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FOR RELEASE AT 8:30 AM EDT, TUESDAY, JULY 27, 2021

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS JUNE 2021

Release Number: CB 21-110 M3-1 (21)-06

Statement Regarding COVID-19 Impact: The Census Bureau continues to monitor response and data 

quality and has determined that estimates in this release meet publication standards. For more 

information, see < M3 COVID-19 FAQs>.

JULY 27, 2021 — The U.S. Census Bureau announces the June advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in June increased $2.1 billion or 0.8 percent to $257.6 billion, 

the U.S. Census Bureau announced today. This increase, up thirteen of the last fourteen months, followed 

a 3.2 percent May increase. Excluding transportation, new orders increased 0.3 percent. Excluding 

defense, new orders increased 1.0 percent. Transportation equipment, up two consecutive months, led

the increase, $1.6 billion or 2.1 percent to $77.5 billion.

DURABLE GOODS – NEW ORDERS

JUNE 2021 $257.6 billion +0.8%°

MAY 2021

(revised) $255.5 billion +3.2%°

Next release: August 25, 2021

Data adjusted for seasonal variation but not for price changes.

°Statistical significance is not measurable for this survey. The Manufacturers' Shipments, 

Inventories, and Orders estimates are not based on a probability sample, so the sampling 

error of these estimates cannot be measured nor can the confidence intervals be computed.

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories and Orders, July 27, 

2021.

Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21

% Change 11.3% 9.8% 2.0% 1.6% 1.0% 2.2% 1.5% 2.4% 1.3% 1.3% -0.7% 3.2% 0.8%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

DURABLE GOODS NEW ORDERS 2020-2021

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, July 27, 2021.
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Shipments

Shipments of manufactured durable goods in June, up three of the last four months, increased $2.5 billion 

or 1.0 percent to $250.7 billion. This followed a 0.4 percent May increase. Transportation equipment, up

following two consecutive monthly decreases, led the increase, $0.8 billion or 1.1 percent to $71.6 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in June, up five consecutive months, increased $11.4

billion or 0.9 percent to $1,223.0 billion. This followed a 1.0 percent May increase. Transportation 

equipment, up four of the last five months, led the increase, $5.8 billion or 0.7 percent to $814.0 billion.

Inventories

Inventories of manufactured durable goods in June, up five consecutive months, increased $3.9 billion or 

0.9 percent to $450.5 billion. This followed a 0.9 percent May increase. Transportation equipment, also 

up five consecutive months, led the increase, $1.4 billion or 0.9 percent to $151.6 billion. 

Capital Goods

Nondefense new orders for capital goods in June increased $2.6 billion or 3.1 percent to $88.9 billion. 

Shipments increased $1.5 billion or 1.9 percent to $79.2 billion. Unfilled orders increased $9.7 billion or 

1.3 percent to $742.2 billion. Inventories increased $1.7 billion or 0.8 percent to $199.7 billion. Defense 

new orders for capital goods in June decreased $0.2 billion or 1.5 percent to $10.3 billion. Shipments

decreased less than $0.1 billion or 0.1 percent to $11.8 billion. Unfilled orders decreased $1.5 billion or 

0.8 percent to $189.0 billion. Inventories decreased $0.2 billion or 1.0 percent to $20.6 billion.

Revised May Data

Revised seasonally adjusted May figures for all manufacturing industries were: new orders, $498.6 billion 

(revised from $495.5 billion); shipments, $491.3 billion (revised from $490.4 billion); unfilled orders, 

$1,211.6 billion (revised from $1,209.5 billion) and total inventories, $733.2 billion (revised from $731.6

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on August 3, 2021, at

10:00 a.m. EDT. The Advance Report on durable goods for July is scheduled for release on August 25, 2021

at 8:30 a.m. EDT. View the full schedule in the Economic Briefing Room:

<https://www.census.gov/economic-indicators/>. The full text and tables of this release can be found at

<www.census.gov/m3>.
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EXPLANATORY NOTES

Figures in text are adjusted for seasonality, but not for inflation. Figures on new and unfilled orders 

exclude data for semiconductor manufacturing. 

“Virtually unchanged” indicates that the change is less than 0.05 percent for a percent increase or 

decrease.

Description of the survey

This report is compiled from results of the U.S. Census Bureau’s Manufacturers’ Shipments, Inventories, 

and Orders (M3) survey, which is a voluntary survey authorized by Title 13 of the United States Code. This 

survey provides statistics on a calendar-month basis for manufacturers' value of shipments, new orders 

(net of cancellations), end-of-month order backlog (unfilled orders), end-of-month total inventory (at 

current cost or market value), and inventories by stage of fabrication (materials and supplies, work-inprocess, and finished goods). Data published from the M3 survey are based on a panel of approximately 

5,000 reporting units that represent approximately 3,100 companies and provide an indication of monthto-month change for the Manufacturing Sector. These reporting units may be divisions of diversified large 

companies, large homogenous companies, or single-unit manufacturers in 92 industry categories, which 

are combined into 65 publication levels due to the small monthly panel size. The survey methodology 

assumes that the month-to-month changes of the total operations of the reporting units in the M3 panel 

effectively represent the month-to-month movements of all establishments that make up the category. 

The companies for which shipments data are currently reported or imputed in the M3 survey represent 

approximately 60 percent of the total value of shipments for manufacturing establishments in the 2017

Economic Census, and these companies include roughly 61 percent of the manufacturing companies with 

$500 million or more in shipments in the 2017 Economic Census. The companies for which shipments data 

are currently reported in the M3 survey represent approximately 51 percent of the total value of 

shipments for manufacturing establishments in the 2017 Economic Census. Statistics based on the M3 

panel differ from the results that would be obtained from a complete enumeration of all manufacturing 

companies. The M3 panel is not based on a probability sample; therefore, the sampling errors that are 

normally provided with sample surveys cannot be measured. Nonsampling errors are attributable to many 

sources. The use of company or divisional reports to estimate the monthly change for establishments is 

one source of nonsampling error. The use of primarily large companies to represent the month-to-month 

movement of all companies is another potential source. Any corrections will be published in the full 

report. Corrections received after the full report will be released in the next month’s advance report. Any 

revisions made later than two months will be reflected in the annual benchmark publication. Additional 
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survey documentation can be found on our web site: 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.

Benchmark notice

Revised historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) Survey were

issued on May 14, 2021. These revisions result from

• benchmarking the M3 shipments and inventories data to the 2019 and 2018 Annual Survey of 

Manufactures (ASM) data, as well as to revised ASM data from 2013 through 2016, resulting from 

benchmarking the ASM to the 2017 Economic Census; 

• incorporating the unfilled orders to shipments ratios obtained for 2019 and 2018 from the 

Manufacturers’ Unfilled Orders (M3UFO) Survey by applying these ratios to the respective ASM 

shipments data, as well as incorporating revised unfilled orders to shipments ratios for prior years;

• adjusting the new orders data to be consistent with the benchmarked shipments and unfilled orders 

data;

• correcting monthly data for late receipts, reclassifications of reported data, and revisions to previously 

reported data;

• updating the seasonally adjusted data based on the results of benchmarking and the recent annual 

review of the seasonal adjustment models. 

These revisions spanned the seasonally adjusted data for January 2007 through March 2021 and the data 

not seasonally adjusted for January 2012 through March 2021. An updated Press Release contains revised 

monthly tables for January 2021 through March 2021. 

RESOURCES

API

The Census Bureau’s application programming interface (API) lets developers create custom apps to reach 

new users and makes key demographic, socio-economic and housing statistics more accessible than ever 

before.

<www.census.gov/developers/>
Data Inquiries Media Inquiries

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FRED Mobile App

Receive the latest updates on the nation’s key economic indicators by downloading 

the FRED App <https://fred.stlouisfed.org/fred-mobile/> for both Apple and 

Android devices. FRED, the signature database of the Federal Reserve Bank of St. 

Louis, now incorporates the Census Bureau’s 13 economic indicators.

###
Table 1.  Durable Goods Manufacturers' Shipments and New Orders 1

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.]

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Year to Date

Item           Percent

Jun May Apr May ‐ Apr ‐  Mar ‐ Jun May Jun Change

2021 2 2021 r 2021 Jun 2 May r Apr 2021 2 2021 r 2020 2021 2020 2021/2020

DURABLE GOODS

   Total:               

               Shipments................................ 250,747 248,284 247,366 1.0 0.4 0.0 270,466 246,230 234,239 1,482,088 1,283,461 15.5

               New Orders4

.............................. 257,627 255,516 247,644 0.8 3.2 ‐0.7 275,810 247,324 209,441 1,509,240 1,190,383 26.8

         Excluding transportation:

               Shipments................................ 179,104 177,451 176,042 0.9 0.8 1.2 192,241 176,895 165,761 1,044,944 916,830 14.0

               New Orders4

.............................. 180,156 179,621 178,656 0.3 0.5 1.7 191,772 179,560 160,730 1,062,201 900,224 18.0

         Excluding defense:

               Shipments................................ 237,058 234,545 233,148 1.1 0.6 ‐0.3 255,984 232,753 220,775 1,401,442 1,207,096 16.1

               New Orders4

.............................. 246,067 243,550 236,886 1.0 2.8 0.5 261,786 237,888 195,734 1,428,288 1,108,069 28.9

    Manufacturing with unfilled orders:

               Shipments................................ 176,271 174,103 174,358 1.2 ‐0.1 2.1 191,148 172,934 162,266 1,032,855 922,878 11.9

               New Orders.............................. 187,650 185,829 179,098 1.0 3.8 1.1 200,724 177,910 141,346 1,084,607 852,551 27.2

    Primary metals:

               Shipments................................ 23,049 22,400 21,847 2.9 2.5 3.5 24,084 22,615 18,193 132,452 109,726 20.7

               New Orders.............................. 23,927 23,826 23,133 0.4 3.0 5.3 24,517 23,890 18,040 138,211 109,204 26.6

    Fabricated metal products:

               Shipments................................ 33,650 33,373 33,305 0.8 0.2 0.9 35,863 33,896 30,817 198,182 174,942 13.3

               New Orders.............................. 35,583 35,854 36,597 ‐0.8 ‐2.0 1.6 37,548 36,987 30,796 215,789 175,263 23.1

    Machinery:

               Shipments................................ 35,560 35,197 34,707 1.0 1.4 1.6 38,834 35,404 33,202 209,370 184,884 13.2

               New Orders.............................. 36,834 36,599 36,400 0.6 0.5 2.3 39,300 36,300 32,528 218,862 187,036 17.0

    Computers and electronic products 4

:

               Shipments................................ 28,871 28,926 29,071 ‐0.2 ‐0.5 0.7 30,935 27,186 28,966 166,966 154,546 8.0

               New Orders.............................. 25,044 24,797 24,787 1.0 0.0 0.5 27,258 23,205 25,214 145,005 133,741 8.4

         Computers and related products:

               Shipments................................ 2,009 2,043 2,059 ‐1.7 ‐0.8 6.6 2,326 1,868 2,141 11,415 10,048 13.6

               New Orders.............................. 2,003 2,015 2,042 ‐0.6 ‐1.3 4.8 2,320 1,840 2,109 11,372 9,934 14.5

         Communications equipment:

               Shipments................................ 3,435 3,416 3,382 0.6 1.0 ‐2.4 4,171 3,108 3,755 19,890 17,631 12.8

               New Orders.............................. 3,817 3,587 3,450 6.4 4.0 ‐2.2 4,443 3,169 3,663 20,744 17,787 16.6

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 12,405 12,282 12,246 1.0 0.3 0.6 13,451 12,174 11,476 72,057 63,801 12.9

               New Orders.............................. 12,955 12,954 12,579 0.0 3.0 0.5 14,005 12,872 11,157 76,028 64,892 17.2

    Transportation equipment:    

               Shipments................................ 71,643 70,833 71,324 1.1 ‐0.7 ‐2.9 78,225 69,335 68,478 437,144 366,631 19.2

               New Orders.............................. 77,471 75,895 68,988 2.1 10.0 ‐6.6 84,038 67,764 48,711 447,039 290,159 54.1

         Motor vehicles and parts:

               Shipments................................ 49,371 49,625 48,584 ‐0.5 2.1 ‐8.4 52,489 48,853 49,521 310,937 245,884 26.5

               New Orders.............................. 49,837 49,975 49,017 ‐0.3 2.0 ‐8.1 52,329 48,955 49,607 312,785 245,848 27.2

         Nondefense aircraft and parts 5

:

               Shipments................................ 8,678 7,518 8,660 15.4 ‐13.2 24.6 11,098 6,812 5,774 45,198 44,515 1.5

               New Orders.............................. 16,117 13,771 9,138 17.0 50.7 31.8 17,687 8,689 ‐14,415 53,308 ‐38,026 (NA)

         Defense aircraft and parts:

               Shipments................................ 4,290 4,423 4,562 ‐3.0 ‐3.0 0.4 4,733 4,235 5,035 26,191 27,219 ‐3.8

               New Orders.............................. 3,508 3,193 3,553 9.9 ‐10.1 ‐9.9 3,883 2,364 4,001 24,638 27,018 ‐8.8

    All other durable goods:           

               Shipments................................ 45,569 45,273 44,866 0.7 0.9 0.4 49,074 45,620 43,107 265,917 228,931 16.2

               New Orders.............................. 45,813 45,591 45,160 0.5 1.0 0.7 49,144 46,306 42,995 268,306 230,088 16.6

    Capital goods3

:

               Shipments................................ 90,976 89,502 90,424 1.6 ‐1.0 3.4 99,957 87,237 83,824 528,209 466,666 13.2

               New Orders.............................. 99,195 96,713 90,507 2.6 6.9 0.9 108,007 87,753 63,892 555,157 396,482 40.0

           Nondefense capital goods:

               Shipments................................ 79,179 77,696 78,157 1.9 ‐0.6 3.1 87,568 75,487 72,460 458,688 401,936 14.1

               New Orders.............................. 88,862 86,221 81,405 3.1 5.9 5.1 95,637 79,540 52,270 483,312 324,229 49.1

                Excluding aircraft:

                    Shipments........................... 73,654 73,246 72,559 0.6 0.9 0.9 79,907 71,539 69,641 431,351 377,452 14.3

                    New Orders.......................... 76,066 75,710 75,315 0.5 0.5 2.7 81,386 73,732 69,080 447,587 383,687 16.7

           Defense capital goods:

               Shipments................................ 11,797 11,806 12,267 ‐0.1 ‐3.8 5.3 12,389 11,750 11,364 69,521 64,730 7.4

               New Orders.............................. 10,333 10,492 9,102 ‐1.5 15.3 ‐25.8 12,370 8,213 11,622 71,845 72,253 ‐0.6

r Revised data due to late receipts and concurrent seasonal adjustment.     

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 Based on advance sample. 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 http://www.census.gov/manufacturing/m3.      3 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry, and other machinery; photographic

equipment; metalworking machinery; turbines and generators; other power transmission equipment; pumps and compressors; material handling equipment; all other machinery; electronic computers; computer storage devices; other computer

peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and  control instruments; electrical equipment; other electrical equipment, appliances, and components; heavy duty trucks; aircraft;

railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and

boats, and search and navigation equipment.    4 Estimates and percent changes of shipments and inventories for the semiconductor industry are included in computers and electronic products, and all other applicable aggregate totals.  Estimates and percent changes for new orders and unfilled

orders exclude semiconductor industry data.   5 (NA) ‐ New Orders year‐to‐date percent change is not provided for Nondefense aircraft and parts because the denominator has a negative value.  

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, June Advance Report, July 27, 2021. 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>.  
Table 2.  Durable Goods Manufacturers' Unfilled Orders and Total Inventories 1

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments,  Inventories,  and Orders Survey.]

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Percent

Item           Change

Jun May Apr May ‐ Apr ‐ Mar ‐ Jun May Jun 2021/

2021 2 2021 r 2021 Jun2 May r Apr 2021 2 2021 r 2020 2020

DURABLE GOODS

   Total:                   

               Unfilled Orders 4......................... 1,222,986 1,211,607 1,199,881 0.9 1.0 0.4 1,226,363 1,216,787 1,212,539 1.1

               Total Inventories....................... 450,507 446,621 442,463 0.9 0.9 0.7 449,871 450,220 429,983 4.6

         Excluding transportation:

               Unfilled Orders 4......................... 409,029 403,478 396,814 1.4 1.7 1.8 412,582 408,819 363,335 13.6

               Total Inventories....................... 298,951 296,423 293,019 0.9 1.2 0.7 299,597 299,575 285,362 5.0

         Excluding defense:

               Unfilled Orders 4

........................... 1,009,289 995,781 982,282 1.4 1.4 0.8 1,009,506 999,472 990,084 2.0

               Total Inventories....................... 426,154 422,090 417,902 1.0 1.0 0.7 425,420 425,517 405,686 4.9

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,222,986 1,211,607 1,199,881 0.9 1.0 0.4 1,226,363 1,216,787 1,212,539 1.1

               Total Inventories....................... 363,681 360,558 357,315 0.9 0.9 0.5 363,786 363,512 350,235 3.9

    Primary metals:

               Unfilled Orders......................... 40,391 39,513 38,087 2.2 3.7 3.5 40,466 40,033 31,314 29.2

               Total Inventories....................... 39,135 38,619 37,621 1.3 2.7 1.9 39,088 39,034 34,351 13.8

    Fabricated metal products:

               Unfilled Orders......................... 100,501 98,568 96,087 2.0 2.6 3.5 101,968 100,283 81,924 24.5

               Total Inventories....................... 57,661 56,940 56,067 1.3 1.6 1.4 57,941 57,680 53,904 7.5

    Machinery:     

               Unfilled Orders......................... 106,525 105,251 103,849 1.2 1.4 1.7 106,928 106,462 95,895 11.5

               Total Inventories....................... 72,490 72,041 71,231 0.6 1.1 0.5 72,721 72,766 70,566 3.1

    Computers and electronic products4

:

               Unfilled Orders......................... 119,822 119,150 118,785 0.6 0.3 0.2 120,378 119,823 117,456 2.5

               Total Inventories....................... 46,715 46,483 46,434 0.5 0.1 ‐0.3 46,810 47,090 47,252 ‐0.9

         Computers and related products:

               Unfilled Orders......................... 1,502 1,508 1,536 ‐0.4 ‐1.8 ‐1.1 1,502 1,508 1,473 2.0

               Total Inventories....................... 3,682 3,676 3,720 0.2 ‐1.2 0.9 3,730 3,756 3,498 6.6

         Communications equipment:

               Unfilled Orders......................... 19,316 18,934 18,763 2.0 0.9 0.4 19,336 19,064 18,070 7.0

               Total Inventories....................... 5,145 5,091 5,060 1.1 0.6 0.3 5,123 5,182 5,072 1.0

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 30,041 29,491 28,819 1.9 2.3 1.2 30,575 30,021 25,740 18.8

               Total Inventories....................... 20,451 20,393 20,159 0.3 1.2 ‐0.2 20,670 20,725 19,980 3.5

    Transportation equipment:    

               Unfilled Orders......................... 813,957 808,129 803,067 0.7 0.6 ‐0.3 813,781 807,968 849,204 ‐4.2

               Total Inventories....................... 151,556 150,198 149,444 0.9 0.5 0.6 150,274 150,645 144,621 3.9

         Motor vehicles and parts:

               Unfilled Orders......................... 27,008 26,542 26,192 1.8 1.3 1.7 26,695 26,855 23,512 13.5

               Total Inventories....................... 47,223 46,397 45,736 1.8 1.4 3.7 46,569 46,725 40,238 15.7

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 589,488 582,049 575,796 1.3 1.1 0.1 586,870 580,281 618,951 ‐5.2

               Total Inventories....................... 76,871 76,263 76,228 0.8 0.0 ‐1.1 76,327 76,357 77,937 ‐2.1

         Defense Aircraft and parts:       

               Unfilled Orders......................... 82,080 82,862 84,092 ‐0.9 ‐1.5 ‐1.2 82,428 83,278 88,211 ‐6.6

               Total Inventories....................... 12,365 12,353 12,322 0.1 0.3 0.4 12,356 12,378 12,263 0.8

    All other durable goods:           

               Unfilled Orders......................... 11,749 11,505 11,187 2.1 2.8 2.7 12,267 12,197 11,006 11.5

               Total Inventories....................... 62,499 61,947 61,507 0.9 0.7 0.5 62,367 62,280 59,309 5.2

    Capital goods3

:

               Unfilled Orders......................... 931,227 923,008 915,797 0.9 0.8 0.0 933,401 925,351 947,066 ‐1.4

               Total Inventories....................... 220,281 218,840 217,488 0.7 0.6 0.0 220,719 220,612 216,907 1.8

           Nondefense capital goods:

               Unfilled Orders......................... 742,193 732,510 723,985 1.3 1.2 0.5 741,349 733,280 753,692 ‐1.6

               Total Inventories....................... 199,661 198,011 196,617 0.8 0.7 0.0 199,992 199,636 196,301 1.9

                Excluding aircraft:               

                    Unfilled Orders.................... 228,478 226,066 223,602 1.1 1.1 1.2 230,146 228,667 212,317 8.4

                    Total Inventories................... 133,231 132,525 131,262 0.5 1.0 0.5 133,906 134,154 129,369 3.5

           Defense capital goods:

               Unfilled Orders......................... 189,034 190,498 191,812 ‐0.8 ‐0.7 ‐1.6 192,052 192,071 193,374 ‐0.7

               Total Inventories....................... 20,620 20,829 20,871 ‐1.0 ‐0.2 0.7 20,727 20,976 20,606 0.6

r  Revised data due to late receipts and concurrent seasonal adjustment.      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 Based on advance sample. 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 http://www.census.gov/manufacturing/m3.      3 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry,

and other machinery; photographic equipment; metalworking machinery; turbines and generators; other power transmission equipment; pumps and compressors; material handling equipment; all other machinery;

electronic computers; computer storage devices; other computer peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and  control instruments;

electrical equipment; other electrical equipment, appliances, and components; heavy duty trucks; aircraft; railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and

supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and boats, and search and navigation equipment.    4 Estimates and percent changes of shipments and inventories for the semiconductor industry are included in computers and electronic products, and all other applicable aggregate totals.  Estimates and percent

changes for new orders and unfilled orders exclude semiconductor industry data.   

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, June Advance Report, July 27, 2021. 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>.