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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Sunday, September 2, 2012

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.

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