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FOR RELEASE AT 8:30 AM EST, WEDNESDAY, NOVEMBER 22, 2023 

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS OCTOBER 2023 

Release Number: CB 23-191 M3-1 (23)-10

November 22, 2023 — The U.S. Census Bureau announces the October advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in October, down three of the last four months, decreased

$16.0 billion or 5.4 percent to $279.4 billion, the U.S. Census Bureau announced today. This followed a 4.0

percent September increase. Excluding transportation, new orders were virtually unchanged. Excluding 

defense, new orders decreased 6.7 percent. Transportation equipment, also down three of the last four 

months, drove the decrease, $16.0 billion or 14.8 percent to $92.1 billion.

Shipments

Shipments of manufactured durable goods in October, down three of the last four months, decreased $2.4

billion or 0.9 percent to $280.4 billion. This followed a 0.6 percent September decrease. Transportation 

equipment, down four of the last five months, led the decrease, $2.1 billion or 2.3 percent to $88.4 billion.

DURABLE GOODS – NEW ORDERS

OCTOBER 2023 $279.4 billion -5.4%°

 SEPTEMBER 2023

(revised) $295.4 billion +4.0%°

Next release: December 22, 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, November 

22, 2023.

-3.1%

4.5%

-1.3%

-2.7%

3.3%

1.2%

2.0%

4.3%

-5.6%

-0.1%

4.0%

-5.4%

-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%

Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23

DURABLE GOODS NEW ORDERS 2022-2023

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, November 22, 2023.
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Unfilled Orders

Unfilled orders for manufactured durable goods in October, up ten of the last eleven months, increased

$4.0 billion or 0.3 percent to $1,356.9 billion. This followed a 1.3 percent September increase. 

Transportation equipment, also up ten of the last eleven months, led the increase, $3.7 billion or 0.4

percent to $859.2 billion.

Inventories

Inventories of manufactured durable goods in October, up three consecutive months, increased $1.5

billion or 0.3 percent to $525.1 billion. This followed a 0.1 percent September increase. Transportation 

equipment, also up three consecutive months, led the increase, $1.1 billion or 0.6 percent to $165.9

billion. 

Capital Goods

Nondefense new orders for capital goods in October decreased $15.8 billion or 15.6 percent to $85.3

billion. Shipments decreased $0.2 billion or 0.3 percent to $82.9 billion. Unfilled orders increased $2.4

billion or 0.3 percent to $800.7 billion. Inventories increased $0.7 billion or 0.3 percent to $227.3 billion. 

Defense new orders for capital goods in October increased $3.1 billion or 24.5 percent to $15.6 billion. 

Shipments increased $0.3 billion or 1.9 percent to $13.9 billion. Unfilled orders increased $1.8 billion or 

0.8 percent to $212.3 billion. Inventories decreased less than $0.1 billion or 0.1 percent to $24.2 billion.

Revised September Data

Revised seasonally adjusted September figures for all manufacturing industries were: new orders, $598.7

billion (revised from $601.5 billion); shipments, $586.0 billion (revised from $588.1 billion); unfilled orders, 

$1,352.8 billion (revised from $1,353.6 billion) and total inventories, $856.6 billion (revised from $857.3

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on December 4, 2023, 

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

December 22, 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>.
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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.

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure 

avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board 

(DRB) approval number: CBDRB-FY23-0265).

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 
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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>.

2024 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)

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

Nov-23 Fri 12/22/2023 Fri 1/5/2024

Dec-23 Thu 1/25/2024 Fri 2/2/2024

Jan-24 Tue 2/27/2024 Tue 3/5/2024

Feb-24 Tue 3/26/2024 Tue 4/2/2024

Mar-24 Wed 4/24/2024 Thu 5/2/2024

Apr-24 Fri 5/24/2024 Tue 6/4/2024

May-24 Thu 6/27/2024 Wed 7/3/2024

Jun-24 Thu 7/25/2024 Fri 8/2/2024

Jul-24 Mon 8/26/2024 Wed 9/4/2024

Aug-24 Thu 9/26/2024 Thu 10/3/2024

Sep-24 Fri 10/25/2024 Mon 11/4/2024

Oct-24 Wed 11/27/2024 Wed 12/4/2024

Nov-24 Tue 12/24/2024 Not available at this time

Schedule of Release Dates 2024 (whitehouse.gov)

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

Oct Sep Aug Sep - Aug - Jul - Oct Sep Oct Change

2023 2 2023 r 2023 Oct 2 Sep r Aug 2023 2 2023 r 2022 2023 2022 2023/2022

DURABLE GOODS

 Total:

 Shipments................................ 280,356 282,763 284,490 -0.9 -0.6 0.5 285,376 295,777 279,967 2,821,525 2,723,022 3.6

 New Orders4

.............................. 279,441 295,405 283,917 -5.4 4.0 -0.1 279,278 308,176 276,884 2,849,069 2,739,360 4.0

 Excluding transportation:

 Shipments................................ 191,981 192,329 192,096 -0.2 0.1 0.3 196,090 199,197 192,366 1,924,510 1,899,545 1.3

 New Orders4.............................. 187,373 187,354 187,062 0.0 0.2 0.4 188,149 191,758 184,106 1,874,009 1,861,889 0.7

 Excluding defense:

 Shipments................................ 264,072 266,830 268,613 -1.0 -0.7 0.4 269,317 278,573 265,348 2,668,030 2,581,448 3.4

 New Orders4

.............................. 261,629 280,400 266,935 -6.7 5.0 -0.8 263,675 289,673 264,161 2,688,626 2,596,771 3.5

 Manufacturing with unfilled orders:

 Shipments................................ 196,484 196,711 196,831 -0.1 -0.1 0.6 198,030 205,567 190,909 1,956,318 1,881,493 4.0

 New Orders.............................. 200,524 214,337 201,153 -6.4 6.6 -0.3 197,599 223,674 193,904 2,034,207 1,949,173 4.4

 Primary metals:

 Shipments................................ 26,272 26,432 26,516 -0.6 -0.3 -0.4 26,357 26,363 26,375 270,880 275,157 -1.6

 New Orders.............................. 26,457 26,597 26,615 -0.5 -0.1 -1.0 26,246 25,701 26,023 270,168 274,100 -1.4

 Fabricated metal products:

 Shipments................................ 35,934 36,134 35,812 -0.6 0.9 0.3 37,311 37,012 36,383 359,896 360,187 -0.1

 New Orders.............................. 36,504 36,368 36,037 0.4 0.9 0.7 36,430 36,089 34,677 362,238 362,628 -0.1

 Machinery:

 Shipments................................ 38,318 38,111 38,322 0.5 -0.6 1.0 38,479 38,556 37,362 380,122 367,800 3.4

 New Orders.............................. 37,797 37,792 37,767 0.0 0.1 0.5 37,369 37,892 37,286 377,936 375,227 0.7

 Computers and electronic products4:

 Shipments................................ 29,613 29,597 29,394 0.1 0.7 0.2 30,009 32,821 29,659 289,424 284,042 1.9

 New Orders.............................. 24,790 24,727 24,522 0.3 0.8 0.8 24,263 27,944 23,371 238,964 233,828 2.2

 Computers and related products:

 Shipments................................ 2,056 2,048 2,055 0.4 -0.3 4.0 2,036 2,271 1,870 19,781 16,914 17.0

 New Orders.............................. 2,048 2,047 2,042 0.0 0.2 2.7 2,028 2,270 1,872 19,773 16,893 17.0 

 Communications equipment:

 Shipments................................ 3,029 3,051 3,013 -0.7 1.3 -0.7 2,725 3,757 2,828 29,627 30,115 -1.6

 New Orders.............................. 3,081 3,162 3,114 -2.6 1.5 5.1 2,741 3,985 2,752 28,918 29,819 -3.0

 Electrical equipment, appliances, 

 and components: 

 Shipments................................ 14,211 14,313 14,192 -0.7 0.9 1.1 14,304 15,180 13,253 141,528 130,715 8.3

 New Orders.............................. 14,216 14,227 14,358 -0.1 -0.9 1.3 14,349 14,901 13,687 142,772 134,614 6.1

 Transportation equipment: 

 Shipments................................ 88,375 90,434 92,394 -2.3 -2.1 0.8 89,286 96,580 87,601 897,015 823,477 8.9

 New Orders.............................. 92,068 108,051 96,855 -14.8 11.6 -1.2 91,129 116,418 92,778 975,060 877,471 11.1

 Motor vehicles and parts:

 Shipments................................ 59,354 61,626 63,270 -3.7 -2.6 0.2 61,475 64,122 62,991 620,941 588,955 5.4

 New Orders.............................. 59,403 61,730 63,329 -3.8 -2.5 0.4 60,925 64,364 62,151 620,009 586,523 5.7 

 Nondefense aircraft and parts:

 Shipments................................ 13,284 13,518 13,566 -1.7 -0.4 3.2 12,252 16,165 9,715 123,347 91,037 35.5

 New Orders.............................. 16,146 32,032 16,806 -49.6 90.6 -17.5 15,611 34,795 17,460 197,257 145,227 35.8

 Defense aircraft and parts:

 Shipments................................ 4,912 4,545 4,688 8.1 -3.1 -1.8 5,101 4,841 4,574 46,902 44,581 5.2

 New Orders.............................. 4,996 4,910 5,800 1.8 -15.3 18.6 4,120 5,965 3,738 51,679 44,943 15.0

 All other durable goods: 

 Shipments................................ 47,633 47,742 47,860 -0.2 -0.2 0.0 49,630 49,265 49,334 482,660 481,644 0.2

 New Orders.............................. 47,609 47,643 47,763 -0.1 -0.3 0.5 49,492 49,231 49,062 481,931 481,492 0.1

 Capital goods3:

 Shipments................................ 96,786 96,741 96,893 0.0 -0.2 1.3 95,590 103,692 90,930 948,287 887,318 6.9

 New Orders.............................. 100,898 113,596 100,153 -11.2 13.4 -0.9 98,316 121,712 96,797 1,024,365 950,233 7.8

 Nondefense capital goods:

 Shipments................................ 82,894 83,112 83,264 -0.3 -0.2 1.1 82,106 88,925 78,514 817,116 766,101 6.7

 New Orders.............................. 85,254 101,029 85,849 -15.6 17.7 -3.2 84,654 106,262 86,480 888,386 831,800 6.8

 Excluding aircraft:

 Shipments........................... 74,351 74,345 74,380 0.0 0.0 0.7 74,798 77,785 72,886 738,908 712,954 3.6

 New Orders.......................... 73,794 73,838 73,951 -0.1 -0.2 0.9 73,692 76,751 72,867 736,512 723,492 1.8

 Defense capital goods:

 Shipments................................ 13,892 13,629 13,629 1.9 0.0 2.0 13,484 14,767 12,416 131,171 121,217 8.2

 New Orders.............................. 15,644 12,567 14,304 24.5 -12.1 14.9 13,662 15,450 10,317 135,979 118,433 14.8

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. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0265). 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, October Advance Report, November 22, 2023. Information on data sources and methodology can be found on our website at 

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

Oct Sep Aug Sep - Aug - Jul - Oct Sep Oct 2023/

2023 2 2023 r 2023 Oct 2 Sep r Aug 2023 2 2023 2 2022 2022

DURABLE GOODS

 Total:

 Unfilled Orders4

......................... 1,356,863 1,352,823 1,335,197 0.3 1.3 0.3 1,348,185 1,348,616 1,257,034 7.3

 Total Inventories....................... 525,111 523,602 523,105 0.3 0.1 0.1 524,305 522,423 518,745 1.1

 Excluding transportation:

 Unfilled Orders4

......................... 497,660 497,313 497,304 0.1 0.0 0.0 492,228 494,502 495,810 -0.7

 Total Inventories....................... 359,207 358,752 358,695 0.1 0.0 0.1 356,818 356,590 354,364 0.7

 Excluding defense:

 Unfilled Orders4........................... 1,112,290 1,109,778 1,091,224 0.2 1.7 0.3 1,106,509 1,106,484 1,028,276 7.6

 Total Inventories....................... 495,688 494,160 493,567 0.3 0.1 0.1 494,817 492,975 490,087 1.0

 Manufacturing with unfilled orders:

 Unfilled Orders......................... 1,356,863 1,352,823 1,335,197 0.3 1.3 0.3 1,348,185 1,348,616 1,257,034 7.3

 Total Inventories....................... 424,557 423,344 423,053 0.3 0.1 0.2 423,438 422,548 417,790 1.4

 Primary metals:

 Unfilled Orders......................... 38,537 38,352 38,187 0.5 0.4 0.3 37,054 37,165 36,958 0.3

 Total Inventories....................... 46,106 46,313 46,453 -0.4 -0.3 0.0 45,661 46,042 47,445 -3.8

 Fabricated metal products:

 Unfilled Orders......................... 130,032 129,462 129,228 0.4 0.2 0.2 128,766 129,647 128,906 -0.1

 Total Inventories....................... 64,756 64,698 64,776 0.1 -0.1 0.0 64,054 64,410 64,280 -0.4

 Machinery: 

 Unfilled Orders......................... 137,664 138,185 138,504 -0.4 -0.2 -0.4 136,171 137,281 139,088 -2.1

 Total Inventories....................... 95,107 94,934 94,753 0.2 0.2 0.1 94,448 94,717 90,784 4.0

 Computers and electronic products4:

 Unfilled Orders......................... 134,980 134,848 134,734 0.1 0.1 0.0 134,275 134,354 133,786 0.4

 Total Inventories....................... 55,332 55,151 55,128 0.3 0.0 0.3 55,680 54,802 55,677 0.0

 Computers and related products:

 Unfilled Orders......................... 1,275 1,283 1,284 -0.6 -0.1 -1.0 1,275 1,283 1,306 -2.4

 Total Inventories....................... 3,458 3,522 3,533 -1.8 -0.3 -1.0 3,455 3,625 3,802 -9.1 

 Communications equipment:

 Unfilled Orders......................... 17,362 17,310 17,199 0.3 0.6 0.6 17,084 17,068 17,549 -2.6

 Total Inventories....................... 5,033 5,036 5,019 -0.1 0.3 0.1 5,133 5,021 5,088 0.9

 Electrical equipment, appliances, 

 and components: 

 Unfilled Orders......................... 43,930 43,925 44,011 0.0 -0.2 0.4 43,659 43,614 43,376 0.7

 Total Inventories....................... 26,411 26,316 26,390 0.4 -0.3 0.2 25,875 25,784 24,934 3.8

 Transportation equipment: 

 Unfilled Orders......................... 859,203 855,510 837,893 0.4 2.1 0.5 855,957 854,114 761,224 12.4

 Total Inventories....................... 165,904 164,850 164,410 0.6 0.3 0.3 167,487 165,833 164,381 1.9

 Motor vehicles and parts:

 Unfilled Orders......................... 35,360 35,311 35,207 0.1 0.3 0.2 34,009 34,559 33,473 1.6

 Total Inventories....................... 54,622 54,104 53,704 1.0 0.7 0.3 55,076 54,381 53,995 2.0 

 Nondefense Aircraft and parts:

 Unfilled Orders......................... 603,803 600,941 582,427 0.5 3.2 0.6 604,625 601,266 520,752 16.1

 Total Inventories....................... 78,300 77,802 77,582 0.6 0.3 0.2 79,277 78,432 78,358 1.2

 Defense Aircraft and parts: 

 Unfilled Orders......................... 73,465 73,381 73,016 0.1 0.5 1.5 72,079 73,060 66,170 8.9

 Total Inventories....................... 14,081 14,106 14,075 -0.2 0.2 -0.2 14,104 14,109 13,803 2.2

 All other durable goods: 

 Unfilled Orders......................... 12,517 12,541 12,640 -0.2 -0.8 -0.8 12,303 12,441 13,696 -10.2

 Total Inventories....................... 71,495 71,340 71,195 0.2 0.2 0.1 71,100 70,835 71,244 -0.2

 Capital goods3

:

 Unfilled Orders......................... 1,012,959 1,008,847 991,992 0.4 1.7 0.3 1,009,964 1,007,238 921,944 9.5

 Total Inventories....................... 251,472 250,818 250,423 0.3 0.2 0.4 251,747 250,999 245,881 2.4

 Nondefense capital goods:

 Unfilled Orders......................... 800,692 798,332 780,415 0.3 2.3 0.3 799,914 797,366 721,404 10.9

 Total Inventories....................... 227,279 226,595 226,094 0.3 0.2 0.4 227,512 226,773 222,329 2.3

 Excluding aircraft: 

 Unfilled Orders.................... 270,416 270,973 271,480 -0.2 -0.2 -0.2 268,284 269,390 273,216 -1.8

 Total Inventories................... 163,018 162,789 162,508 0.1 0.2 0.3 162,278 162,374 157,496 3.0

 Defense capital goods:

 Unfilled Orders......................... 212,267 210,515 211,577 0.8 -0.5 0.3 210,050 209,872 200,540 4.7

 Total Inventories....................... 24,193 24,223 24,329 -0.1 -0.4 0.6 24,235 24,226 23,552 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. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) 

approval number: CBDRB-FY23-0265). 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, October Advance Report, November 22, 2023. Information on data sources and methodology can be found on our 

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