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Free AccessMNI DATA ANALYSIS:US January Factory Orders Falls 1.4%>
--Factory Inventories +0.3%; Business Inventories Tracking +0.6%
By Sara Haire and Holly Stokes
WASHINGTON (MNI) - The value of new factory orders in January saw a
1.4% decline, slightly lower than the 1.3% decrease expected in an
MNI survey, data released by the Commerce Department Tuesday morning
showed.
Nondurable goods orders rose 0.8%, while durable goods orders were
revised up marginally to a 3.6% decrease from the 3.7% decline reported
in the advance estimate.
Petroleum and coal products shipments were up 3.5% in January,
leading the increase in nondurables orders. Also contributing to the
increase was food products, paper products, and apparel. The rest of the
categories were mixed, with few significant declines. Nondurables
shipments are equivalent to orders in this report.
Total factory orders excluding transportation rose 0.4% in January,
this is a softer gain than the 0.9% and 1.1% rises seen in December and
November, respectively. This increase makes it the eighth consecutive
rise.
--TRANSPORTATION FALLS SIGNIFICANTLY
Transportation orders for January decreased 10.0% based on
Tuesday's data. Contributing to the decline, defense aircraft and parts
fell 45.6%, while nondefense aircraft and parts orders also fell
drastically by 28.4%. Motor vehicles orders also saw a decline, albeit a
smaller 0.5% in January. However, the only increase registered in the
transportation category was for orders for ships and boats which rose by
6.7%. The unlisted transportation components also declined by 6.2%.
Nondefense capital goods new orders declined by 1.6%, and even
excluding aircraft it saw a decline of 0.3%. Civilian aircraft capital
goods was down 12.6%, and excluding defense and civilian aircraft it
was down 0.6%.
--SHIPMENTS AND INVENTORIES RISE
Overall factory shipments rose 0.6% in the month due to a 0.3% gain
in durable goods shipments and a 0.8% rise in nondurables shipments.
Nondefense capital goods shipments registered a decline of 0.1%, and was
still down 0.1% when excluding the aircraft component.
Factory inventories increased by 0.3% in the month, compared with
the 0.6% increase in shipments, keeping the inventory-to-shipments ratio
at 1.35, making this the third consecutive month.
The Commerce Department's advance report on inventories showed a
0.7% increase for wholesale inventories and a 0.8% increase for retail
inventories. While these data are eligible for revision, the levels as
they stand now, combined with Tuesday's factory inventory data, would
result in a 0.6% rise in January business inventories when that report
is released on March 14, an MNI calculation showed. The revised
wholesale data for January will be released on March 9 and could alter
this projection.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.