July 2012 Manufacturers’ Shipments, Inventories and New Orders

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According to the U.S. Census Bureau, the value of manufactured-goods shipments increased $9.5 billion or 2.0 percent to $478.8 billion. This followed a 1.2 percent June decrease. Durable goods shipments increased $5.7 billion or 2.5 percent to $230.7 billion. This was the highest level since the series was first published on a NAICS basis, and followed a slight June decrease. Transportation equipment had the largest increase: $5.5 billion or 8.6 percent to $69.8 billion.

Shipments of nondurable goods increased $3.7 billion (1.5 percent) to $248.1 billion. This followed a 2.3 percent June decrease. Petroleum and coal products led the increase, up $1.5 billion or 2.3 percent to $68.6 billion.

Forest products shipments rose: Wood by 0.9 percent and Paper by 0.7 percent.
 

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Data from the Association of American Railroads (AAR) and the American Trucking Associations’ (ATA) advance seasonally adjusted For-Hire Truck Tonnage Index help round out the picture on goods shipments. AAR reported a 3.2 percent decrease in not-seasonally adjusted rail shipments in July (relative to June), and a 0.7 percent drop from a year earlier. Excluding coal carloads, shipments were flat. Seasonal adjustments turned the 3.2 percent June-to-July decrease to no change. Rail shipments of forest-related products were higher in June than a year earlier. The ATA’s advance index was also flat in July.
 

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Inventories increased $3.1 billion or 0.5 percent to $607.3 billion. This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.1 percent June decrease. The inventories-to-shipments ratio was 1.27, down from 1.29 in June.

Durable goods inventories increased $2.7 billion or 0.7 percent to $369.2 billion. This was at the highest level since the series was first published on a NAICS basis and followed a 0.3 percent June increase. Transportation equipment had the largest increase.

Inventories of nondurable goods increased $0.4 billion or 0.2 percent to $238.1 billion. This followed a 0.7 percent June decrease. Petroleum and coal products drove the increase, up $0.6 billion or 1.1 percent to $51.6 billion.

Wood and Paper inventories were split: Wood rose by 0.4 while Paper fell by 0.3 percent.
 

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New orders for manufactured goods increased $12.9 billion or 2.8 percent to $478.6 billion. This followed a 0.5 percent June decrease. Excluding transportation, new orders increased 0.7 percent.

Durable goods orders increased $9.2 billion or 4.1 percent to $230.5 billion. This followed a 1.6 percent June increase. Transportation equipment had the largest increase: $10.1 billion or 14.4 percent to $80.6 billion.

New orders for nondurable goods increased $3.7 billion or 1.5 percent to $248.1 billion.