by Dismal-Jellyfish

https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf

Highlights:

• New orders for manufactured goods in April, up four of the last five months, increased $2.6 billion or 0.4 percent to $577.5 billion, the U.S. Census Bureau reported today.
  • This followed a 0.6 percent March increase.
• Shipments, down five of the last six months, decreased $2.5 billion or 0.4 percent to $572.3 billion.
  • This followed a 0.6 percent March decrease.
• Unfilled orders, up four of the last five months, increased $10.4 billion or 0.8 percent to $1,291.3 billion.
  • This followed a 0.4 percent March increase. The unfilled orders-to-shipments ratio was 6.71, up from 6.60 in March.
• Inventories, up following two consecutive monthly decreases, increased $4.2 billion or 0.5 percent to $856.7 billion.
  • This followed a 0.8 percent March decrease.
• The inventories-to-shipments ratio was 1.50, up from 1.48 in March.

New Orders:

• New orders for manufactured durable goods in April, up two consecutive months, increased $3.0 billion or 1.1 percent to $282.8 billion, unchanged from the previously published increase.
• This followed a 3.3 percent March increase.
• Transportation equipment, also up two consecutive months, drove the increase, $3.5 billion or 3.7 percent to $97.7 billion.
• New orders for manufactured nondurable goods decreased $0.4 billion or 0.1 percent to $294.7 billion.

Shipments:

• Shipments of manufactured durable goods in April, down two of the last three months, decreased $2.1 billion or 0.7 percent to $277.6 billion, unchanged from the previously published decrease. This followed a 0.7 percent March increase.
• Transportation equipment, down three of the last four months, led the decrease, $1.6 billion or 1.8 percent to $87.4 billion. Shipments of manufactured nondurable goods, down five of the last six months, decreased $0.4 billion or 0.1 percent to $294.7 billion.
• This followed a 1.8 percent March decrease. Food products, down two consecutive months, led the decrease, $0.3 billion or 0.4 percent to $79.8 billion.

Unfilled Orders:

• Unfilled orders for manufactured durable goods in April, up four of the last five months, increased $10.4 billion or 0.8 percent to $1,291.3 billion, unchanged from the previously published increase. This followed a 0.4 percent March increase.
• Transportation equipment, also up four of the last five months, led the increase, $10.3 billion or 1.3 percent to $792.4 billion.

Inventories:

• Inventories of manufactured durable goods in April, up four of the last five months, increased $5.1 billion or 1.0 percent to $521.8 billion, unchanged from the previously published increase.
  • This followed a 1.0 percent March decrease.
• Transportation equipment, up three of the last four months, led the increase, $5.1 billion or 3.2 percent to $164.1 billion.
• Inventories of manufactured nondurable goods, down five of the last six months, decreased $1.0 billion or 0.3 percent to $334.9 billion.
  • This followed a 0.7 percent March decrease.
• Petroleum and coal products, also down five of the last six months, led the decrease, $0.7 billion or 1.4 percent to $46.8 billion.
• By stage of fabrication, April materials and supplies increased 0.3 percent in durable goods and decreased 0.6 percent in nondurable goods.
• Work in process increased 2.5 percent in durable goods and decreased 0.4 percent in nondurable goods.
• Finished goods increased 0.1 percent in durable and were virtually unchanged in nondurable goods.

TLDRS:

• New orders for manufactured goods rose by $2.6 billion or 0.4% in April to $577.5 billion, marking an increase for four out of the last five months.
  • This follows a 0.6% increase in March.
• Shipments of manufactured goods fell by $2.5 billion or 0.4% to $572.3 billion in April, marking a decrease for five of the last six months.
  • This follows a 0.6% decrease in March.
• Unfilled orders for manufactured goods increased by $10.4 billion or 0.8% to $1,291.3 billion in April, marking an increase for four of the last five months.
  • The unfilled orders-to-shipments ratio rose to 6.71 from 6.60 in March.
• Inventories of manufactured goods increased by $4.2 billion or 0.5% to $856.7 billion in April, following two consecutive months of decrease.
  • The inventories-to-shipments ratio rose to 1.50 from 1.48 in March.
• New orders for manufactured durable goods rose by $3.0 billion or 1.1% to $282.8 billion in April, marking two consecutive months of increase.
  • The rise was driven by transportation equipment, up by $3.5 billion or 3.7% to $97.7 billion.
• Meanwhile, shipments of manufactured durable goods fell by $2.1 billion or 0.7% to $277.6 billion in April, with transportation equipment leading the decrease.
• Inventories of manufactured durable goods rose by $5.1 billion or 1.0% to $521.8 billion in April, again driven by transportation equipment which increased by $5.1 billion or 3.2% to $164.1 billion.
  • Conversely, inventories of nondurable goods fell by $1.0 billion or 0.3% to $334.9 billion in April.
• It looks like the data is already breaking ‘Full-Employment Recession’ narrative.