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FOR RELEASE AT 8:30 AM EDT, THURSDAY, OCTOBER 26, 2023 

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS SEPTEMBER 2023 

Release Number: CB 23-175 M3-1 (23)-09 

October 26, 2023 — The U.S. Census Bureau announces the September advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in September, up following two consecutive monthly 

decreases, increased $13.2 billion or 4.7 percent to $297.2 billion, the U.S. Census Bureau announced 

today. This followed a 0.1 percent August decrease. Excluding transportation, new orders increased 0.5 

percent. Excluding defense, new orders increased 5.8 percent. Transportation equipment, also up 

following two consecutive monthly decreases, led the increase, $12.3 billion or 12.7 percent to $109.2

billion.

Shipments

Shipments of manufactured durable goods in September, down two of the last three months, decreased 

$0.8 billion or 0.3 percent to $283.7 billion. This followed a 0.5 percent August increase. Transportation 

DURABLE GOODS – NEW ORDERS

SEPTEMBER 2023 $297.2 billion +4.7%°

 AUGUST 2023

(revised) $284.0 billion -0.1%°

Next release: November 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, October 26, 

2023.

1.0%

-3.1%

4.5%

-1.3%

-2.7%

3.3%

1.2%

2.0%

4.3%

-5.6%

-0.1%

4.7%

-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%

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

DURABLE GOODS NEW ORDERS 2022-2023

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, October 26, 2023.
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equipment, down three of the last four months, drove the decrease, $1.0 billion or 1.1 percent to $91.4

billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in September, up nine of the last ten months, increased

$18.5 billion or 1.4 percent to $1,353.8 billion. This followed a 0.3 percent August increase. 

Transportation equipment, also up nine of the last ten months, led the increase, $17.8 billion or 2.1

percent to $855.7 billion.

Inventories

Inventories of manufactured durable goods in September, up two consecutive months, increased $0.5

billion or 0.1 percent to $523.7 billion. This followed a 0.2 percent August increase. Machinery, up thirtyfour of the last thirty-five months, led the increase, $0.3 billion or 0.3 percent to $95.1 billion. 

Capital Goods

Nondefense new orders for capital goods in September increased $16.0 billion or 18.6 percent to $101.9

billion. Shipments decreased $0.2 billion or 0.2 percent to $83.1 billion. Unfilled orders increased $18.8

billion or 2.4 percent to $799.3 billion. Inventories increased $0.6 billion or 0.3 percent to $226.7 billion. 

Defense new orders for capital goods in September decreased $2.1 billion or 14.4 percent to $12.3 billion. 

Shipments decreased less than $0.1 billion or 0.1 percent to $13.6 billion. Unfilled orders decreased $1.4 

billion or 0.6 percent to $210.2 billion. Inventories decreased $0.1 billion or 0.6 percent to $24.2 billion.

Revised August Data

Revised seasonally adjusted August figures for all manufacturing industries were: new orders, $585.5

billion (revised from $586.1 billion); shipments, $586.0 billion (unchanged); unfilled orders, $1,335.3 billion 

(revised from $1,335.9 billion) and total inventories, $855.3 billion (revised from $855.4 billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on November 2, 2023, 

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

November 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

Sep Aug Jul Aug - Jul - Jun - Sep Aug Sep Change

2023 2 2023 r 2023 Sep 2 Aug r Jul 2023 2 2023 r 2022 2023 2022 2023/2022

DURABLE GOODS

 Total:

 Shipments................................ 283,719 284,534 283,138 -0.3 0.5 -0.1 295,811 298,379 292,161 2,536,201 2,443,055 3.8

 New Orders4

.............................. 297,243 284,027 284,282 4.7 -0.1 -5.6 308,510 290,657 291,058 2,570,204 2,462,476 4.4

 Excluding transportation:

 Shipments................................ 192,352 192,120 191,479 0.1 0.3 0.0 199,122 201,493 199,224 1,728,363 1,707,179 1.2

 New Orders4

.............................. 188,028 187,152 186,284 0.5 0.5 0.1 191,956 192,471 191,454 1,686,135 1,677,783 0.5

 Excluding defense:

 Shipments................................ 267,823 268,652 267,515 -0.3 0.4 -0.1 278,599 282,669 276,199 2,398,752 2,316,100 3.6

 New Orders4

.............................. 282,483 267,038 269,020 5.8 -0.7 -6.0 290,004 276,331 272,618 2,425,354 2,332,610 4.0

 Manufacturing with unfilled orders:

 Shipments................................ 196,869 196,868 195,695 0.0 0.6 -0.5 205,562 204,716 200,868 1,758,299 1,690,584 4.0

 New Orders.............................. 215,380 201,256 201,793 7.0 -0.3 -8.0 223,972 202,008 205,860 1,836,983 1,755,269 4.7

 Primary metals:

 Shipments................................ 26,410 26,525 26,610 -0.4 -0.3 -0.8 26,299 28,142 27,094 244,478 248,782 -1.7

 New Orders.............................. 26,518 26,627 26,872 -0.4 -0.9 -0.2 25,607 27,607 26,607 243,846 248,077 -1.7

 Fabricated metal products:

 Shipments................................ 36,137 35,786 35,701 1.0 0.2 0.0 37,008 38,200 36,822 322,551 323,804 -0.4

 New Orders.............................. 36,332 36,020 35,798 0.9 0.6 0.7 36,097 37,713 35,414 325,788 327,951 -0.7

 Machinery:

 Shipments................................ 38,178 38,329 37,941 -0.4 1.0 0.4 38,626 39,553 38,205 341,713 330,438 3.4

 New Orders.............................. 38,119 37,777 37,584 0.9 0.5 0.8 38,025 38,243 37,977 340,700 337,941 0.8

 Computers and electronic products4

:

 Shipments................................ 29,608 29,423 29,336 0.6 0.3 0.4 32,888 29,556 32,692 259,509 254,383 2.0

 New Orders.............................. 24,854 24,613 24,316 1.0 1.2 -0.6 28,047 23,392 27,372 214,889 210,457 2.1

 Computers and related products:

 Shipments................................ 2,046 2,055 1,976 -0.4 4.0 -1.7 2,271 2,070 2,074 17,745 15,044 18.0

 New Orders.............................. 2,045 2,042 1,988 0.1 2.7 -1.7 2,270 2,057 2,061 17,745 15,021 18.1

 Communications equipment:

 Shipments................................ 3,057 3,013 3,035 1.5 -0.7 0.6 3,757 2,698 3,876 26,902 27,287 -1.4

 New Orders.............................. 3,277 3,114 2,964 5.2 5.1 0.4 3,985 2,567 3,803 26,177 27,067 -3.3

 Electrical equipment, appliances, 

 and components:

 Shipments................................ 14,243 14,194 14,042 0.3 1.1 0.0 15,078 15,006 14,286 127,122 117,462 8.2

 New Orders.............................. 14,468 14,339 14,178 0.9 1.1 -0.3 14,918 14,944 13,974 128,440 120,927 6.2

 Transportation equipment:

 Shipments................................ 91,367 92,414 91,659 -1.1 0.8 -0.3 96,689 96,886 92,937 807,838 735,876 9.8

 New Orders.............................. 109,215 96,875 97,998 12.7 -1.1 -14.9 116,554 98,186 99,604 884,069 784,693 12.7

 Motor vehicles and parts:

 Shipments................................ 62,604 63,290 63,147 -1.1 0.2 1.0 64,255 68,925 64,468 559,599 525,964 6.4

 New Orders.............................. 62,730 63,347 63,082 -1.0 0.4 0.7 64,482 68,826 63,903 559,202 524,372 6.6

 Nondefense aircraft and parts:

 Shipments................................ 13,515 13,566 13,139 -0.4 3.2 -4.7 16,164 12,435 12,451 111,094 81,322 36.6

 New Orders.............................. 32,348 16,806 20,370 92.5 -17.5 -45.7 34,794 14,788 17,247 181,645 127,767 42.2

 Defense aircraft and parts:

 Shipments................................ 4,523 4,688 4,772 -3.5 -1.8 -1.2 4,841 4,796 5,093 41,801 40,007 4.5

 New Orders.............................. 4,918 5,800 4,890 -15.2 18.6 -8.3 5,965 5,378 4,406 47,559 41,205 15.4

 All other durable goods: 

 Shipments................................ 47,776 47,863 47,849 -0.2 0.0 -0.2 49,223 51,036 50,125 432,990 432,310 0.2

 New Orders.............................. 47,737 47,776 47,536 -0.1 0.5 -0.4 49,262 50,572 50,110 432,472 432,430 0.0

 Capital goods3

:

 Shipments................................ 96,742 96,935 95,688 -0.2 1.3 -1.2 103,693 96,583 98,551 852,725 796,388 7.1

 New Orders.............................. 114,194 100,254 101,101 13.9 -0.8 -14.6 121,949 95,765 105,070 926,373 853,436 8.5

 Nondefense capital goods:

 Shipments................................ 83,127 83,301 82,330 -0.2 1.2 -1.2 88,918 83,215 84,885 735,025 687,587 6.9

 New Orders.............................. 101,942 85,943 88,653 18.6 -3.1 -16.7 106,496 83,695 89,424 804,046 745,320 7.9

 Excluding aircraft:

Shipments........................... 74,381 74,417 73,835 0.0 0.8 -0.3 77,778 75,513 76,709 664,125 640,068 3.8

New Orders.......................... 74,462 74,045 73,267 0.6 1.1 -0.4 76,985 73,665 76,367 663,134 650,625 1.9

 Defense capital goods:

 Shipments................................ 13,615 13,634 13,358 -0.1 2.1 -1.5 14,775 13,368 13,666 117,700 108,801 8.2

 New Orders.............................. 12,252 14,311 12,448 -14.4 15.0 3.3 15,453 12,070 15,646 122,327 108,116 13.1

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. 

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, September Advance Report, October 26, 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

Sep Aug Jul Aug - Jul - Jun - Sep Aug Sep 2023/

2023 2 2023 r 2023 Sep 2 Aug r Jul 2023 2 2023 2 2022 2022

DURABLE GOODS

 Total: 

 Unfilled Orders4......................... 1,353,774 1,335,263 1,330,875 1.4 0.3 0.5 1,348,980 1,330,570 1,254,039 7.6

 Total Inventories....................... 523,701 523,164 522,327 0.1 0.2 0.0 522,561 525,574 517,494 1.0

 Excluding transportation:

 Unfilled Orders4

......................... 498,033 497,370 497,443 0.1 0.0 0.0 494,837 496,292 497,992 -0.6

 Total Inventories....................... 359,136 358,747 358,343 0.1 0.1 0.0 356,669 359,039 353,428 0.9

 Excluding defense:

 Unfilled Orders4

........................... 1,110,935 1,091,288 1,088,007 1.8 0.3 0.6 1,106,851 1,089,735 1,023,385 8.2

 Total Inventories....................... 494,300 493,627 492,928 0.1 0.1 0.0 493,147 495,886 489,125 0.8

 Manufacturing with unfilled orders:

 Unfilled Orders......................... 1,353,774 1,335,263 1,330,875 1.4 0.3 0.5 1,348,980 1,330,570 1,254,039 7.6

 Total Inventories....................... 423,409 423,110 422,303 0.1 0.2 -0.1 422,671 425,037 417,390 1.3

 Primary metals:

 Unfilled Orders......................... 38,298 38,190 38,088 0.3 0.3 0.7 37,134 37,826 37,310 -0.5

 Total Inventories....................... 46,417 46,490 46,475 -0.2 0.0 -0.2 46,045 46,259 47,750 -3.6

 Fabricated metal products:

 Unfilled Orders......................... 129,432 129,237 129,003 0.2 0.2 0.1 129,661 130,572 130,612 -0.7

 Total Inventories....................... 64,737 64,787 64,785 -0.1 0.0 -0.3 64,470 64,992 64,968 -0.8

 Machinery: 

 Unfilled Orders......................... 138,448 138,507 139,059 0.0 -0.4 -0.3 137,344 137,945 139,164 -1.3

 Total Inventories....................... 95,075 94,760 94,687 0.3 0.1 -0.1 94,729 94,644 90,072 5.2

 Computers and electronic products4

:

 Unfilled Orders......................... 135,029 134,796 134,711 0.2 0.1 0.0 134,451 133,581 133,996 0.3

 Total Inventories....................... 55,173 55,127 54,965 0.1 0.3 0.2 54,812 55,411 54,884 -0.1

 Computers and related products:

 Unfilled Orders......................... 1,283 1,284 1,297 -0.1 -1.0 0.9 1,283 1,284 1,304 -1.6

 Total Inventories....................... 3,543 3,533 3,567 0.3 -1.0 -1.3 3,625 3,673 3,896 -7.0

 Communications equipment:

 Unfilled Orders......................... 17,419 17,199 17,098 1.3 0.6 -0.4 17,068 16,840 17,625 -3.2

 Total Inventories....................... 5,044 5,019 5,013 0.5 0.1 0.1 5,021 5,116 4,985 0.7

 Electrical equipment, appliances, 

 and components: 

 Unfilled Orders......................... 44,215 43,990 43,845 0.5 0.3 0.3 43,733 43,893 42,942 1.8

 Total Inventories....................... 26,424 26,390 26,338 0.1 0.2 0.1 25,839 26,594 24,802 4.2

 Transportation equipment: 

 Unfilled Orders......................... 855,741 837,893 833,432 2.1 0.5 0.8 854,143 834,278 756,047 13.0

 Total Inventories....................... 164,565 164,417 163,984 0.1 0.3 0.0 165,892 166,535 164,066 1.1

 Motor vehicles and parts:

 Unfilled Orders......................... 35,331 35,205 35,148 0.4 0.2 -0.2 34,544 34,317 34,313 0.7

 Total Inventories....................... 54,077 53,713 53,549 0.7 0.3 0.2 54,420 54,529 54,030 0.7

 Nondefense Aircraft and parts:

 Unfilled Orders......................... 601,260 582,427 579,187 3.2 0.6 1.3 601,266 582,636 513,007 17.2

 Total Inventories....................... 77,546 77,582 77,433 0.0 0.2 -0.2 78,430 78,544 78,279 0.2

 Defense Aircraft and parts: 

 Unfilled Orders......................... 73,411 73,016 71,904 0.5 1.5 0.2 73,060 71,936 67,006 9.0

 Total Inventories....................... 14,062 14,075 14,109 -0.1 -0.2 -0.5 14,064 14,124 13,758 2.2

 All other durable goods: 

 Unfilled Orders......................... 12,611 12,650 12,737 -0.3 -0.7 -2.4 12,514 12,475 13,968 -10.4

 Total Inventories....................... 71,310 71,193 71,093 0.2 0.1 0.2 70,774 71,139 70,952 -0.3

 Capital goods3

:

 Unfilled Orders......................... 1,009,503 992,051 988,732 1.8 0.3 0.6 1,007,534 989,278 916,077 10.0

 Total Inventories....................... 250,894 250,422 249,482 0.2 0.4 0.0 251,029 252,401 244,581 2.6

 Nondefense capital goods:

 Unfilled Orders......................... 799,287 780,472 777,830 2.4 0.3 0.8 797,665 780,087 713,438 11.8

 Total Inventories....................... 226,713 226,094 225,296 0.3 0.4 0.0 226,837 227,971 221,268 2.5

 Excluding aircraft: 

 Unfilled Orders.................... 271,618 271,537 271,909 0.0 -0.1 -0.2 269,689 270,482 273,235 -1.3

 Total Inventories................... 163,137 162,508 161,958 0.4 0.3 0.0 162,440 163,370 156,483 3.8

 Defense capital goods:

 Unfilled Orders......................... 210,216 211,579 210,902 -0.6 0.3 -0.4 209,869 209,191 202,639 3.6

 Total Inventories....................... 24,181 24,328 24,186 -0.6 0.6 -0.1 24,192 24,430 23,313 3.8

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, September Advance Report, October 26, 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>.