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FOR RELEASE AT 8:30 AM EDT, THURSDAY, APRIL 25, 2019

MONTHLY ADVANCE REPORT ON MANUFACTURERS’ SHIPMENTS, INVENTORIES AND

ORDERS MARCH 2019

Release Number: CB 19‐56 M3‐1 (19)‐03

April 25, 2019 — The U.S. Census Bureau announces the March advance report on manufacturers’

shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in March increased $6.8 billion or 2.7 percent to $258.5

billion, the U.S. Census Bureau announced today.  This increase, up four of the last five months, followed a

1.1 percent February decrease.  Excluding transportation, new orders increased 0.4 percent.  Excluding

defense, new orders increased 2.3 percent.  Transportation equipment, also up four of the last five

months, led the increase, $6.1 billion or 7.0 percent to $93.8 billion.

Shipments

Shipments of manufactured durable goods in March, up four of the last five months, increased $0.9 billion

or 0.3 percent to $259.6 billion.  This followed a 0.3 percent February increase.  Transportation equipment,

up following two consecutive monthly decreases, drove the increase, $1.0 billion or 1.1 percent to $90.7

billion.

DURABLE GOODS – NEW ORDERS

MARCH 2019 $258.5 billion             +2.7%°   

FEBRUARY 2019  

(revised) $251.8 billion             ‐1.1%°

Next release: May 24, 2019

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, April 25,

2019.

Apr‐18 May‐18 Jun‐18 Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19

% Change ‐1.0% ‐0.3% 0.9% ‐1.2% 4.7% 0.0% ‐4.3% 0.9% 1.3% 0.1% ‐1.1% 2.7%

‐8.0%

‐7.0%

‐6.0%

‐5.0%

‐4.0%

‐3.0%

‐2.0%

‐1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

DURABLE GOODS NEW ORDERS 2018‐2019

Seasonally Adjusted,   Month‐To‐Month Percentage Change

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

April 25, 2019.
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Unfilled Orders

Unfilled orders for manufactured durable goods in March, up two of the last three months, increased $3.2

billion or 0.3 percent to $1,181.9 billion.  This followed a 0.2 percent February decrease.  Transportation

equipment, also up two of the last three months, led the increase, $3.1 billion or 0.4 percent to $811.9

billion.

Inventories

Inventories of manufactured durable goods in March, up twenty‐six of the last twenty‐seven months,

increased $1.4 billion or 0.3 percent to $420.5 billion.  This followed a 0.4 percent February increase.  

Machinery, up fifteen of the last sixteen months, led the increase, $0.7 billion or 1.0 percent to $71.6

billion.   

Capital Goods

Nondefense new orders for capital goods in March increased $4.9 billion or 6.5 percent to $80.5 billion.  

Shipments increased less than $0.1 billion or virtually unchanged to $79.0 billion.  Unfilled orders

increased $1.4 billion or 0.2 percent to $708.2 billion.  Inventories increased $1.3 billion or 0.7 percent to

$184.9 billion.  Defense new orders for capital goods in March increased $1.0 billion or 7.4 percent to

$13.9 billion.  Shipments increased $0.1 billion or 1.0 percent to $12.6 billion.  Unfilled orders increased

$1.4 billion or 0.9 percent to $158.1 billion.  Inventories increased $0.2 billion or 0.8 percent to $23.1

billion.

Revised February Data

Revised seasonally adjusted February figures for all manufacturing industries were: new orders, $498.7

billion (revised from $497.5 billion); shipments, $505.7 billion (revised from $505.5 billion); unfilled orders,

$1,178.7 billion (revised from $1,177.6 billion) and total inventories, $688.0 billion (revised from $687.8

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on May 2, 2019, at

10:00 a.m. EDT.  The Advance Report on durable goods for April is scheduled for release on May 24, 2019

at 8:30 a.m. EDT.  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‐in‐

process, 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 month‐

to‐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 64 percent of the total value of shipments for manufacturing establishments in the 2012

Economic Census, and these companies include almost two‐thirds of the manufacturing companies with

$500 million or more in shipments in the 2012 Economic Census.  The companies for which shipments data

are currently reported in the M3 survey represent approximately 57 percent of the total value of

shipments for manufacturing establishments in the 2012 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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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/>

NEW TIME SERIES

Beginning with the release of June 2018 data on July 26, 2018, historical estimates of the Monthly Advance

Report on Manufacturers’ Shipments, Inventories and Orders are available on a seasonally adjusted basis

as well as a not seasonally adjusted basis at: <https://www.census.gov/econ/currentdata/>.   

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.

Notice of Revisions and Changes Due to Updated Seasonal Adjustment Models

On May 16, 2019, monthly seasonally adjusted data for Manufacturers’ Shipments, Inventories, and

Orders, based on the North American Industry Classification System, will be revised for January 2002

through March 2019.  There will be no accompanying press release containing revised seasonally adjusted

data for January through March of 2019, and historical data not seasonally adjusted will be unchanged.   

These revisions to the historical seasonally adjusted data will be based on the results of the recent annual

review of the seasonal adjustment models.  Based on this review, the lists of series that are seasonally

adjusted and not seasonally adjusted will be updated.  Three unfilled orders series and one total

inventories series that have been adjusted will no longer be seasonally adjusted.  Conversely, two stage of

fabrication series that have not been adjusted will now be seasonally adjusted.  These changes will be

implemented on May 16, 2019 and will also be used to produce seasonally adjusted data from the

Manufacturers’ Shipments, Inventories, and Orders Survey, beginning with the April 2019 Advance Report

on Durable Goods scheduled for release on May 24, 2019 and the full report scheduled for release on June

4, 2019.

###
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

Mar Feb Jan Feb ‐ Jan ‐ Dec ‐ Mar Feb Mar Change

2019 2 2019 r 2019 Mar 2 Feb r Jan 2019 2 2019 r 2018 2019 2018 2019/2018

DURABLE GOODS

   Total:               

               Shipments................................ 259,571 258,698 258,030 0.3 0.3 ‐0.5 273,882 242,117 266,715 749,378 716,258 4.6

               New Orders4

.............................. 258,524 251,757 254,662 2.7 ‐1.1 0.1 280,662 235,349 278,300 747,458 725,458 3.0

         Excluding transportation:

               Shipments................................ 168,866 168,998 167,941 ‐0.1 0.6 0.0 175,025 156,366 171,687 485,262 469,901 3.3

               New Orders4

.............................. 164,739 164,119 164,380 0.4 ‐0.2 ‐0.1 174,193 155,378 172,531 483,115 471,880 2.4

         Excluding defense:

               Shipments................................ 245,053 244,272 242,941 0.3 0.5 ‐0.8 257,464 228,392 252,341 706,834 678,610 4.2

               New Orders4

.............................. 242,009 236,609 240,816 2.3 ‐1.7 0.4 259,050 223,339 261,794 703,457 687,251 2.4

    Manufacturing with unfilled orders:

               Shipments................................ 180,127 179,880 179,827 0.1 0.0 ‐0.3 190,974 167,279 186,953 519,980 497,699 4.5

               New Orders.............................. 183,326 177,330 180,543 3.4 ‐1.8 0.5 201,337 164,556 201,910 530,483 518,617 2.3

    Primary metals:

               Shipments................................ 21,382 21,423 21,261 ‐0.2 0.8 ‐1.3 22,275 20,486 22,103 63,735 61,254 4.1

               New Orders.............................. 21,476 21,522 21,382 ‐0.2 0.7 ‐1.8 22,769 21,319 22,966 65,345 63,633 2.7

    Fabricated metal products:

               Shipments................................ 34,164 34,030 33,757 0.4 0.8 0.0 34,668 31,868 32,970 98,135 92,852 5.7

               New Orders.............................. 33,800 33,892 34,221 ‐0.3 ‐1.0 ‐0.5 35,310 32,752 34,818 101,227 97,484 3.8

    Machinery:

               Shipments................................ 33,238 33,454 33,319 ‐0.6 0.4 1.1 35,985 31,771 35,617 97,630 94,846 2.9

               New Orders.............................. 33,156 33,057 33,298 0.3 ‐0.7 2.1 35,720 32,279 35,436 99,585 98,025 1.6

    Computers and electronic products 4

:

               Shipments................................ 27,741 27,956 27,704 ‐0.8 0.9 ‐0.1 29,175 24,746 28,053 78,574 74,842 5.0

               New Orders.............................. 24,168 23,652 23,592 2.2 0.3 ‐1.9 27,132 21,100 25,805 68,472 65,234 5.0

         Computers and related products:

               Shipments................................ 1,742 1,840 1,784 ‐5.3 3.1 1.1 1,904 1,364 1,861 4,675 4,605 1.5

               New Orders.............................. 1,750 1,832 1,824 ‐4.5 0.4 3.2 1,912 1,356 1,951 4,715 4,723 ‐0.2

         Communications equipment:

               Shipments................................ 3,821 3,811 3,815 0.3 ‐0.1 1.5 4,336 3,161 3,933 10,503 9,340 12.5

               New Orders.............................. 3,897 3,576 3,644 9.0 ‐1.9 2.7 4,521 3,308 4,053 10,742 10,163 5.7

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 11,553 11,525 11,456 0.2 0.6 0.0 11,995 10,549 11,812 32,862 31,834 3.2

               New Orders.............................. 11,489 11,482 11,355 0.1 1.1 1.1 12,049 10,767 12,023 33,491 32,511 3.0

    Transportation equipment:    

               Shipments................................ 90,705 89,700 90,089 1.1 ‐0.4 ‐1.4 98,857 85,751 95,028 264,116 246,357 7.2

               New Orders.............................. 93,785 87,638 90,282 7.0 ‐2.9 0.4 106,469 79,971 105,769 264,343 253,578 4.2

         Motor vehicles and parts:

               Shipments................................ 62,994 61,692 61,527 2.1 0.3 ‐1.0 67,451 61,242 63,033 185,589 171,715 8.1

               New Orders.............................. 63,112 61,822 61,842 2.1 0.0 ‐0.5 67,668 62,135 63,302 186,964 172,666 8.3

         Nondefense aircraft and parts:

               Shipments................................ 13,591 13,646 13,362 ‐0.4 2.1 ‐10.7 15,483 11,134 17,397 36,882 37,485 ‐1.6

               New Orders.............................. 14,457 11,023 14,781 31.2 ‐25.4 9.2 18,276 6,334 26,361 35,287 43,714 ‐19.3

         Defense aircraft and parts:

               Shipments................................ 4,473 4,611 5,193 ‐3.0 ‐11.2 10.2 5,226 4,021 5,035 13,234 12,402 6.7

               New Orders.............................. 5,559 4,723 4,502 17.7 4.9 1.5 6,746 3,218 4,746 13,868 10,075 37.6

    All other durable goods:           

               Shipments................................ 40,788 40,610 40,444 0.4 0.4 0.0 40,927 36,946 41,132 114,326 114,273 0.0

               New Orders.............................. 40,650 40,514 40,532 0.3 0.0 0.2 41,213 37,161 41,483 114,995 114,993 0.0

    Capital goods3

:

               Shipments................................ 91,580 91,431 91,417 0.2 0.0 ‐0.9 99,447 83,361 97,981 261,493 251,067 4.2

               New Orders.............................. 94,397 88,561 92,114 6.6 ‐3.9 1.0 108,182 77,812 108,637 265,965 262,779 1.2

           Nondefense capital goods:

               Shipments................................ 79,027 79,008 78,471 0.0 0.7 ‐1.5 85,345 71,372 85,881 224,763 219,210 2.5

               New Orders.............................. 80,468 75,591 79,541 6.5 ‐5.0 1.5 89,473 67,587 94,171 227,048 229,789 ‐1.2

                Excluding aircraft:

                    Shipments........................... 69,631 69,761 69,591 ‐0.2 0.2 1.0 74,774 64,411 73,191 201,280 194,566 3.5

                    New Orders.......................... 69,979 69,053 68,959 1.3 0.1 0.9 75,965 65,624 73,995 205,224 199,559 2.8

           Defense capital goods:

               Shipments................................ 12,553 12,423 12,946 1.0 ‐4.0 3.0 14,102 11,989 12,100 36,730 31,857 15.3

               New Orders.............................. 13,929 12,970 12,573 7.4 3.2 ‐1.8 18,709 10,225 14,466 38,917 32,990 18.0

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, March Advance Report, April 25, 2019. 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

Mar Feb Jan Feb ‐ Jan ‐ Dec ‐ Mar Feb Mar 2019/

2019 2 2019 r 2019 Mar 2 Feb r Jan 2019 2 2019 r 2018 2018

DURABLE GOODS

   Total:                   

               Unfilled Orders 4......................... 1,181,868 1,178,669 1,181,219 0.3 ‐0.2 0.1 1,190,137 1,179,774 1,157,330 2.8

               Total Inventories....................... 420,512 419,149 417,593 0.3 0.4 0.5 419,518 422,421 399,879 4.9

         Excluding transportation:

               Unfilled Orders 4......................... 369,945 369,826 370,314 0.0 ‐0.1 0.1 373,333 370,582 360,270 3.6

               Total Inventories....................... 286,245 285,053 284,866 0.4 0.1 0.3 285,751 287,012 271,757 5.1

         Excluding defense:

               Unfilled Orders 4

........................... 981,722 980,520 983,792 0.1 ‐0.3 0.2 988,365 983,196 976,590 1.2

               Total Inventories....................... 393,056 391,873 390,287 0.3 0.4 0.5 392,018 395,070 372,952 5.1

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,181,868 1,178,669 1,181,219 0.3 ‐0.2 0.1 1,190,137 1,179,774 1,157,330 2.8

               Total Inventories....................... 342,768 341,317 340,125 0.4 0.4 0.5 341,597 343,104 324,901 5.1

    Primary metals:

               Unfilled Orders......................... 31,905 31,811 31,712 0.3 0.3 0.4 32,713 32,219 30,257 8.1

               Total Inventories....................... 36,405 36,631 36,676 ‐0.6 ‐0.1 0.3 36,149 36,716 33,839 6.8

    Fabricated metal products:

               Unfilled Orders......................... 86,092 86,456 86,594 ‐0.4 ‐0.2 0.5 86,656 86,014 82,006 5.7

               Total Inventories....................... 54,889 54,781 54,769 0.2 0.0 0.2 54,935 54,946 51,711 6.2

    Machinery:     

               Unfilled Orders......................... 105,093 105,175 105,572 ‐0.1 ‐0.4 0.0 105,755 106,020 104,516 1.2

               Total Inventories....................... 71,631 70,950 70,910 1.0 0.1 0.5 71,622 71,458 67,599 6.0

    Computers and electronic products4

:

               Unfilled Orders......................... 118,370 117,697 117,610 0.6 0.1 0.0 119,364 117,824 114,580 4.2

               Total Inventories....................... 43,638 43,301 43,298 0.8 0.0 0.0 43,112 43,622 42,643 1.1

         Computers and related products:

               Unfilled Orders......................... 2,235 2,227 2,235 0.4 ‐0.4 1.8 2,235 2,227 1,996 12.0

               Total Inventories....................... 3,901 3,840 3,703 1.6 3.7 ‐1.8 3,734 3,978 3,496 6.8

         Communications equipment:

               Unfilled Orders......................... 26,069 25,993 26,228 0.3 ‐0.9 ‐0.6 26,332 26,147 25,882 1.7

               Total Inventories....................... 5,548 5,470 5,476 1.4 ‐0.1 1.7 5,458 5,547 5,175 5.5

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 19,276 19,340 19,383 ‐0.3 ‐0.2 ‐0.5 19,584 19,530 19,709 ‐0.6

               Total Inventories....................... 20,097 20,027 19,846 0.3 0.9 0.9 20,196 20,261 18,414 9.7

    Transportation equipment:    

               Unfilled Orders......................... 811,923 808,843 810,905 0.4 ‐0.3 0.0 816,804 809,192 797,060 2.5

               Total Inventories....................... 134,267 134,096 132,727 0.1 1.0 1.0 133,767 135,409 128,122 4.4

         Motor vehicles and parts:

               Unfilled Orders......................... 27,613 27,495 27,365 0.4 0.5 1.2 28,567 28,350 27,458 4.0

               Total Inventories....................... 37,728 37,943 37,470 ‐0.6 1.3 1.5 37,556 38,414 35,633 5.4

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 593,874 593,008 595,631 0.1 ‐0.4 0.2 596,593 593,800 599,339 ‐0.5

               Total Inventories....................... 68,108 67,878 67,013 0.3 1.3 0.8 67,827 68,691 65,098 4.2

         Defense Aircraft and parts:       

               Unfilled Orders......................... 82,390 81,304 81,192 1.3 0.1 ‐0.8 82,823 81,303 70,167 18.0

               Total Inventories....................... 13,173 13,317 13,321 ‐1.1 0.0 3.1 13,134 13,356 12,818 2.5

    All other durable goods:           

               Unfilled Orders......................... 9,209 9,347 9,443 ‐1.5 ‐1.0 0.9 9,261 8,975 9,202 0.6

               Total Inventories....................... 59,585 59,363 59,367 0.4 0.0 0.2 59,737 60,009 57,551 3.8

    Capital goods3

:

               Unfilled Orders......................... 866,211 863,394 866,264 0.3 ‐0.3 0.1 871,669 862,934 860,805 1.3

               Total Inventories....................... 207,960 206,517 206,027 0.7 0.2 0.7 207,189 207,636 197,538 4.9

           Nondefense capital goods:

               Unfilled Orders......................... 708,157 706,716 710,133 0.2 ‐0.5 0.2 711,705 707,577 713,391 ‐0.2

               Total Inventories....................... 184,851 183,583 183,082 0.7 0.3 0.6 183,997 184,666 174,897 5.2

                Excluding aircraft:               

                    Unfilled Orders.................... 221,711 221,363 222,071 0.2 ‐0.3 ‐0.3 223,289 222,098 219,483 1.7

                    Total Inventories................... 129,050 128,102 128,035 0.7 0.1 0.5 128,324 128,634 121,540 5.6

           Defense capital goods:

               Unfilled Orders......................... 158,054 156,678 156,131 0.9 0.4 ‐0.2 159,964 155,357 147,414 8.5

               Total Inventories....................... 23,109 22,934 22,945 0.8 0.0 1.3 23,192 22,970 22,641 2.4

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, March Advance Report, April 25, 2019. 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>.