Table 4. Value of Manufacturers' Inventories for Industry Groups1

January 2023 - March 2023

[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

Industry Change

Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. Mar.

2023 2023 2023 Mar. Feb. Jan. 2023 2023 2023 2022 2023/

2022

 All manufacturing industries2...................... 853,732 859,843 860,359 -0.7 -0.1 0.1 853,755 861,700 857,451 836,408 2.1

 Excluding transportation2........................ 694,664 695,895 696,733 -0.2 -0.1 0.0 695,498 698,165 695,428 675,600 2.9

 Excluding defense2............................. 824,737 830,852 831,353 -0.7 -0.1 0.0 824,795 832,811 828,646 808,595 2.0

 With unfilled orders............................. 417,164 421,487 421,440 -1.0 0.0 0.2 417,251 421,982 419,601 408,084 2.2

 Durable goods industries2........................ 516,982 521,701 521,279 -0.9 0.1 0.2 517,074 523,637 519,556 505,094 2.4

 Wood products........................................ 16,178 16,247 16,326 -0.4 -0.5 -0.7 16,577 16,766 16,685 16,935 -2.1

 Nonmetallic mineral products.................... 16,865 16,895 16,865 -0.2 0.2 0.3 17,121 17,155 16,895 15,809 8.3

 Primary metals......................................... 46,597 46,817 46,859 -0.5 -0.1 -0.4 46,633 47,163 47,128 47,205 -1.2

 Iron and steel mills............................... 27,219 27,338 27,397 -0.4 -0.2 0.3 27,223 27,545 27,774 28,017 -2.8

 Aluminum and nonferrous metals......... 16,275 16,387 16,362 -0.7 0.2 -1.5 16,243 16,434 16,225 16,228 0.1

 Ferrous metal foundries........................ 3,103 3,092 3,100 0.4 -0.3 0.6 3,167 3,184 3,129 2,960 7.0

 Fabricated metal products.................... 64,810 64,720 64,929 0.1 -0.3 -0.1 65,064 64,908 64,856 64,219 1.3

 Machinery.............................................. 93,899 93,585 93,209 0.3 0.4 0.5 94,856 94,290 92,438 85,773 10.6

 Farm machinery.................................. 5,904 5,894 5,891 0.2 0.1 0.4 6,104 6,235 6,025 5,941 2.7

 Construction machinery......................... 9,353 9,380 9,402 -0.3 -0.2 1.6 9,605 9,508 9,333 8,349 15.0

 Mining, oil field, 

 and gas field machinery.................... 5,814 5,821 5,763 -0.1 1.0 3.1 5,750 5,920 5,727 4,946 16.3

 Industrial machinery............................. 11,112 11,111 11,114 0.0 0.0 -1.1 11,447 11,031 10,569 10,344 10.7

 Photographic equipment....................... 1,469 1,446 1,445 1.6 0.1 0.5 1,428 1,473 1,449 1,354 5.5

 Ventilation, heating, air-conditioning,

 and refrigeration equipment............... 9,224 9,183 9,153 0.4 0.3 0.1 9,713 9,500 9,166 7,993 21.5

 Metalworking machinery........................ 7,463 7,399 7,358 0.9 0.6 1.0 7,364 7,285 7,267 6,787 8.5

 Turbines, generators, and other

 power transmission equipment............ 11,840 11,765 11,703 0.6 0.5 1.2 11,857 11,819 11,622 10,655 11.3

 Material handling equipment.................. 7,901 7,878 7,770 0.3 1.4 0.8 7,833 7,780 7,667 6,896 13.6

 Computers and electronic products2......... 55,268 55,354 55,458 -0.2 -0.2 -0.3 54,480 55,414 55,450 53,156 2.5

 Computers......................................... 1,992 1,957 2,062 1.8 -5.1 -1.7 1,896 1,868 1,943 1,984 -4.4

 Computer storage devices.................... 643 624 596 3.0 4.7 -3.4 585 633 583 616 -5.0

 Other peripheral equipment................... 1,030 1,028 999 0.2 2.9 -1.1 1,006 1,063 991 891 12.9

 Nondefense communications

 equipment...................................... 4,420 4,425 4,467 -0.1 -0.9 -0.2 4,304 4,403 4,380 4,205 2.4

 Defense communications equipment... 610 613 607 -0.5 1.0 0.3 610 613 607 604 1.0

 Audio and video equipment.................... 862 858 821 0.5 4.5 0.5 868 843 798 798 8.8

 Electronic components....................... 10,866 11,101 11,247 -2.1 -1.3 -1.5 10,864 11,262 11,587 11,419 -4.9

 Nondefense search and navigation

 equipment...................................... 4,165 4,179 4,144 -0.3 0.8 -0.5 4,105 4,157 4,151 3,826 7.3

 Defense search and navigation

 equipment....................................... 3,346 3,337 3,353 0.3 -0.5 0.3 3,347 3,374 3,357 3,362 -0.4

 Electromedical, measuring 

 and control instruments...................... 19,072 18,992 18,937 0.4 0.3 0.2 18,877 18,836 18,671 17,861 5.7

 Electrical equipment, appliances, 

 and components.................................... 26,048 25,875 25,760 0.7 0.4 -0.6 26,228 26,279 25,894 24,358 7.7

 Electric lighting equipment..................... 2,545 2,557 2,553 -0.5 0.2 -0.2 2,512 2,584 2,606 2,456 2.3

 Household appliances.......................... 3,614 3,568 3,504 1.3 1.8 -5.2 3,627 3,618 3,447 3,553 2.1

 Electrical equipment............................. 9,588 9,493 9,490 1.0 0.0 0.1 9,599 9,754 9,684 8,479 13.2

 Batteries............................................. 1,841 1,831 1,849 0.5 -1.0 -0.5 1,970 1,773 1,734 1,959 0.6

 Transportation equipment......................... 159,068 163,948 163,626 -3.0 0.2 0.7 158,257 163,535 162,023 160,808 -1.6

 Automobiles....................................... 5,639 5,721 5,665 -1.4 1.0 -0.4 5,444 5,754 5,683 5,548 -1.9

 Light trucks and utility vehicles.............. 9,368 9,719 9,581 -3.6 1.4 0.3 9,150 9,893 9,213 9,239 -1.0

 Heavy duty trucks ............................... 2,966 2,908 2,889 2.0 0.7 -0.2 2,978 2,995 2,864 2,842 4.8

 Motor vehicle bodies, parts, 

 and trailers...................................... 35,152 35,346 35,373 -0.5 -0.1 0.5 35,321 35,528 35,690 34,596 2.1

 Nondefense aircraft and parts................ 73,298 77,756 77,639 -5.7 0.2 0.1 72,793 77,012 76,368 77,889 -6.5

 Defense aircraft and parts..................... 14,062 13,924 13,979 1.0 -0.4 1.3 13,986 13,943 13,928 13,670 2.3

 Ships and boats.................................. 4,563 4,709 4,706 -3.1 0.1 7.6 4,593 4,561 4,565 4,371 5.1

 Furniture and related products................. 10,517 10,509 10,554 0.1 -0.4 -0.5 10,390 10,512 10,658 10,107 2.8

 Miscellaneous durable goods.................... 27,732 27,751 27,693 -0.1 0.2 0.2 27,468 27,615 27,529 26,724 2.8

 Nondurable goods industries................... 336,750 338,142 339,080 -0.4 -0.3 0.0 336,681 338,063 337,895 331,314 1.6

 Food products........................................ 72,588 72,430 72,411 0.2 0.0 0.5 71,785 72,784 72,702 68,490 4.8

 Grain and oilseed milling........................ 7,975 8,017 7,949 -0.5 0.9 0.3 8,113 8,335 8,156 7,773 4.4

 Dairy products.................................... 10,855 10,759 10,765 0.9 -0.1 0.7 10,968 10,740 10,590 10,146 8.1

 Meat, poultry, and seafood products....... 13,372 13,383 13,426 -0.1 -0.3 0.0 13,323 13,494 13,275 13,072 1.9

 Beverage and tobacco products................ 31,406 31,072 30,983 1.1 0.3 -0.2 31,513 31,520 31,450 30,439 3.5

 Beverages......................................... 27,698 27,359 27,302 1.2 0.2 -0.1 27,711 27,621 27,577 26,518 4.5

 Tobacco............................................ 3,708 3,713 3,681 -0.1 0.9 -1.0 3,802 3,899 3,873 3,921 -3.0

 Textile mills............................................ 3,624 3,619 3,625 0.1 -0.2 -1.4 3,602 3,616 3,642 3,501 2.9

 Textile products...................................... 3,804 3,805 3,831 0.0 -0.7 -1.3 3,789 3,840 3,880 3,832 -1.1

 Apparel................................................. 2,292 2,285 2,302 0.3 -0.7 -1.2 2,172 2,198 2,245 1,890 14.9

 Leather and allied products....................... 1,321 1,325 1,332 -0.3 -0.5 -2.6 1,299 1,302 1,333 1,099 18.2

 Paper products....................................... 18,431 18,439 18,372 0.0 0.4 -0.1 18,362 18,541 18,477 17,964 2.2

 Pulp, paper, and paperboard mills........... 5,694 5,682 5,664 0.2 0.3 -0.1 5,744 5,751 5,682 5,535 3.8

 Paperboard containers......................... 6,980 6,985 6,963 -0.1 0.3 0.5 6,915 7,040 7,073 6,594 4.9

 Printing.................................................. 6,986 7,101 7,131 -1.6 -0.4 -0.1 6,935 7,101 7,105 7,032 -1.4

 Petroleum and coal products.................. 47,648 50,023 51,709 -4.7 -3.3 1.0 47,634 48,406 49,497 50,529 -5.7

 Petroleum refineries............................. 40,465 42,899 44,660 -5.7 -3.9 1.0 40,397 41,213 42,424 43,969 -8.1

 Chemical products............................... 113,804 113,402 112,834 0.4 0.5 -0.2 114,529 113,786 112,898 112,449 1.8

 Pesticides, fertilizers, and other

 agricultural chemicals........................ 5,940 5,946 5,856 -0.1 1.5 -2.3 6,281 6,334 6,188 6,086 3.2

 Pharmaceuticals and medicines............. 48,117 47,609 47,237 1.1 0.8 1.5 48,263 47,174 47,228 47,286 2.1

 Paints, coatings, and adhesives.............. 5,910 5,958 5,976 -0.8 -0.3 -0.2 6,064 6,088 6,015 5,483 10.6

 Plastics and rubber products..................... 34,846 34,641 34,550 0.6 0.3 -0.6 35,061 34,969 34,666 34,089 2.9

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 noncalendar 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

 Estimates of inventories for the semiconductor industry data are included in computers and electronic products, and all other applicable aggregate totals. 

Note: 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 <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 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>. 

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-FY23-0294).