Updated: 02-May-23 10:26 ET
| March Factory Orders |
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| Updated: 02-May-23 10:26 ET |
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 |
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