April 4, 2022

On April 4, 2022, the U.S Census Bureau announced that February new orders for manufactured goods declined $2.7 billion or 0.5% to $542.0 billion. This follows a 1.5% gain in January, while, shipments grew by $3.1 billion or 0.6% to $541.0 billion, up twenty-one of the prior twenty-two months. This follows a 1.4% gain in January. Unfilled orders grew $5.4 billion or 0.4 percent to $1,288.5 billion for the thirteenth straight month. This follows a 0.9% gain in January. The ratio of unfulfilled orders to shipments was 6.74 in February, up from 6.72 in January. Inventories climbed by $5.0 billion or 0.6% to $785.2 billion during the previous twenty-one months. This follows a 0.8% gain in January. The inventories-to-shipments ratio was stable at 1.45 in January 2022.

New Orders

New orders for manufactured durable goods increased four consecutive months, however declined by $5.8 billion or 2.1% to $271.7 billion in February 2022, up from the previously reported 2.2% decline. This follows a 1.5%  gain in January 2022. Transportation equipment fell $4.6 billion or 5.3% to $82.8 billion, following three consecutive monthly growth. Nonetheless, new orders for manufactured nondurable items climbed by $3.1 billion, or 1.2% to $270.3 billion.

Shipments

Shipments of manufactured durable goods gained less than $0.1 billion  to $270.7 billion in February, up from the previously stated nearly unchanged fall. This follows a 1.2% gain in January. Computers and electronic devices, which have increased in seven of the past eight months, pushed the increase to $30.3 billion, up $0.4 billion or 1.2%. Shipments of manufactured nondurable products grew $3.1 billion or 1.2% to $270.3 billion, up twenty-one of the prior twenty-two months. This follows a 1.5% rise in January. Petroleum and coal products, which have increased in nine of the past ten months, drove the rise, which totaled $61.5 billion, or $2.4 billion or 4.1%.

Unfilled Orders

Unfilled orders for manufactured durable goods climbed $5.4 billion or 0.4% to $1,288.5 billion in February, unchanged from the previously announced rise. This follows a 0.9% gain in January. Transportation equipment increased by $5.0 billion or 0.6% to $853.4 billion in twelve of the past thirteen months.

Inventories

In February, inventtories of manufactured durable goods grew $2.3 billion or 0.5% to $479.1 billion, above the previously reported 0.4% gain. This follows a 0.5% gain in January. Machinery, which has increased for sixteen consecutive months, led the rise, which totaled $80.5 billion, or $0.8 billion or 1.0%. Inventories of manufactured nondurable products climbed by $2.8 billion or 0.9 % to $306.2 billion, up sixteen of the prior seventeen months. This follows a 1.2 percent gain in January. Petroleum and coal products, which have increased in nine of the past ten months, accounted for the majority of the rise, which totaled $1.7 billion or 3.7% to $48.1 billion.  February materials and supplies increased 1.0% in durable goods and 0.1% in nondurable goods. Work in process increased 0.3% in durable goods and 2.1% in nondurable goods. Finished goods increased 0.1% in durable goods and 1.0% in nondurable goods.

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