Data Inquiries Media Inquiries

Economic Indicators Division, Shipments, Inventories, and Orders Branch (M3) Public Information Office

301‐763‐4832   301‐763‐3030

eid.m3.qs@census.gov pio@census.gov

FOR RELEASE AT 8:30 AM EDT, FRIDAY, SEPTEMBER 27, 2019

MONTHLY ADVANCE REPORT ON MANUFACTURERS’ SHIPMENTS, INVENTORIES AND

ORDERS AUGUST 2019

Release Number: CB 19‐146 M3‐1 (19)‐08

September 27, 2019 — The U.S. Census Bureau announces the August advance report on manufacturers’

shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in August increased $0.5 billion or 0.2 percent to $250.7

billion, the U.S. Census Bureau announced today.  This increase, up three consecutive months, followed a

2.0 percent July increase.  Excluding transportation, new orders increased 0.5 percent.  Excluding defense,

new orders decreased 0.6 percent.  Fabricated metal products, up four of the last five months, led the

increase, $0.4 billion or 1.3 percent to $34.4 billion.

Shipments

Shipments of manufactured durable goods in August, up three of the last four months, increased $0.3

billion or 0.1 percent to $254.2 billion.  This followed a 1.2 percent July decrease.  Machinery, up four of

the last five months, drove the increase, $0.5 billion or 1.6 percent to $33.4 billion.

DURABLE GOODS – NEW ORDERS

AUGUST 2019 $250.7 billion             +0.2%°   

JULY 2019  

(revised) $250.2 billion             +2.0%°

Next release: October 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, September

27, 2019.

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

% Change 1.5% ‐4.4% 0.6% 1.1% 0.5% ‐2.6% 1.7% ‐2.8% ‐2.3% 1.8% 2.0% 0.2%

‐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,

September 27, 2019.
Data Inquiries Media Inquiries

Economic Indicators Division, Shipments, Inventories, and Orders Branch (M3) Public Information Office

301‐763‐4832   301‐763‐3030

eid.m3.qs@census.gov pio@census.gov

Unfilled Orders

Unfilled orders for manufactured durable goods in August, up two consecutive months, increased $0.7

billion or 0.1 percent to $1,162.3 billion.  This followed a 0.1 percent July increase.  Fabricated metal

products, up three consecutive months, led the increase, $0.6 billion or 0.7 percent to $87.2 billion.

Inventories

Inventories of manufactured durable goods in August, up thirteen of the last fourteen months, increased

$1.3 billion or 0.3 percent to $428.6 billion.  This followed a 0.4 percent July increase.  Transportation

equipment, also up thirteen of the last fourteen months, drove the increase, $1.7 billion or 1.2 percent to

$143.2 billion.   

Capital Goods

Nondefense new orders for capital goods in August decreased $1.6 billion or 2.1 percent to $74.4 billion.  

Shipments increased $0.2 billion or 0.2 percent to $74.7 billion.  Unfilled orders decreased $0.4 billion or

0.1 percent to $693.3 billion.  Inventories increased $1.8 billion or 0.9 percent to $192.7 billion.  Defense

new orders for capital goods in August increased $1.8 billion or 15.4 percent to $13.7 billion.  Shipments

increased $0.1 billion or 0.5 percent to $12.7 billion.  Unfilled orders increased $1.0 billion or 0.7 percent

to $157.0 billion.  Inventories decreased $0.3 billion or 1.2 percent to $23.7 billion.

Revised July Data

Revised seasonally adjusted July figures for all manufacturing industries were: new orders, $500.3 billion

(unchanged); shipments, $504.0 billion (unchanged); unfilled orders, $1,161.6 billion (revised from

$1,161.5 billion) and total inventories, $696.7 billion (revised from $696.5 billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on October 3, 2019, at

10:00 a.m. EDT.  The Advance Report on durable goods for September is scheduled for release on October

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.  

“Virtually unchanged” indicates that the change is less than 0.05 percent for a percent increase or

decrease.
Data Inquiries Media Inquiries

Economic Indicators Division, Shipments, Inventories, and Orders Branch (M3) Public Information Office

301‐763‐4832   301‐763‐3030

eid.m3.qs@census.gov pio@census.gov

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>.
Data Inquiries Media Inquiries

Economic Indicators Division, Shipments, Inventories, and Orders Branch (M3) Public Information Office

301‐763‐4832   301‐763‐3030

eid.m3.qs@census.gov pio@census.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/>

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.

###
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

Aug Jul Jun Jul ‐ Jun ‐ May ‐ Aug Jul Aug Change

2019 2 2019 r 2019 Aug 2 Jul r Jun 2019 2 2019 r 2018 2019 2018 2019/2018

DURABLE GOODS

   Total:               

               Shipments................................ 254,216 253,868 256,832 0.1 ‐1.2 0.9 263,636 237,726 267,539 2,034,117 1,984,048 2.5

               New Orders4

.............................. 250,670 250,216 245,231 0.2 2.0 1.8 253,927 233,223 265,156 1,980,811 1,987,787 ‐0.4

         Excluding transportation:

               Shipments................................ 168,263 167,374 168,611 0.5 ‐0.7 0.1 174,060 163,880 174,820 1,340,945 1,315,919 1.9

               New Orders4

.............................. 164,529 163,689 164,543 0.5 ‐0.5 0.7 166,482 159,382 168,649 1,312,576 1,303,342 0.7

         Excluding defense:

               Shipments................................ 239,480 239,185 241,960 0.1 ‐1.1 1.1 249,095 224,930 253,818 1,919,914 1,880,643 2.1

               New Orders4

.............................. 235,151 236,511 233,415 ‐0.6 1.3 3.1 239,946 223,145 249,674 1,869,888 1,879,038 ‐0.5

    Manufacturing with unfilled orders:

               Shipments................................ 174,756 174,250 177,144 0.3 ‐1.6 0.4 180,360 164,299 184,753 1,407,706 1,380,749 2.0

               New Orders.............................. 175,473 174,889 169,906 0.3 2.9 1.6 175,223 164,138 186,759 1,387,323 1,415,318 ‐2.0

    Primary metals:

               Shipments................................ 20,194 20,147 20,417 0.2 ‐1.3 ‐0.6 21,147 19,695 23,152 168,592 172,075 ‐2.0

               New Orders.............................. 20,485 20,189 20,419 1.5 ‐1.1 0.2 20,848 19,805 22,589 168,932 175,224 ‐3.6

    Fabricated metal products:

               Shipments................................ 33,767 33,440 33,825 1.0 ‐1.1 0.5 35,757 33,068 35,501 270,625 262,137 3.2

               New Orders.............................. 34,369 33,920 34,178 1.3 ‐0.8 1.8 35,727 33,466 35,278 274,780 270,000 1.8

    Machinery:

               Shipments................................ 33,423 32,890 33,446 1.6 ‐1.7 0.5 33,625 31,569 33,401 266,750 261,380 2.1

               New Orders.............................. 32,907 32,725 33,100 0.6 ‐1.1 1.7 32,641 31,631 33,539 265,036 265,037 0.0

    Computers and electronic products 4

:

               Shipments................................ 27,802 27,902 27,955 ‐0.4 ‐0.2 ‐1.2 27,703 26,218 27,326 215,476 206,359 4.4

               New Orders.............................. 23,622 23,691 23,691 ‐0.3 0.0 ‐1.5 21,893 21,386 22,199 182,739 177,644 2.9

         Computers and related products:

               Shipments................................ 1,696 1,690 1,735 0.4 ‐2.6 ‐3.0 1,621 1,542 1,876 13,232 13,793 ‐4.1

               New Orders.............................. 1,681 1,680 1,701 0.1 ‐1.2 ‐3.1 1,606 1,532 1,898 13,159 13,970 ‐5.8

         Communications equipment:

               Shipments................................ 3,904 3,910 3,903 ‐0.2 0.2 1.8 3,557 3,431 3,251 29,225 26,328 11.0

               New Orders.............................. 3,688 3,837 3,840 ‐3.9 ‐0.1 3.7 3,223 3,189 3,217 28,312 27,322 3.6

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 11,780 11,799 11,820 ‐0.2 ‐0.2 1.1 12,389 11,462 12,101 92,736 89,343 3.8

               New Orders.............................. 11,828 11,979 11,963 ‐1.3 0.1 0.7 12,333 11,543 12,107 93,883 90,128 4.2

    Transportation equipment:    

               Shipments................................ 85,953 86,494 88,221 ‐0.6 ‐2.0 2.4 89,576 73,846 92,719 693,172 668,129 3.7

               New Orders.............................. 86,141 86,527 80,688 ‐0.4 7.2 4.1 87,445 73,841 96,507 668,235 684,445 ‐2.4

         Motor vehicles and parts:

               Shipments................................ 62,086 62,600 62,404 ‐0.8 0.3 2.7 66,163 53,377 65,870 493,165 464,901 6.1

               New Orders.............................. 61,894 62,405 62,321 ‐0.8 0.1 2.7 66,279 52,875 66,431 492,345 465,045 5.9

         Nondefense aircraft and parts:

               Shipments................................ 9,202 9,375 11,068 ‐1.8 ‐15.3 5.3 8,717 8,132 12,845 86,474 99,415 ‐13.0

               New Orders.............................. 9,066 10,936 7,183 ‐17.1 52.2 101.4 7,035 11,421 14,248 68,483 109,255 ‐37.3

         Defense aircraft and parts:

               Shipments................................ 4,378 4,544 4,570 ‐3.7 ‐0.6 ‐2.8 4,368 3,904 4,677 35,298 34,310 2.9

               New Orders.............................. 4,555 3,496 2,628 30.3 33.0 ‐38.0 3,432 2,544 3,910 32,891 34,067 ‐3.5

    All other durable goods:           

               Shipments................................ 41,297 41,196 41,148 0.2 0.1 0.6 43,439 41,868 43,339 326,766 324,625 0.7

               New Orders.............................. 41,318 41,185 41,192 0.3 0.0 0.6 43,040 41,551 42,937 327,206 325,309 0.6

    Capital goods3

:

               Shipments................................ 87,385 87,169 89,636 0.2 ‐2.8 0.6 87,005 81,440 89,774 701,176 690,137 1.6

               New Orders.............................. 88,054 87,839 82,553 0.2 6.4 1.1 83,401 82,242 91,760 681,356 706,862 ‐3.6

           Nondefense capital goods:

               Shipments................................ 74,728 74,569 76,735 0.2 ‐2.8 0.9 74,563 70,456 78,154 602,530 601,924 0.1

               New Orders.............................. 74,359 75,974 72,246 ‐2.1 5.2 5.0 70,850 73,486 78,289 584,737 614,900 ‐4.9

                Excluding aircraft:

                    Shipments........................... 69,789 69,490 69,913 0.4 ‐0.6 0.0 69,874 66,247 69,228 550,468 535,498 2.8

                    New Orders.......................... 69,296 69,415 69,431 ‐0.2 0.0 0.9 67,756 65,662 68,898 548,187 541,972 1.1

           Defense capital goods:

               Shipments................................ 12,657 12,600 12,901 0.5 ‐2.3 ‐1.0 12,442 10,984 11,620 98,646 88,213 11.8

               New Orders.............................. 13,695 11,865 10,307 15.4 15.1 ‐20.1 12,551 8,756 13,471 96,619 91,962 5.1

r Revised data due to late receipts and concurrent seasonal adjustment.     

1

Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. Not seasonally adjusted estimates of    

shipments and new orders include adjusted data for non‐calendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading‐day differences, where appropriate,  

as well as seasonal variation, based on the results of the latest annual review of the model parameters. Estimates are not adjusted for price changes.         2 Based on advance sample. Estimates of manufacturers' shipments, inventories, and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response and

nonreporting. Since the survey panel is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations, see http://www.census.gov/manufacturing/m3.      3 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry, and other machinery; photographic

equipment; metalworking machinery; turbines and generators; other power transmission equipment; pumps and compressors; material handling equipment; all other machinery; electronic computers; computer storage devices; other computer

peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and  control instruments; electrical equipment; other electrical equipment, appliances, and components; heavy duty trucks; aircraft;

railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and

boats, and search and navigation equipment.    4 Estimates and percent changes of shipments and inventories for the semiconductor industry are included in computers and electronic products, and all other applicable aggregate totals.  Estimates and percent changes for new orders and unfilled

orders exclude semiconductor industry data.   

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, August Advance Report, September 27, 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

Aug Jul Jun Jul ‐ Jun ‐ May ‐ Aug Jul Aug 2019/

2019 2 2019 r 2019 Aug 2 Jul r Jun 2019 2 2019 r 2018 2018

DURABLE GOODS

   Total:                   

               Unfilled Orders 4......................... 1,162,330 1,161,613 1,160,974 0.1 0.1 ‐0.6 1,159,251 1,164,388 1,170,981 ‐1.0

               Total Inventories....................... 428,551 427,274 425,643 0.3 0.4 0.3 432,361 430,625 410,921 5.2

         Excluding transportation:

               Unfilled Orders 4......................... 368,827 368,298 367,692 0.1 0.2 0.1 367,611 370,617 364,826 0.8

               Total Inventories....................... 285,354 285,761 285,947 ‐0.1 ‐0.1 0.0 287,686 287,797 281,205 2.3

         Excluding defense:

               Unfilled Orders 4

........................... 964,426 964,492 962,875 0.0 0.2 ‐0.4 962,216 966,793 985,456 ‐2.4

               Total Inventories....................... 400,458 398,881 397,568 0.4 0.3 0.2 404,199 402,127 383,989 5.3

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,162,330 1,161,613 1,160,974 0.1 0.1 ‐0.6 1,159,251 1,164,388 1,170,981 ‐1.0

               Total Inventories....................... 349,501 348,282 347,113 0.4 0.3 0.3 352,972 351,372 334,438 5.5

    Primary metals:

               Unfilled Orders......................... 31,542 31,251 31,209 0.9 0.1 0.0 31,443 31,742 31,027 1.3

               Total Inventories....................... 35,158 35,514 35,775 ‐1.0 ‐0.7 ‐1.1 35,509 35,901 36,048 ‐1.5

    Fabricated metal products:

               Unfilled Orders......................... 87,214 86,612 86,132 0.7 0.6 0.4 87,719 87,749 85,237 2.9

               Total Inventories....................... 54,563 54,515 54,639 0.1 ‐0.2 0.1 54,740 55,037 53,959 1.4

    Machinery:     

               Unfilled Orders......................... 102,352 102,868 103,033 ‐0.5 ‐0.2 ‐0.3 102,086 103,070 104,994 ‐2.8

               Total Inventories....................... 72,359 72,407 72,129 ‐0.1 0.4 0.4 73,019 72,640 69,819 4.6

    Computers and electronic products4

:

               Unfilled Orders......................... 118,464 118,381 118,301 0.1 0.1 0.1 117,229 118,467 114,585 2.3

               Total Inventories....................... 43,247 43,288 43,415 ‐0.1 ‐0.3 0.0 43,875 43,741 43,761 0.3

         Computers and related products:

               Unfilled Orders......................... 2,122 2,137 2,147 ‐0.7 ‐0.5 ‐1.6 2,122 2,137 2,055 3.3

               Total Inventories....................... 3,794 3,802 3,806 ‐0.2 ‐0.1 1.3 3,920 3,922 3,820 2.6

         Communications equipment:

               Unfilled Orders......................... 25,394 25,610 25,683 ‐0.8 ‐0.3 ‐0.2 25,180 25,514 26,053 ‐3.4

               Total Inventories....................... 5,589 5,577 5,555 0.2 0.4 0.3 5,714 5,575 5,479 4.3

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 20,055 20,007 19,827 0.2 0.9 0.7 20,102 20,158 19,817 1.4

               Total Inventories....................... 20,308 20,351 20,307 ‐0.2 0.2 0.1 20,619 20,726 19,257 7.1

    Transportation equipment:    

               Unfilled Orders......................... 793,503 793,315 793,282 0.0 0.0 ‐0.9 791,640 793,771 806,155 ‐1.8

               Total Inventories....................... 143,197 141,513 139,696 1.2 1.3 0.9 144,675 142,828 129,716 11.5

         Motor vehicles and parts:

               Unfilled Orders......................... 26,575 26,767 26,962 ‐0.7 ‐0.7 ‐0.3 26,372 26,256 26,651 ‐1.0

               Total Inventories....................... 38,849 38,610 38,382 0.6 0.6 0.1 39,240 39,327 36,979 6.1

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 581,212 581,348 579,787 0.0 0.3 ‐0.7 580,197 581,879 602,950 ‐3.8

               Total Inventories....................... 75,065 73,346 72,120 2.3 1.7 1.4 75,843 73,654 65,063 16.6

         Defense Aircraft and parts:       

               Unfilled Orders......................... 79,979 79,802 80,850 0.2 ‐1.3 ‐2.3 79,782 80,718 72,251 10.4

               Total Inventories....................... 13,395 13,399 13,357 0.0 0.3 0.7 13,437 13,403 12,924 4.0

    All other durable goods:           

               Unfilled Orders......................... 9,200 9,179 9,190 0.2 ‐0.1 0.5 9,032 9,431 9,166 ‐1.5

               Total Inventories....................... 59,719 59,686 59,682 0.1 0.0 ‐0.1 59,924 59,752 58,361 2.7

    Capital goods3

:

               Unfilled Orders......................... 850,231 849,562 848,892 0.1 0.1 ‐0.8 847,377 850,981 865,818 ‐2.1

               Total Inventories....................... 216,366 214,898 212,848 0.7 1.0 0.6 219,062 216,392 202,212 8.3

           Nondefense capital goods:

               Unfilled Orders......................... 693,260 693,629 692,224 ‐0.1 0.2 ‐0.6 691,627 695,340 715,788 ‐3.4

               Total Inventories....................... 192,658 190,891 189,154 0.9 0.9 0.6 195,327 192,284 179,680 8.7

                Excluding aircraft:               

                    Unfilled Orders.................... 218,000 218,493 218,568 ‐0.2 0.0 ‐0.2 217,064 219,182 220,964 ‐1.8

                    Total Inventories................... 129,940 130,017 129,528 ‐0.1 0.4 0.2 131,706 131,161 126,524 4.1

           Defense capital goods:

               Unfilled Orders......................... 156,971 155,933 156,668 0.7 ‐0.5 ‐1.6 155,750 155,641 150,030 3.8

               Total Inventories....................... 23,708 24,007 23,694 ‐1.2 1.3 0.9 23,735 24,108 22,532 5.3

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, August Advance Report, September 27, 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>.