New orders for US-made manufactured goods retreated in February, marking the first contraction since April 2021.
Source: US Census Bureau
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New orders for manufactured goods stood at $542.0 billion in February, down by $2.7 billion or 0.5%. This follows the 1.5% increase in January when new orders were recorded at $544.7 billion.
New orders for manufactured durable goods fell by $5.8 billion or 2.1% to $271.7 billion, led by the drop in transportation equipment. New orders for manufactured nondurable goods fell by $3.1 billion or 1.2% to $270.3 billion.
Shipments for the months were virtually unchanged at $270.7 billion, up by less than $0.1 billion after the 1.2% jump in January. Growth was led by computers and electronic products which gained $0.4 billion or 1.2% to $30.3 billion.
Inventories of manufactured durable goods stood at $479.1 billion, up by $2.3 billion or 0.5%. This was driven mainly by machinery which jumped by $0.8 billion or 1.0% to $80.5 billion. Inventories of nondurable goods grew to $306.2 billion.
Unfilled orders increased by $5.4 billion or 0.4% to $1.288 trillion.