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FOR RELEASE AT 8:30 AM EDT, THURSDAY, JUNE 24, 2021

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS MAY 2021

Release Number: CB 21-87 M3-1 (21)-05

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>.

JUNE 24, 2021 — The U.S. Census Bureau announces the May advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in May increased $5.7 billion or 2.3 percent to $253.3 billion, 

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

0.8 percent April decrease. Excluding transportation, new orders increased 0.3 percent. Excluding 

defense, new orders increased 1.7 percent. Transportation equipment, up following two consecutive 

monthly decreases, led the increase, $5.2 billion or 7.6 percent to $74.2 billion.

DURABLE GOODS – NEW ORDERS

MAY 2021 $253.3 billion +2.3%°

APRIL 2021

(revised) $247.6 billion -0.8%°

Next release: July 27, 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, June 24, 

2021.

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

% Change 10.6% 11.3% 9.8% 2.0% 1.6% 1.0% 2.2% 1.5% 2.4% 1.3% 1.3% -0.8% 2.3%

-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, June 24, 2021.
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Shipments

Shipments of manufactured durable goods in May, up two of the last three months, increased $1.0 billion 

or 0.4 percent to $248.3 billion. This followed a virtually unchanged April decrease. Machinery, up seven 

of the last eight months, led the increase, $0.4 billion or 1.1 percent to $35.1 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in May, up four consecutive months, increased $9.5 billion 

or 0.8 percent to $1,209.3 billion. This followed a 0.4 percent April increase. Transportation equipment,

up three of the last four months, led the increase, $3.1 billion or 0.4 percent to $806.2 billion.

Inventories

Inventories of manufactured durable goods in May, up four consecutive months, increased $2.9 billion or 

0.7 percent to $445.3 billion. This followed a 0.7 percent April increase. Primary metals, up ten

consecutive months, led the increase, $0.9 billion or 2.4 percent to $38.5 billion. 

Capital Goods

Nondefense new orders for capital goods in May increased $2.2 billion or 2.7 percent to $83.6 billion. 

Shipments decreased $0.5 billion or 0.7 percent to $77.7 billion. Unfilled orders increased $5.9 billion or 

0.8 percent to $729.8 billion. Inventories increased $0.7 billion or 0.4 percent to $197.3 billion. Defense 

new orders for capital goods in May increased $1.6 billion or 17.4 percent to $10.7 billion. Shipments

decreased $0.3 billion or 2.6 percent to $11.9 billion. Unfilled orders decreased $1.3 billion or 0.7 percent 

to $190.6 billion. Inventories decreased less than $0.1 billion or 0.1 percent to $20.9 billion.

Revised April Data

Revised seasonally adjusted April figures for all manufacturing industries were: new orders, $487.3 billion 

(revised from $485.2 billion); shipments, $487.1 billion (revised from $487.8 billion); unfilled orders, 

$1,199.8 billion (revised from $1,196.9 billion) and total inventories, $725.0 billion (revised from $723.6

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on July 2, 2021, at

10:00 a.m. EDT. The Advance Report on durable goods for June is scheduled for release on July 27, 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

May Apr Mar Apr ‐ Mar ‐ Feb ‐ May Apr May Change

2021 2 2021 r 2021 May 2 Apr r Mar 2021 2 2021 r 2020 2021 2020 2021/2020

DURABLE GOODS

   Total:               

               Shipments................................ 248,346 247,369 247,434 0.4 0.0 2.7 246,302 247,622 188,220 1,211,686 1,049,222 15.5

               New Orders4

.............................. 253,323 247,575 249,467 2.3 ‐0.8 1.3 247,067 246,427 175,719 1,233,111 980,942 25.7

         Excluding transportation:

               Shipments................................ 177,277 176,029 174,011 0.7 1.2 2.4 176,805 176,583 146,027 852,605 751,069 13.5

               New Orders4

.............................. 179,113 178,598 175,624 0.3 1.7 3.3 179,318 180,366 141,863 870,125 739,494 17.7

         Excluding defense:

               Shipments................................ 234,461 233,152 233,888 0.6 ‐0.3 2.8 232,823 234,072 175,587 1,145,520 986,321 16.1

               New Orders4

.............................. 240,897 236,813 235,711 1.7 0.5 2.3 237,626 235,397 165,221 1,166,178 912,335 27.8

    Manufacturing with unfilled orders:

               Shipments................................ 174,099 174,366 170,761 ‐0.2 2.1 2.6 173,030 173,452 139,822 841,796 760,612 10.7

               New Orders.............................. 183,568 179,034 177,221 2.5 1.0 0.7 177,673 176,220 130,785 883,585 711,205 24.2

    Primary metals:

               Shipments................................ 22,201 21,844 21,103 1.6 3.5 4.8 22,573 22,788 16,279 108,326 91,533 18.3

               New Orders.............................. 23,648 23,138 21,959 2.2 5.4 5.4 23,841 23,574 15,856 113,645 91,164 24.7

    Fabricated metal products:

               Shipments................................ 33,405 33,277 33,018 0.4 0.8 3.4 33,915 33,897 27,454 162,276 144,125 12.6

               New Orders.............................. 36,181 36,575 36,034 ‐1.1 1.5 7.0 37,044 37,589 27,453 178,235 144,467 23.4

    Machinery:

               Shipments................................ 35,107 34,728 34,165 1.1 1.6 2.4 35,309 35,310 29,260 170,499 151,682 12.4

               New Orders.............................. 36,218 36,364 35,598 ‐0.4 2.2 3.2 36,094 37,277 28,928 179,365 154,508 16.1

    Computers and electronic products 4

:

               Shipments................................ 28,978 29,071 28,875 ‐0.3 0.7 0.9 27,201 26,538 24,949 136,046 125,580 8.3

               New Orders.............................. 24,710 24,787 24,675 ‐0.3 0.5 0.6 23,211 22,890 21,160 117,753 108,527 8.5

         Computers and related products:

               Shipments................................ 2,041 2,059 1,931 ‐0.9 6.6 ‐2.3 1,867 1,801 1,589 9,088 7,907 14.9

               New Orders.............................. 2,013 2,042 1,948 ‐1.4 4.8 ‐1.6 1,839 1,784 1,563 9,051 7,825 15.7

         Communications equipment:

               Shipments................................ 3,414 3,382 3,464 0.9 ‐2.4 0.8 3,111 3,033 2,771 15,722 13,876 13.3

               New Orders.............................. 3,517 3,450 3,528 1.9 ‐2.2 2.9 3,159 3,199 2,702 16,291 14,124 15.3

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 12,254 12,246 12,174 0.1 0.6 1.9 12,169 12,282 10,069 58,601 52,325 12.0

               New Orders.............................. 12,733 12,573 12,521 1.3 0.4 ‐0.1 12,788 12,783 10,160 61,935 53,735 15.3

    Transportation equipment:    

               Shipments................................ 71,069 71,340 73,423 ‐0.4 ‐2.8 3.5 69,497 71,039 42,193 359,081 298,153 20.4

               New Orders.............................. 74,210 68,977 73,843 7.6 ‐6.6 ‐3.1 67,749 66,061 33,856 362,986 241,448 50.3

         Motor vehicles and parts:

               Shipments................................ 49,729 48,585 53,027 2.4 ‐8.4 4.0 48,934 49,594 25,746 258,529 196,363 31.7

               New Orders.............................. 50,030 49,021 53,358 2.1 ‐8.1 3.9 49,049 49,538 25,570 260,550 196,241 32.8

         Nondefense aircraft and parts 5

:

               Shipments................................ 7,479 8,670 6,951 ‐13.7 24.7 5.8 6,840 7,717 3,891 34,128 38,741 ‐11.9

               New Orders.............................. 11,612 9,113 6,931 27.4 31.5 ‐23.6 8,576 5,056 ‐2,155 35,508 ‐23,611 (NA)

         Defense aircraft and parts:

               Shipments................................ 4,450 4,561 4,543 ‐2.4 0.4 ‐1.3 4,232 4,221 4,375 21,455 22,184 ‐3.3

               New Orders.............................. 3,503 3,557 3,943 ‐1.5 ‐9.8 ‐26.8 2,375 3,164 3,000 20,766 23,017 ‐9.8

    All other durable goods:           

               Shipments................................ 45,332 44,863 44,676 1.0 0.4 1.6 45,638 45,768 38,016 216,857 185,824 16.7

               New Orders.............................. 45,623 45,161 44,837 1.0 0.7 1.9 46,340 46,253 38,306 219,192 187,093 17.2

    Capital goods3

:

               Shipments................................ 89,623 90,458 87,460 ‐0.9 3.4 1.6 87,221 87,584 71,752 428,294 382,842 11.9

               New Orders.............................. 94,236 90,443 89,710 4.2 0.8 ‐2.7 87,354 86,867 64,072 446,756 332,590 34.3

           Nondefense capital goods:

               Shipments................................ 77,676 78,191 75,807 ‐0.7 3.1 1.8 75,466 75,816 60,827 371,157 329,476 12.7

               New Orders.............................. 83,551 81,341 77,437 2.7 5.0 ‐1.1 79,147 77,141 54,639 387,287 271,959 42.4

                Excluding aircraft:

                    Shipments........................... 73,262 72,583 71,883 0.9 1.0 1.6 71,492 71,065 59,448 351,455 307,811 14.2

                    New Orders.......................... 75,195 75,276 73,318 ‐0.1 2.7 1.6 73,454 74,439 59,454 365,928 314,607 16.3

           Defense capital goods:

               Shipments................................ 11,947 12,267 11,653 ‐2.6 5.3 0.4 11,755 11,768 10,925 57,137 53,366 7.1

               New Orders.............................. 10,685 9,102 12,273 17.4 ‐25.8 ‐11.7 8,207 9,726 9,433 59,469 60,631 ‐1.9

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, May Advance Report, June 24, 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

May Apr Mar Apr ‐ Mar ‐ Feb ‐ May Apr May 2021/

2021 2 2021 r 2021 May 2 Apr r Mar 2021 2 2021 r 2020 2020

DURABLE GOODS

   Total:                   

               Unfilled Orders 4......................... 1,209,278 1,199,809 1,195,141 0.8 0.4 0.5 1,216,400 1,211,757 1,233,459 ‐1.4

               Total Inventories....................... 445,299 442,417 439,538 0.7 0.7 1.1 449,692 444,925 434,566 3.5

         Excluding transportation:

               Unfilled Orders 4......................... 403,097 396,769 389,738 1.6 1.8 1.6 408,609 402,218 364,488 12.1

               Total Inventories....................... 295,773 292,969 291,048 1.0 0.7 0.8 299,148 295,426 290,501 3.0

         Excluding defense:

               Unfilled Orders 4

........................... 993,133 982,205 974,082 1.1 0.8 0.6 999,082 990,401 1,011,247 ‐1.2

               Total Inventories....................... 420,768 417,855 415,107 0.7 0.7 1.1 424,978 420,310 410,437 3.5

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,209,278 1,199,809 1,195,141 0.8 0.4 0.5 1,216,400 1,211,757 1,233,459 ‐1.4

               Total Inventories....................... 359,396 357,266 355,606 0.6 0.5 0.9 363,020 359,487 353,716 2.6

    Primary metals:

               Unfilled Orders......................... 39,542 38,095 36,801 3.8 3.5 2.4 40,026 38,758 31,467 27.2

               Total Inventories....................... 38,529 37,634 36,921 2.4 1.9 1.8 38,977 37,921 35,664 9.3

    Fabricated metal products:

               Unfilled Orders......................... 98,869 96,093 92,795 2.9 3.6 3.4 100,320 97,191 81,945 22.4

               Total Inventories....................... 56,769 56,039 55,269 1.3 1.4 1.5 57,523 56,681 55,010 4.6

    Machinery:     

               Unfilled Orders......................... 104,903 103,792 102,156 1.1 1.6 1.4 106,302 105,517 96,569 10.1

               Total Inventories....................... 71,892 71,196 70,903 1.0 0.4 0.2 72,639 71,643 71,759 1.2

    Computers and electronic products4

:

               Unfilled Orders......................... 119,009 118,785 118,607 0.2 0.2 0.2 119,810 119,922 117,330 2.1

               Total Inventories....................... 46,419 46,431 46,551 0.0 ‐0.3 0.1 47,078 46,796 47,965 ‐1.8

         Computers and related products:

               Unfilled Orders......................... 1,508 1,536 1,553 ‐1.8 ‐1.1 1.1 1,508 1,536 1,505 0.2

               Total Inventories....................... 3,693 3,720 3,688 ‐0.7 0.9 3.5 3,758 3,612 3,547 5.9

         Communications equipment:

               Unfilled Orders......................... 18,866 18,763 18,695 0.5 0.4 0.3 19,051 19,003 18,162 4.9

               Total Inventories....................... 5,076 5,060 5,047 0.3 0.3 ‐0.5 5,189 5,068 5,202 ‐0.2

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 29,292 28,813 28,486 1.7 1.1 1.2 29,938 29,319 26,059 14.9

               Total Inventories....................... 20,333 20,159 20,205 0.9 ‐0.2 0.8 20,687 20,505 20,109 2.9

    Transportation equipment:    

               Unfilled Orders......................... 806,181 803,040 805,403 0.4 ‐0.3 0.1 807,791 809,539 868,971 ‐7.0

               Total Inventories....................... 149,526 149,448 148,490 0.1 0.6 1.6 150,544 149,499 144,065 4.5

         Motor vehicles and parts:

               Unfilled Orders......................... 26,496 26,195 25,759 1.1 1.7 1.3 26,868 26,753 23,426 14.7

               Total Inventories....................... 46,131 45,735 44,095 0.9 3.7 3.7 46,603 45,904 41,007 13.6

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 579,894 575,761 575,318 0.7 0.1 0.0 580,140 578,404 639,140 ‐9.2

               Total Inventories....................... 75,878 76,233 77,095 ‐0.5 ‐1.1 0.8 76,375 76,135 76,825 ‐0.6

         Defense Aircraft and parts:       

               Unfilled Orders......................... 83,150 84,097 85,101 ‐1.1 ‐1.2 ‐0.7 83,292 85,149 89,245 ‐6.7

               Total Inventories....................... 12,329 12,323 12,278 0.0 0.4 ‐1.0 12,379 12,372 12,243 1.1

    All other durable goods:           

               Unfilled Orders......................... 11,482 11,191 10,893 2.6 2.7 1.5 12,213 11,511 11,118 9.8

               Total Inventories....................... 61,831 61,510 61,199 0.5 0.5 0.7 62,244 61,880 59,994 3.8

    Capital goods3

:

               Unfilled Orders......................... 920,312 915,699 915,714 0.5 0.0 0.2 924,915 924,782 966,998 ‐4.4

               Total Inventories....................... 218,154 217,455 217,433 0.3 0.0 0.3 220,456 217,804 217,004 1.6

           Nondefense capital goods:

               Unfilled Orders......................... 729,762 723,887 720,737 0.8 0.4 0.2 732,855 729,174 773,882 ‐5.3

               Total Inventories....................... 197,301 196,584 196,699 0.4 ‐0.1 0.3 199,470 196,929 196,612 1.5

                Excluding aircraft:               

                    Unfilled Orders.................... 225,472 223,539 220,846 0.9 1.2 0.7 228,383 226,421 212,878 7.3

                    Total Inventories................... 132,286 131,224 130,658 0.8 0.4 0.3 133,967 131,673 130,862 2.4

           Defense capital goods:

               Unfilled Orders......................... 190,550 191,812 194,977 ‐0.7 ‐1.6 0.3 192,060 195,608 193,116 ‐0.5

               Total Inventories....................... 20,853 20,871 20,734 ‐0.1 0.7 0.0 20,986 20,875 20,392 2.9

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, May Advance Report, June 24, 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>.