Table 7. Ratios of Manufacturers' Inventories to Shipments and Unfilled Orders 

 to Shipments, by Industry Group3

January 2023 - March 2023

[Based on Seasonally Adjusted data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Inventory/Shipments ratio Unfilled Orders/Shipments ratio1

Industry Mar. Feb. Jan. Mar. Feb. Jan.

2023 2023 2023 2023 2023 2023

All manufacturing industries2......................... 1.48 1.49 1.48 (X) (X) (X)

Durable goods industries2............................. 1.85 1.88 1.87 6.58 6.64 6.63

 Wood products......................................... 1.20 1.21 1.21 (X) (X) (X)

 Nonmetallic mineral products..................... 1.29 1.28 1.26 (X) (X) (X)

 Primary metals....................................... 1.73 1.75 1.74 1.40 1.41 1.41

 Fabricated metal products......................... 1.83 1.83 1.84 3.74 3.75 3.77

 Machinery............................................. 2.53 2.50 2.49 4.14 4.12 4.14

 Computers and electronic products3............ 1.88 1.88 1.88 6.04 5.99 6.04

 Electrical equipment, appliances,

 and components.................................. 1.84 1.86 1.82 3.40 3.43 3.35

Transportation equipment........................... 1.79 1.89 1.87 13.73 14.21 14.15

 Furniture and related products.................. 1.52 1.52 1.51 1.91 1.91 1.88

 Miscellaneous products.......................... 1.92 1.92 1.90 (X) (X) (X)

Nondurable goods industries........................ 1.14 1.13 1.12 (X) (X) (X)

 Food products........................................ 0.90 0.90 0.91 (X) (X) (X)

 Beverage and tobacco products.................. 1.83 1.85 1.85 (X) (X) (X)

 Textiles................................................... 1.71 1.68 1.67 (X) (X) (X)

 Textile products...................................... 1.89 1.86 1.88 (X) (X) (X)

 Apparel................................................... 2.74 2.66 2.64 (X) (X) (X)

 Leather and allied products....................... 2.65 2.62 2.53 (X) (X) (X)

 Paper products........................................ 1.05 1.05 1.05 (X) (X) (X)

 Printing.................................................. 0.95 0.96 0.97 (X) (X) (X)

 Petroleum and coal products...................... 0.74 0.71 0.71 (X) (X) (X)

 Chemical products................................... 1.46 1.46 1.46 (X) (X) (X)

 Plastics and rubber products...................... 1.41 1.40 1.39 (X) (X) (X)

(X) Not Applicable 

1

 Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. 

Not seasonally adjusted estimates of shipments and new orders include adjusted data for non-calendar reporters. Seasonally adjusted estimates include concurrent 

adjustments for holiday and trading-day differences, where appropriate, as well as seasonal variation, based on the results of the latest annual review of the model 

parameters. Estimates are not adjusted for price changes.

2

 Excludes the following industries with no unfilled orders: Wood products; nonmetallic mineral products; medical equipment and supplies; office supplies; other 

miscellaneous manufacturing; cutlery and handtools; farm and garden machinery; computer storage and peripheral devices; audio and video equipment; 

manufacturing and reproducing magnetic and optical media; batteries; automobiles; light trucks and utility vehicles; heavy duty trucks; and miscellaneous furniture. 

3

 Unfilled orders to shipments ratio excludes semiconductor manufacturing. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling 

error, which includes errors of coverage, response, and nonreporting. Since the survey panel is not a probability sample, estimates of sampling error cannot be 

calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and 

methodology can be found on our website at <www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. 

P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294).