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FOR RELEASE AT 8:30 AM EST, FRIDAY, DECEMBER 23, 2022 

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS NOVEMBER 2022

Release Number: CB 22-209 M3-1 (22)-11 

December 23, 2022 — The U.S. Census Bureau announces the November advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in November, down following three consecutive monthly 

increases, decreased $5.8 billion or 2.1 percent to $270.6 billion, the U.S. Census Bureau announced today. 

This followed a 0.7 percent October increase. Excluding transportation, new orders increased 0.2 percent. 

Excluding defense, new orders decreased 2.6 percent. Transportation equipment, down following three 

consecutive monthly increases, drove the decrease, $6.1 billion or 6.3 percent to $91.3 billion.

Shipments

Shipments of manufactured durable goods in November, up eighteen of the last nineteen months, 

increased $0.6 billion or 0.2 percent to $275.9 billion. This followed a 0.4 percent October increase. 

Transportation equipment, up thirteen of the last fourteen months, drove the increase, $0.7 billion or 0.8

percent to $91.8 billion.

DURABLE GOODS – NEW ORDERS

NOVEMBER 2022 $270.6 billion -2.1%°

OCTOBER 2022

(revised) $276.4 billion +0.7%°

Next release: January 26, 2023 

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, December 

23, 2022.

0.9%

3.1%

-0.7%

0.7% 0.4%

0.8%

2.3%

-0.1%

0.2% 0.2%

0.7%

-2.1%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22

DURABLE GOODS NEW ORDERS 2021-2022

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, December 23, 2022.
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Unfilled Orders

Unfilled orders for manufactured durable goods in November, down following twenty-six consecutive 

monthly increases, decreased $0.1 billion or virtually unchanged to $1,143.2 billion. This followed a 0.5 

percent October increase. Transportation equipment, down following eighteen consecutive monthly 

increases, drove the decrease, $0.5 billion or 0.1 percent to $670.0 billion.

Inventories

Inventories of manufactured durable goods in November, up twenty-two consecutive months, increased

$0.4 billion or 0.1 percent to $489.7 billion. This followed a 0.1 percent October increase. Machinery, up 

twenty-five consecutive months, drove the increase, $0.4 billion or 0.5 percent to $87.0 billion. 

Capital Goods

Nondefense new orders for capital goods in November decreased $6.9 billion or 7.6 percent to $83.3

billion. Shipments increased $0.6 billion or 0.8 percent to $84.8 billion. Unfilled orders decreased $1.4

billion or 0.2 percent to $649.9 billion. Inventories increased $0.2 billion or 0.1 percent to $215.7 billion. 

Defense new orders for capital goods in November increased $1.1 billion or 8.0 percent to $15.4 billion. 

Shipments decreased less than $0.1 billion or 0.2 percent to $14.2 billion. Unfilled orders increased $1.1

billion or 0.6 percent to $188.2 billion. Inventories increased $0.4 billion or 1.8 percent to $23.0 billion.

Revised October Data

Revised seasonally adjusted October figures for all manufacturing industries were: new orders, $553.2

billion (revised from $556.6 billion); shipments, $552.1 billion (revised from $554.8 billion); unfilled orders, 

$1,143.3 billion (revised from $1,144.0 billion) and total inventories, $804.5 billion (revised from $805.3

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on January 6, 2023, at

10:00 a.m. EST. The Advance Report on durable goods for December is scheduled for release on January

26, 2023, at 8:30 a.m. EST. View the full schedule in the Economic Briefing Room:

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

<www.census.gov/m3>.

EXPLANATORY NOTES

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

exclude data for semiconductor manufacturing. 
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“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 

survey documentation can be found on our web site: 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.
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2023 Release Dates for the M3 Survey

Survey month Advance Report on Durable 

Goods and Advance Total 

Manufacturing 

(8:30 a.m. release time)

Full Report 

(10:00 a.m. release time)

Nov-22 Fri 12/23/2022 Fri 1/6/2023

Dec-22 Thu 1/26/2023 Thu 2/2/2023

Jan-23 Mon 2/27/2023 Mon 3/6/2023

Feb-23 Fri 3/24/2023 Tue 4/4/2023

Mar-23 Wed 4/26/2023 Tue 5/2/2023

Apr-23 Fri 5/26/2023 Mon 6/5/2023

May-23 Tue 6/27/2023 Wed 7/5/2023

Jun-23 Thu 7/27/2023 Thu 8/3/2023

Jul-23 Thu 8/24/2023 Tue 9/5/2023

Aug-23 Wed 9/27/2023 Wed 10/4/2023

Sep-23 Thu 10/26/2023 Thu 11/2/2023

Oct-23 Wed 11/22/2023 Mon 12/4/2023

Nov-23 Fri 12/22/2023 Not available at this time

OMB: Schedule of Release Dates 2023 (whitehouse.gov)

Special Notice - New Advance Estimates Of Total Manufacturing

Beginning with September 2021 data released on October 27, 2021, advance estimates of total 

manufacturing, including M3 durable and nondurable industries, for shipments and inventories, are

available at the same time as the Advance Report on Durable Goods Manufacturers’ Shipments, 

Inventories and Orders. Monthly advance total manufacturing estimates are available on a seasonally 

adjusted basis as well as a not seasonally adjusted basis on the M3 website under the “Advance Report 

Highlights”. 

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/> 
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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

Nov Oct Sep Oct - Sep - Aug - Nov Oct Nov Change

2022 2 2022 r 2022 Nov 2 Oct r Sep 2022 2 2022 r 2021 2022 2021 2022/2021

DURABLE GOODS

 Total:

 Shipments................................ 275,895 275,313 274,348 0.2 0.4 0.3 268,233 276,878 245,630 2,955,963 2,664,311 10.9

 New Orders4.............................. 270,644 276,419 274,399 -2.1 0.7 0.2 259,696 273,153 244,327 2,957,052 2,676,489 10.5

 Excluding transportation:

 Shipments................................ 184,100 184,225 183,753 -0.1 0.3 -0.1 176,302 186,021 168,136 2,009,660 1,839,182 9.3

 New Orders4.............................. 179,328 178,970 178,723 0.2 0.1 -0.9 169,137 178,002 164,502 1,965,055 1,838,503 6.9

 Excluding defense:

 Shipments................................ 259,377 258,842 257,887 0.2 0.4 0.4 250,591 260,627 229,310 2,779,932 2,498,965 11.2

 New Orders4.............................. 252,822 259,651 258,576 -2.6 0.4 1.3 242,144 258,591 229,980 2,780,433 2,516,241 10.5

 Manufacturing with unfilled orders:

 Shipments................................ 189,949 189,491 188,553 0.2 0.5 -0.4 183,665 188,278 169,169 2,036,947 1,832,361 11.2

 New Orders.............................. 189,845 195,664 193,704 -3.0 1.0 -0.4 180,939 190,391 173,032 2,093,150 1,897,542 10.3

 Primary metals:

 Shipments................................ 20,012 20,215 20,329 -1.0 -0.6 -2.0 18,670 19,919 18,631 228,118 206,462 10.5

 New Orders.............................. 20,015 20,099 20,241 -0.4 -0.7 -2.4 18,779 19,631 18,598 227,638 209,984 8.4

 Fabricated metal products:

 Shipments................................ 36,458 36,588 36,691 -0.4 -0.3 -0.4 34,949 37,592 33,949 405,357 366,094 10.7

 New Orders.............................. 36,487 36,446 36,444 0.1 0.0 -1.1 33,889 35,937 32,997 406,659 385,378 5.5

 Machinery:

 Shipments................................ 38,733 38,813 38,282 -0.2 1.4 0.3 35,490 38,377 32,856 413,069 366,363 12.7

 New Orders.............................. 39,294 39,181 38,633 0.3 1.4 -0.7 35,813 38,350 34,057 420,173 382,732 9.8

 Computers and electronic products4:

 Shipments................................ 29,648 29,553 29,380 0.3 0.6 0.6 29,835 29,715 27,575 314,384 294,585 6.7

 New Orders.............................. 24,336 24,187 24,239 0.6 -0.2 -1.1 23,459 23,591 23,339 259,300 246,636 5.1

 Computers and related products:

 Shipments................................ 2,303 2,270 2,170 1.5 4.6 0.1 2,178 2,271 1,692 21,796 18,770 16.1

 New Orders.............................. 2,277 2,271 2,158 0.3 5.2 0.0 2,152 2,272 1,662 21,750 18,652 16.6 

 Communications equipment:

 Shipments................................ 3,234 3,267 3,240 -1.0 0.8 -1.2 2,933 2,924 2,906 34,627 31,774 9.0

 New Orders.............................. 3,058 3,059 3,088 0.0 -0.9 -6.2 2,930 2,794 3,650 34,026 34,048 -0.1

 Electrical equipment, appliances, 

 and components: 

 Shipments................................ 13,669 13,481 13,465 1.4 0.1 0.1 13,171 13,494 12,156 146,101 132,216 10.5

 New Orders.............................. 13,713 13,681 13,701 0.2 -0.1 -1.1 13,150 13,814 12,517 148,975 138,025 7.9

 Transportation equipment: 

 Shipments................................ 91,795 91,088 90,595 0.8 0.5 1.2 91,931 90,857 77,494 946,303 825,129 14.7

 New Orders.............................. 91,316 97,449 95,676 -6.3 1.9 2.3 90,559 95,151 79,825 991,997 837,986 18.4

 Motor vehicles and parts:

 Shipments................................ 61,701 61,821 61,757 -0.2 0.1 2.5 60,986 63,442 53,224 652,738 569,322 14.7

 New Orders.............................. 61,776 61,819 61,324 -0.1 0.8 2.2 61,535 62,705 53,749 652,069 572,539 13.9 

 Nondefense aircraft and parts5:

 Shipments................................ 13,836 13,127 12,849 5.4 2.2 -2.2 13,913 11,533 9,225 122,165 100,055 22.1

 New Orders.............................. 12,284 19,328 18,458 -36.4 4.7 23.4 11,900 18,122 13,077 166,298 114,859 44.8

 Defense aircraft and parts:

 Shipments................................ 5,384 5,384 5,401 0.0 -0.3 -1.9 5,792 5,383 5,742 58,587 58,147 0.8

 New Orders.............................. 4,812 5,267 4,456 -8.6 18.2 -32.6 5,352 4,689 5,278 58,830 54,544 7.9

 All other durable goods: 

 Shipments................................ 45,580 45,575 45,606 0.0 -0.1 0.0 44,187 46,924 42,969 502,631 473,462 6.2

 New Orders.............................. 45,483 45,376 45,465 0.2 -0.2 -0.1 44,047 46,679 42,994 502,310 475,748 5.6

 Capital goods3:

 Shipments................................ 99,022 98,409 97,199 0.6 1.2 -0.5 96,282 95,834 85,726 1,031,348 926,694 11.3

 New Orders.............................. 98,696 104,413 102,993 -5.5 1.4 0.5 93,779 100,588 89,761 1,082,121 963,599 12.3

 Nondefense capital goods:

 Shipments................................ 84,773 84,130 82,827 0.8 1.6 -0.4 81,025 81,840 71,412 878,553 782,897 12.2

 New Orders.............................. 83,338 90,196 89,346 -7.6 1.0 3.7 78,897 88,476 77,181 932,638 822,129 13.4

 Excluding aircraft:

 Shipments........................... 75,053 75,119 74,080 -0.1 1.4 -0.1 71,117 74,479 65,433 799,123 718,182 11.3

 New Orders.......................... 75,159 75,010 74,819 0.2 0.3 -0.7 71,023 74,302 67,555 808,178 742,685 8.8

 Defense capital goods:

 Shipments................................ 14,249 14,279 14,372 -0.2 -0.6 -0.9 15,257 13,994 14,314 152,795 143,797 6.3

 New Orders.............................. 15,358 14,217 13,647 8.0 4.2 -16.6 14,882 12,112 12,580 149,483 141,470 5.7

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, November Advance Report, December 23, 2022. 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

Nov Oct Sep Oct - Sep - Aug - Nov Oct Nov 2022/

2022 2 2022 r 2022 Nov 2 Oct r Sep 2022 2 2022 r 2021 2021

DURABLE GOODS

 Total:

 Unfilled Orders4......................... 1,143,170 1,143,274 1,137,101 0.0 0.5 0.5 1,130,804 1,133,530 1,061,764 6.5

 Total Inventories....................... 489,689 489,294 488,706 0.1 0.1 0.3 489,336 488,813 463,056 5.7

 Excluding transportation:

 Unfilled Orders4

......................... 473,194 472,819 473,007 0.1 0.0 0.0 466,881 468,235 453,572 2.9

 Total Inventories....................... 333,093 332,551 331,610 0.2 0.3 0.5 331,777 330,287 308,165 7.7

 Excluding defense:

 Unfilled Orders4

........................... 927,537 928,945 923,069 -0.2 0.6 0.6 918,428 921,064 853,814 7.6

 Total Inventories....................... 462,719 462,719 462,310 0.0 0.1 0.3 462,407 462,224 437,383 5.7

 Manufacturing with unfilled orders:

 Unfilled Orders......................... 1,143,170 1,143,274 1,137,101 0.0 0.5 0.5 1,130,804 1,133,530 1,061,764 6.5

 Total Inventories....................... 391,653 391,072 390,571 0.1 0.1 0.1 391,117 390,379 371,522 5.3

 Primary metals:

 Unfilled Orders......................... 30,522 30,519 30,635 0.0 -0.4 -0.3 29,765 29,656 29,879 -0.4

 Total Inventories....................... 38,213 38,446 38,807 -0.6 -0.9 -0.5 37,860 38,068 37,024 2.3

 Fabricated metal products:

 Unfilled Orders......................... 117,661 117,632 117,774 0.0 -0.1 -0.2 115,272 116,332 113,733 1.4

 Total Inventories....................... 62,444 62,399 62,587 0.1 -0.3 -0.3 61,559 61,675 58,984 4.4

 Machinery: 

 Unfilled Orders......................... 133,582 133,021 132,653 0.4 0.3 0.3 132,026 131,703 124,886 5.7

 Total Inventories....................... 87,041 86,610 85,656 0.5 1.1 1.5 87,664 86,134 76,927 14.0

 Computers and electronic products4

:

 Unfilled Orders......................... 140,084 140,249 140,548 -0.1 -0.2 0.0 139,032 139,597 136,942 1.5

 Total Inventories....................... 53,105 53,049 52,754 0.1 0.6 0.5 53,376 53,254 50,913 4.8

 Computers and related products:

 Unfilled Orders......................... 1,173 1,199 1,198 -2.2 0.1 -1.0 1,173 1,199 1,259 -6.8

 Total Inventories....................... 3,941 3,951 3,949 -0.3 0.1 -0.3 4,030 3,935 3,838 5.0

 Communications equipment:

 Unfilled Orders......................... 20,850 21,026 21,234 -0.8 -1.0 -0.7 20,741 20,744 20,322 2.1

 Total Inventories....................... 5,426 5,417 5,427 0.2 -0.2 0.7 5,536 5,540 5,372 3.1

 Electrical equipment, appliances, 

 and components:

 Unfilled Orders......................... 40,154 40,110 39,910 0.1 0.5 0.6 39,675 39,696 36,435 8.9

 Total Inventories....................... 23,626 23,414 23,259 0.9 0.7 0.4 23,150 22,955 20,478 13.0

 Transportation equipment: 

 Unfilled Orders......................... 669,976 670,455 664,094 -0.1 1.0 0.8 663,923 665,295 608,192 9.2

 Total Inventories....................... 156,596 156,743 157,096 -0.1 -0.2 -0.2 157,559 158,526 154,891 1.7

 Motor vehicles and parts:

 Unfilled Orders......................... 27,846 27,771 27,773 0.3 0.0 -1.5 27,078 26,529 26,918 0.6

 Total Inventories....................... 51,757 51,892 51,911 -0.3 0.0 0.4 51,600 52,339 48,927 5.5

 Nondefense Aircraft and parts:

 Unfilled Orders......................... 452,176 453,728 447,527 -0.3 1.4 1.3 449,466 451,479 399,150 12.6

 Total Inventories....................... 74,372 74,832 75,331 -0.6 -0.7 -0.5 75,433 76,020 77,377 -2.5

 Defense Aircraft and parts: 

 Unfilled Orders......................... 59,587 60,159 60,276 -1.0 -0.2 -1.5 58,801 59,241 56,460 4.1

 Total Inventories....................... 12,828 12,772 12,764 0.4 0.1 -0.8 12,872 12,781 12,743 1.0

 All other durable goods: 

 Unfilled Orders......................... 11,191 11,288 11,487 -0.9 -1.7 -1.2 11,111 11,251 11,697 -5.0

 Total Inventories....................... 68,664 68,633 68,547 0.0 0.1 0.4 68,168 68,201 63,839 6.8

 Capital goods3

:

 Unfilled Orders......................... 838,098 838,424 832,420 0.0 0.7 0.7 830,944 833,447 772,649 7.5

 Total Inventories....................... 238,662 238,042 237,277 0.3 0.3 0.4 240,449 238,685 226,451 6.2

 Nondefense capital goods:

 Unfilled Orders......................... 649,912 651,347 645,281 -0.2 0.9 1.0 645,713 647,841 586,071 10.2

 Total Inventories....................... 215,687 215,468 214,869 0.1 0.3 0.6 217,559 216,106 204,678 6.3

 Excluding aircraft:

Unfilled Orders.................... 267,515 267,409 267,518 0.0 0.0 0.3 265,349 265,443 255,354 3.9

Total Inventories................... 151,982 151,302 150,196 0.4 0.7 1.1 152,743 150,717 137,860 10.8

 Defense capital goods:

 Unfilled Orders......................... 188,186 187,077 187,139 0.6 0.0 -0.4 185,231 185,606 186,578 -0.7

 Total Inventories....................... 22,975 22,574 22,408 1.8 0.7 -1.2 22,890 22,579 21,773 5.1

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, November Advance Report, December 23, 2022. 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>.