US factory orders plunge 14.4% as economy grinds to halt

[mahatmakanejeeves]

I heard this on the evening news. I was going to post it, but I thought I'd take a nap first. The next morning, here I am, way too late for LBN.

US factory orders plunge 14.4% as economy grinds to halt

By MARTIN CRUTSINGER
yesterday

WASHINGTON (AP) — Orders for big-ticket manufactured goods plunged 14.4% in March, the second-biggest decline on record. The worse-than-expected slide underscored the severity of the economic impact from the pandemic.

New orders for commercial airlines actually went negative as cancellations outpaced sales. Those orders plunged 295.7% with skies largely empty of planes. The last time so few people traveled by plane was in the pre-jet era.

The March decline was surpassed only by an 18.4% drop in August 2014. There was a 1.1% gain in February, before the government-mandated shutdowns to contain the virus had begun. Demand in a key category that serves as a proxy for business investment eked out a 0.1% gain, but that followed a 0.8% decline in February.

{snip}

The numbers from March capture only the beginning of the lockdown in mid-March. When April manufacturing numbers are released next month, the full force of the pandemic will be on display.

{snip}

[mahatmakanejeeves]

1. Monthly Advance Report on Durable Goods Manufacturers' Shipments, Inventories and Orders, March 2020

FOR RELEASE AT 8:30 AM EDT, FRIDAY, APRIL 24, 2020

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, INVENTORIES AND ORDERS MARCH 2020

Release Number: CB 20-54 M3-1 (20)-03

Statement Regarding COVID-19 Impact: Due to recent events surrounding COVID-19, many businesses are
operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored
response and data quality and determined estimates in this release meet publication standards. For more
information on the compilation of this month's reports, see < M3 COVID-19 FAQs>.

April 24, 2020 — The U.S. Census Bureau announces the March advance report on durable goods
manufacturers’ shipments, inventories and orders:

New Orders
New orders for manufactured durable goods in March decreased $36.0 billion or 14.4 percent to $213.2
billion, the U.S. Census Bureau announced today. This decrease, down following three consecutive
monthly increases, followed a 1.1 percent February increase. Excluding transportation, new orders
decreased 0.2 percent. Excluding defense, new orders decreased 15.8 percent. Transportation
equipment, down two of the last three months, led the decrease, $35.6 billion or 41.0 percent to $51.2
billion.

DURABLE GOODS – NEW ORDERS
MARCH 2020 $213.2 billion -14.4%°
FEBRUARY 2020 (revised) $249.2 billion +1.1%°
Next release: May 28, 2020

Data adjusted for seasonal variation but not for price changes.


Data Inquiries Media Inquiries
Economic Indicators Division, Shipments, Inventories, and Orders Branch (M3) Public Information Office
301-763-4832 301-763-3030
[e-mail] [e-mail]

Shipments
Shipments of manufactured durable goods in March, down eight of the last nine months, decreased $11.4
billion or 4.5 percent to $240.7 billion. This followed a 0.8 percent February increase. Transportation
equipment, also down eight of the last nine months, led the decrease, $10.9 billion or 12.8 percent to
$74.1 billion.

Unfilled Orders
Unfilled orders for manufactured durable goods in March, down following three consecutive monthly
increases, decreased $23.4 billion or 2.0 percent to $1,135.2 billion. This followed a 0.1 percent February
increase. Transportation equipment, also down following three consecutive monthly increases, led the
decrease, $22.9 billion or 2.9 percent to $768.3 billion.

Inventories
Inventories of manufactured durable goods in March, up eighteen of the last nineteen months, increased
$2.7 billion or 0.6 percent to $437.4 billion. This followed a virtually unchanged February increase.
Transportation equipment, up twenty of the last twenty-one months, led the increase, $0.9 billion or 0.6
percent to $152.6 billion.

Capital Goods
Nondefense new orders for capital goods in March decreased $24.5 billion or 33.4 percent to $48.7 billion.
Shipments increased $1.4 billion or 1.9 percent to $75.7 billion. Unfilled orders decreased $26.9 billion or
4.0 percent to $643.2 billion. Inventories increased $2.1 billion or 1.0 percent to $200.4 billion. Defense
new orders for capital goods in March increased $0.7 billion or 4.3 percent to $16.4 billion. Shipments
decreased $0.3 billion or 2.0 percent to $12.8 billion. Unfilled orders increased $3.5 billion or 2.1 percent
to $169.6 billion. Inventories decreased $0.3 billion or 1.2 percent to $23.8 billion.

Revised February Data
Revised seasonally adjusted February figures for all manufacturing industries were: new orders, $497.1
billion (revised from $497.4 billion); shipments, $500.1 billion (revised from $500.3 billion); unfilled orders,
$1,158.5 billion (revised from $1,158.6 billion) and total inventories, $699.6 billion (revised from $699.4
billion)

{snip}

[luvallpeeps]

2. I was thinking about the economy,

and how all these Republicans only wanted this asshole in charge because he was going to do their bidding. If they had only not been such greedy pricks, we wouldn't be in this huge and I mean huuuuge mess. I don't even think W. would've shit the bed this bad. Then again, memory fades.