Updated: 02-May-23 10:26 ET
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Updated: 02-May-23 10:26 ET |
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Highlights
- Factory orders increased 0.9% month-over-month in March (Briefing.com consensus 1.4%) following a downwardly revised 1.1% decline (from -0.7%) in February.
- Shipments of manufactured goods decreased 0.1% month-over-month after declining 0.9% in February.
Key Factors
- Durable goods orders increased 3.2% month-over-month.
- New orders for nondurable goods declined 1.4% month-over-month.
- Nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- declined 0.6% month-over-month on the heels of a 0.8% decline in February.
- The inventory-to-shipments ratio dipped to 1.48 from 1.49.
Big Picture
- The key takeaway from the report is that factory orders weren't as robust as they appear at first blush. Nondefense aircraft and parts orders, up 78.3%, drove the increase. Excluding transportation, new orders were down 0.7% month-over-month for the second straight month.
Category |
MAR |
FEB |
JAN |
DEC |
NOV |
Factory Orders |
0.9% |
-1.1% |
-2.1% |
1.7% |
-1.9% |
Less Defense |
1.0% |
-1.0% |
-2.3% |
1.8% |
-2.2% |
Durable Goods |
3.2% |
-1.2% |
-5.0% |
5.1% |
-1.8% |
Nondurable Goods |
-1.4% |
-1.0% |
1.1% |
-1.7% |
-2.1% |
Unfilled Factory Orders |
0.4% |
-0.1% |
0.0% |
1.1% |
0.0% |
Factory Shipments |
-0.1% |
-0.9% |
0.3% |
-0.6% |
-0.9% |
Factory Inventories |
-0.8% |
-0.2% |
-0.1% |
0.4% |
0.0% |
Inventory/Shipment Ratio |
1.48 |
1.49 |
1.48 |
1.49 |
1.47 |