Updated: 04-May-21 10:18 ET
| March Factory Orders |
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| Updated: 04-May-21 10:18 ET |
Highlights
- Factory orders for manufactured goods increased 1.1% m/m in March (Briefing.com consensus 0.7%) after decreasing an upwardly revised 0.5% (from -0.7%) in February.
- Shipments of manufactured goods were up 2.1% after declining 1.9% in February.
Key Factors
- New orders for durable goods rose 0.8% m/m in March after declining 0.9% in February. New orders for nondurable goods jumped 1.5% m/m in March after slipping 0.1% in February.
- Nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- increased 1.2% m/m in March after falling 0.8% in February.
- The inventory-to-shipments ratio dropped to 1.38 from 1.40.
Big Picture
- The key takeaway from the report is that it suggests the recovery blip in February was largely a function of extreme winter weather and some natural slowing after a long streak of gains in factory orders. The report also demonstrates that demand for manufactured goods was quick to rebound.
| Category | MAR | FEB | JAN | DEC | NOV |
| Factory Orders | 1.1% | -0.5% | 2.7% | 1.6% | 1.3% |
| Less Defense | 1.1% | -0.3% | 2.1% | 1.8% | 1.3% |
| Durable Goods | 0.8% | -0.9% | 3.6% | 1.2% | 1.3% |
| Nondurable Goods | 1.5% | -0.1% | 1.8% | 2.0% | 1.2% |
| Unfilled Factory Orders | 0.4% | 0.9% | 0.2% | -0.2% | 0.0% |
| Factory Shipments | 2.1% | -1.9% | 1.8% | 2.1% | 0.8% |
| Factory Inventories | 0.7% | 0.8% | 0.2% | 0.3% | 0.8% |
| Inventory/Shipment Ratio | 1.38 | 1.40 | 1.36 | 1.38 | 1.41 |
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