New Orders

New orders for manufactured durable goods in August increased $4.9 billion or 2.7 percent to $186.6 billion, the Department of Commerce, Bureau of the Census reported today. This follows a 0.1 percent July increase and is the third consecutive monthly increase. Excluding transportation, new orders increased 2.0 percent, also the third consecutive monthly increase. Year to date, new orders are 6.5 percent above the same period a year ago.

Electronic and other electrical equipment, up for the first month since May, had the largest increase, $7.5 billion or 28.4 percent to $33.8 billion, mostly due to electronic components. This follows a 12.3 percent July decrease. Transportation equipment, up two of the last three months, increased $2.2 billion or 5.2 percent to $43.9 billion, as a large increase in aircraft and parts more than offset decreases in the other components. This follows a 2.7 percent July decrease. Primary metals, down for the first month since May, decreased $0.6 billion or 3.6 percent to $15.7 billion, following a 3.6 percent July increase. Industrial machinery and equipment, down for the first month since May, decreased $0.5 billion or 1.4 percent to $34.6 billion. This follows a 6.0 percent July increase. Instruments and related products, down for the first month since May, also had a large decline.

Shipments

Shipments of durable goods in August, down for the first month since May, decreased $2.6 billion or 1.4 percent to $181.3 billion, following a 1.8 percent July increase. Year to date, shipments are 7.5 percent above the same period a year ago.

Transportation equipment, down for the first month since May, had the largest decrease, $1.0 billion or 2.3 percent to $43.0 billion, due to aircraft and parts and motor vehicles and parts. This follows a 3.6 percent July increase. Industrial machinery and equipment, also down for the first month since May, decreased $0.8 billion or 2.3 percent to $34.1 billion, following a 1.9 percent July increase. Primary metals decreased $0.1 billion or 0.8 percent to $15.5 billion, following increases of 1.1 percent in July and 1.7 percent in June. Electronic and other electrical equipment, up three of the last four months, increased $0.6 billion or 2.2 percent to $30.0 billion. This follows a 0.6 percent July decrease.

Unfilled Orders

Unfilled orders for durable goods in August increased $5.3 billion or 1.1 percent to $501.1 billion. This follows a 0.5 percent July decrease and is the third increase in the last four months.

Electronic and other electrical equipment, up three of the last four months, had the largest increase, $3.8 billion or 7.4 percent to $55.2 billion. This follows a 5.6 percent July decrease. Transportation equipment increased $1.0 billion or 0.4 percent to $250.6 billion, due to aircraft and parts. This follows a 0.9 percent July decrease and is the second increase in the last three months. Industrial machinery and equipment, up for the second consecutive month, increased $0.5 billion or 0.6 percent to $73.4 billion, following a 0.2 percent July increase. Primary metals, up for the eighth consecutive month, increased $0.2 billion or 0.7 percent to $31.9 billion, following a 2.1 percent July increase.

Capital Goods Industries

Defense–New orders in August increased $0.1 billion or 1.1 percent to $6.0 billion, following a 4.7 percent July decrease. Shipments, down three of the last four months, decreased $0.2 billion or 2.6 percent to $6.2 billion, following a 4.7 percent July decrease. Unfilled orders, down for the eighth consecutive month, decreased $0.1 billion or 0.1 percent to $107.5 billion, following a 0.3 percent July decrease.

Nondefense–New orders in August, up for the fourth consecutive month, increased $0.4 billion or 0.9 percent to $47.8 billion, following a 0.4 percent July increase. Shipments, down for the first month since May, decreased $1.1 billion or 2.4 percent to $46.9 billion. This follows a 2.7 percent July increase. Unfilled orders, up two of the last three months, increased $0.9 billion or 0.4 percent to $252.5 billion, following a 0.3 percent July decrease. Excluding aircraft and parts, new orders decreased $2.3 billion or 5.4 percent to $39.8 billion, the first decrease since May; shipments decreased $0.5 billion or 1.2 percent to $40.0 billion, the first decline since January; and unfilled orders decreased $0.1 billion or 0.1 percent to $99.0 billion, the third decrease in the last four months.

Revised July Data

Revised seasonally adjusted July figures for all manufacturing industries are: shipments, $332.8 billion (revised from $332.9 billion); new orders, $331.1 billion (revised from $330.3 billion); unfilled orders, $522.3 billion (revised from $521.4 billion); and total inventories, $446.4 billion (revised from $447.0 billion).

 			Aug-X 	Jul-R 	Jun 
Shipments, total  	181,314	183,931	180,687
 ex. defense		175,130	175,700	174,025
New Orders, total	186,598	181,677	181,584
 ex. defense		180,555	175,700	175,313
Unfilled Orders, total	501,141	495,857	498,111
 ex. defense		393,625	388,200	390,085
Capital Goods, 
 new orders		53,886	53,374	53,482
 nondefense		47,843	47,397	47,211
 excl. aircraft & 
 parts			39,845	42,120	39,512
 defense		 6,043	 5,977	 6,271

			Jul- 	Jun- 	May-
			Aug-X	Jul-R 	Jun 
Shipments, total	—1.4%	+1.8%	+2.7%
 ex. defense		—1.4%	+2.0%	+2.6%
New Orders, total	+2.7%	+0.1%	+2.9%
 ex. defense		+2.8%	+0.2%	+2.6%
Unfilled Orders, total	+1.1%	—0.5%	+0.2%
 ex. defense		+1.4%	—0.5%	+0.3%
Capital Goods, 
 new orders		+1.0%	—0.2%	+7.5%
 nondefense		+0.9%	+0.4%	+6.8%
 excl. aircraft & 
 parts			—5.4%	+6.6%	+3.1%
 defense		+1.1%	—4.7%	+13.5%

X–Based on advance sales.

R–Revised.

September 25, 1997 U.S. Department of Commerce

Consensus National Futures and Financial On Line Index

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