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FOR RELEASE AT 8:30 AM EDT, FRIDAY, APRIL 24, 2020

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS MARCH 2020

Release Number: CB 20-54 M3-1 (20)-03

Statement Regarding COVID-19 Impact: Due to recent events surrounding COVID-19, many businesses are 

operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored 

response and data quality and determined estimates in this release meet publication standards. For more 

information on the compilation of this month's reports, see < M3 COVID-19 FAQs>.

April 24, 2020 — The U.S. Census Bureau announces the March advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in March decreased $36.0 billion or 14.4 percent to $213.2

billion, the U.S. Census Bureau announced today. This decrease, down following three consecutive 

monthly increases, followed a 1.1 percent February increase. Excluding transportation, new orders

decreased 0.2 percent. Excluding defense, new orders decreased 15.8 percent. Transportation 

equipment, down two of the last three months, led the decrease, $35.6 billion or 41.0 percent to $51.2

billion.

DURABLE GOODS – NEW ORDERS

MARCH 2020 $213.2 billion -14.4%°

FEBRUARY 2020

(revised) $249.2 billion +1.1%°

Next release: May 28, 2020

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 24, 

2020.

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

% Change 1.7% -2.8% -2.3% 1.8% 2.1% 0.2% -1.5% 0.2% -3.1% 2.8% 0.1% 1.1% -14.4%

-16.0%

-15.0%

-14.0%

-13.0%

-12.0%

-11.0%

-10.0%

-9.0%

-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%

DURABLE GOODS NEW ORDERS 2019-2020

Seasonally Adjusted, Month-To-Month Percentage Change

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

April 24, 2020.
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Shipments

Shipments of manufactured durable goods in March, down eight of the last nine months, decreased $11.4

billion or 4.5 percent to $240.7 billion. This followed a 0.8 percent February increase. Transportation 

equipment, also down eight of the last nine months, led the decrease, $10.9 billion or 12.8 percent to 

$74.1 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in March, down following three consecutive monthly 

increases, decreased $23.4 billion or 2.0 percent to $1,135.2 billion. This followed a 0.1 percent February

increase. Transportation equipment, also down following three consecutive monthly increases, led the 

decrease, $22.9 billion or 2.9 percent to $768.3 billion.

Inventories

Inventories of manufactured durable goods in March, up eighteen of the last nineteen months, increased

$2.7 billion or 0.6 percent to $437.4 billion. This followed a virtually unchanged February increase. 

Transportation equipment, up twenty of the last twenty-one months, led the increase, $0.9 billion or 0.6

percent to $152.6 billion. 

Capital Goods

Nondefense new orders for capital goods in March decreased $24.5 billion or 33.4 percent to $48.7 billion. 

Shipments increased $1.4 billion or 1.9 percent to $75.7 billion. Unfilled orders decreased $26.9 billion or 

4.0 percent to $643.2 billion. Inventories increased $2.1 billion or 1.0 percent to $200.4 billion. Defense 

new orders for capital goods in March increased $0.7 billion or 4.3 percent to $16.4 billion. Shipments

decreased $0.3 billion or 2.0 percent to $12.8 billion. Unfilled orders increased $3.5 billion or 2.1 percent 

to $169.6 billion. Inventories decreased $0.3 billion or 1.2 percent to $23.8 billion.

Revised February Data

Revised seasonally adjusted February figures for all manufacturing industries were: new orders, $497.1

billion (revised from $497.4 billion); shipments, $500.1 billion (revised from $500.3 billion); unfilled orders, 

$1,158.5 billion (revised from $1,158.6 billion) and total inventories, $699.6 billion (revised from $699.4

billion).
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Revised and more detailed estimates, plus nondurable goods data, will be published on May 4, 2020, at

10:00 a.m. EDT. The Advance Report on durable goods for April is scheduled for release on May 28, 2020

at 8:30 a.m. EDT. View the full schedule in the Economic Briefing Room: <www.census.gov/economicindicators/> 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.

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 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 
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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>.

BENCHMARK NOTICE

Revised historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) Survey will be 

issued on May 15, 2020. These revisions result from

• benchmarking the M3 shipments and inventories data to the 2017 Economic Census data on a 

2017 NAICS basis;

• incorporating the unfilled orders to shipments ratios obtained for 2017 and 2016 from the 

Manufacturers’ Unfilled Orders (M3UFO) Survey by applying these ratios to the respective 2017 

Economic Census data and 2016 ASM shipments data;

• adjusting the new orders data to be consistent with the benchmarked shipments and unfilled 

orders data;

• correcting monthly data for late receipts, reclassifications of reported data, and revisions to 

previously reported data;

• updating the seasonally adjusted data based on the results of benchmarking and the recent 

annual review of the seasonal adjustment models. 

These revisions will span the seasonally adjusted data for January 2007 through March 2020 and the data 

not seasonally adjusted for January 2012 through March 2020. An updated Press Release will contain 

revised monthly tables for January 2020 through March 2020. Please call M3 staff on (301) 763-4832 with 

any questions.
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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/>

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

Mar Feb Jan Feb - Jan - Dec - Mar Feb Mar Change

2020 22020 r 2020 Mar 2Feb r

Jan 2020 2

2020 r 2019 2020 2019 2020/2019

DURABLE GOODS

 Total:

 Shipments................................ 240,715 252,138 250,236 -4.5 0.8 0.0 256,891 241,821 272,906 726,881 748,203 -2.8

 New Orders4.............................. 213,184 249,167 246,558 -14.4 1.1 0.1 238,019 242,312 278,939 706,599 745,432 -5.2

 Excluding transportation:

 Shipments................................ 166,615 167,183 167,656 -0.3 -0.3 0.5 175,134 158,266 174,307 487,240 484,333 0.6

 New Orders4.............................. 161,947 162,329 163,517 -0.2 -0.7 0.7 172,850 157,036 172,797 483,302 481,404 0.4

 Excluding defense:

 Shipments................................ 226,026 237,048 234,865 -4.6 0.9 -0.5 240,608 226,980 256,453 682,919 705,624 -3.2

 New Orders4.............................. 194,995 231,496 232,027 -15.8 -0.2 3.6 214,261 224,803 257,306 654,778 701,410 -6.6

 Manufacturing with unfilled orders:

 Shipments................................ 173,031 174,969 174,680 -1.1 0.2 0.4 185,706 167,216 190,288 511,915 519,111 -1.4

 New Orders.............................. 149,669 176,259 175,002 -15.1 0.7 0.5 170,404 171,676 199,912 503,801 528,771 -4.7

 Primary metals:

 Shipments................................ 19,795 20,129 20,198 -1.7 -0.3 1.7 21,049 19,885 21,976 60,879 63,416 -4.0

 New Orders.............................. 19,394 19,882 20,314 -2.5 -2.1 2.8 20,828 20,587 22,425 61,747 64,957 -4.9

 Fabricated metal products:

 Shipments................................ 33,277 33,658 33,687 -1.1 -0.1 0.5 34,321 32,314 34,327 98,291 97,630 0.7

 New Orders.............................. 32,928 33,101 33,679 -0.5 -1.7 0.5 34,653 32,628 34,704 100,076 100,434 -0.4

 Machinery:

 Shipments................................ 32,087 32,169 32,712 -0.3 -1.7 0.6 35,057 31,185 35,767 95,697 97,408 -1.8

 New Orders.............................. 32,162 32,230 32,580 -0.2 -1.1 2.0 34,924 32,131 35,252 98,092 99,102 -1.0

 Computers and electronic products4:

 Shipments................................ 27,797 27,898 27,817 -0.4 0.3 -0.1 29,855 25,309 29,349 79,932 78,735 1.5

 New Orders.............................. 23,699 23,734 23,670 -0.1 0.3 -0.7 27,033 21,693 27,129 69,351 68,466 1.3

 Computers and related products:

 Shipments................................ 1,764 1,826 1,846 -3.4 -1.1 4.5 1,973 1,399 1,913 4,882 4,684 4.2

 New Orders.............................. 1,732 1,821 1,843 -4.9 -1.2 4.3 1,941 1,394 1,915 4,842 4,718 2.6

 

 Communications equipment:

 Shipments................................ 3,977 3,889 3,880 2.3 0.2 -2.7 4,688 3,264 4,346 11,036 10,513 5.0

 New Orders.............................. 3,842 3,706 3,798 3.7 -2.4 -7.5 4,685 3,315 4,559 11,136 10,780 3.3

 Electrical equipment, appliances, 

 and components: 

 Shipments................................ 12,073 11,881 11,674 1.6 1.8 -1.1 12,766 11,080 12,082 34,266 32,949 4.0

 New Orders.............................. 12,106 11,929 11,744 1.5 1.6 -1.1 12,927 11,265 12,223 35,116 33,665 4.3

 Transportation equipment: 

 Shipments................................ 74,100 84,955 82,580 -12.8 2.9 -1.1 81,757 83,555 98,599 239,641 263,870 -9.2

 New Orders.............................. 51,237 86,838 83,041 -41.0 4.6 -1.0 65,169 85,276 106,142 223,297 264,028 -15.4

 Motor vehicles and parts:

 Shipments................................ 48,896 60,027 58,957 -18.5 1.8 -0.5 53,178 60,662 67,168 168,735 185,309 -8.9

 New Orders.............................. 49,015 60,065 59,100 -18.4 1.6 -0.7 53,474 61,517 67,146 170,187 186,445 -8.7

 

 Nondefense aircraft and parts:

 Shipments................................ 10,437 9,202 7,819 13.4 17.7 -20.6 12,369 7,614 15,476 26,162 36,877 -29.1

 New Orders.............................. -16,345 8,352 8,720 -295.7 -4.2 356.8 -11,633 5,640 18,286 319 35,299 -99.1

 Defense aircraft and parts:

 Shipments................................ 3,745 4,271 4,718 -12.3 -9.5 24.8 4,243 3,838 5,201 11,688 13,209 -11.5

 New Orders.............................. 6,263 3,827 4,498 63.7 -14.9 -23.2 7,540 2,536 6,728 12,815 13,850 -7.5

 All other durable goods: 

 Shipments................................ 41,586 41,448 41,568 0.3 -0.3 0.7 42,086 38,493 40,806 118,175 114,195 3.5

 New Orders.............................. 41,658 41,453 41,530 0.5 -0.2 0.0 42,485 38,732 41,064 118,920 114,780 3.6

 Capital goods3:

 Shipments................................ 88,520 87,372 86,624 1.3 0.9 -0.5 97,470 82,032 99,426 255,137 261,462 -2.4

 New Orders.............................. 65,084 88,876 84,840 -26.8 4.8 1.7 81,394 84,550 107,870 239,906 265,585 -9.7

 Nondefense capital goods:

 Shipments................................ 75,676 74,262 73,330 1.9 1.3 -1.7 83,309 68,983 85,264 216,838 224,672 -3.5

 New Orders.............................. 48,727 73,187 72,744 -33.4 0.6 12.8 59,799 68,296 89,122 193,038 226,629 -14.8

 Excluding aircraft:

 Shipments........................... 68,718 68,846 69,440 -0.2 -0.9 1.1 74,955 64,978 74,693 202,109 201,189 0.5

 New Orders.......................... 68,903 68,803 69,346 0.1 -0.8 1.0 75,603 66,591 75,614 206,762 204,805 1.0

 Defense capital goods:

 Shipments................................ 12,844 13,110 13,294 -2.0 -1.4 6.5 14,161 13,049 14,162 38,299 36,790 4.1

 New Orders.............................. 16,357 15,689 12,096 4.3 29.7 -36.0 21,595 16,254 18,748 46,868 38,956 20.3

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, March Advance Report, April 24, 2020. 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 2020/

2020 2 2020 r 2020 Mar 2Feb r

Jan 2020 2 2020 r 2019 2019

DURABLE GOODS

 Total:

 Unfilled Orders4......................... 1,135,165 1,158,527 1,157,237 -2.0 0.1 0.0 1,146,060 1,161,362 1,189,294 -3.6

 Total Inventories....................... 437,420 434,691 434,608 0.6 0.0 -0.2 436,105 436,988 419,903 3.9

 Excluding transportation:

 Unfilled Orders4......................... 366,848 367,347 367,940 -0.1 -0.2 0.0 369,900 368,614 372,559 -0.7

 Total Inventories....................... 284,857 283,018 283,563 0.6 -0.2 -0.3 284,720 284,532 285,939 -0.4

 Excluding defense:

 Unfilled Orders4........................... 920,866 947,728 949,019 -2.8 -0.1 0.1 927,826 950,603 987,536 -6.0

 Total Inventories....................... 409,144 406,129 406,015 0.7 0.0 -0.2 407,789 408,504 392,305 3.9

 Manufacturing with unfilled orders:

 Unfilled Orders......................... 1,135,165 1,158,527 1,157,237 -2.0 0.1 0.0 1,146,060 1,161,362 1,189,294 -3.6

 Total Inventories....................... 358,966 356,434 355,981 0.7 0.1 -0.1 357,512 357,352 341,789 4.6

 Primary metals:

 Unfilled Orders......................... 31,332 31,733 31,980 -1.3 -0.8 0.4 32,309 32,530 32,644 -1.0

 Total Inventories....................... 35,556 35,094 34,904 1.3 0.5 -0.7 35,397 35,134 36,212 -2.3

 Fabricated metal products:

 Unfilled Orders......................... 84,961 85,310 85,867 -0.4 -0.6 0.0 85,306 84,974 86,368 -1.2

 Total Inventories....................... 54,098 53,930 54,050 0.3 -0.2 0.7 54,148 54,127 55,001 -1.6

 Machinery: 

 Unfilled Orders......................... 101,479 101,404 101,343 0.1 0.1 -0.1 102,138 102,271 105,494 -3.2

 Total Inventories....................... 71,403 70,790 70,934 0.9 -0.2 -0.7 71,521 71,059 71,735 -0.3

 Computers and electronic products4:

 Unfilled Orders......................... 118,677 118,606 118,509 0.1 0.1 -0.1 119,537 118,789 119,205 0.3

 Total Inventories....................... 43,536 43,341 43,677 0.4 -0.8 -0.5 43,075 43,613 42,885 0.4

 Computers and related products:

 Unfilled Orders......................... 2,173 2,205 2,210 -1.5 -0.2 -0.1 2,173 2,205 2,229 -2.5

 Total Inventories....................... 3,735 3,710 3,773 0.7 -1.7 -4.3 3,587 3,818 3,729 -3.8

 

 Communications equipment:

 Unfilled Orders......................... 24,822 24,957 25,140 -0.5 -0.7 -0.3 25,085 25,088 26,360 -4.8

 Total Inventories....................... 5,594 5,477 5,454 2.1 0.4 -0.7 5,537 5,493 5,461 1.4

 Electrical equipment, appliances, 

 and components: 

 Unfilled Orders......................... 20,705 20,672 20,624 0.2 0.2 0.3 20,863 20,702 19,671 6.1

 Total Inventories....................... 20,357 20,276 20,323 0.4 -0.2 -0.1 20,494 20,428 20,388 0.5

 Transportation equipment: 

 Unfilled Orders......................... 768,317 791,180 789,297 -2.9 0.2 0.1 776,160 792,748 816,735 -5.0

 Total Inventories....................... 152,563 151,673 151,045 0.6 0.4 0.1 151,385 152,456 133,964 13.0

 Motor vehicles and parts:

 Unfilled Orders......................... 26,504 26,385 26,347 0.5 0.1 0.5 27,621 27,325 28,328 -2.5

 Total Inventories....................... 38,793 38,861 38,859 -0.2 0.0 0.0 38,628 39,371 37,663 2.6

 

 Nondefense Aircraft and parts:

 Unfilled Orders......................... 538,925 565,707 566,557 -4.7 -0.2 0.2 542,063 566,065 596,610 -9.1

 Total Inventories....................... 83,752 82,495 81,940 1.5 0.7 -0.2 82,808 82,843 67,815 22.1

 Defense Aircraft and parts: 

 Unfilled Orders......................... 87,611 85,093 85,537 3.0 -0.5 -0.3 88,327 85,030 82,830 6.6

 Total Inventories....................... 13,579 13,644 13,585 -0.5 0.4 0.8 13,514 13,647 13,140 2.8

 All other durable goods: 

 Unfilled Orders......................... 9,694 9,622 9,617 0.7 0.1 -0.4 9,747 9,348 9,177 6.2

 Total Inventories....................... 59,907 59,587 59,675 0.5 -0.1 -0.2 60,085 60,171 59,718 0.6

 Capital goods3:

 Unfilled Orders......................... 812,738 836,174 834,670 -2.8 0.2 -0.2 820,283 836,359 871,320 -5.9

 Total Inventories....................... 224,153 222,366 222,196 0.8 0.1 -0.2 222,879 222,663 207,351 7.5

 Nondefense capital goods:

 Unfilled Orders......................... 643,174 670,123 671,198 -4.0 -0.2 -0.1 646,464 669,974 711,377 -9.1

 Total Inventories....................... 200,370 198,299 198,093 1.0 0.1 -0.4 198,991 198,677 184,067 8.1

 Excluding aircraft: 

 Unfilled Orders.................... 218,029 217,844 217,887 0.1 0.0 0.0 219,327 218,679 222,961 -1.6

 Total Inventories................... 129,997 128,924 129,274 0.8 -0.3 -0.5 129,534 129,165 128,394 0.9

 Defense capital goods:

 Unfilled Orders......................... 169,564 166,051 163,472 2.1 1.6 -0.7 173,819 166,385 159,943 8.7

 Total Inventories....................... 23,783 24,067 24,103 -1.2 -0.1 0.8 23,888 23,986 23,284 2.6

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 24, 2020. 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>.