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FOR RELEASE AT 8:30 AM EST, FRIDAY, DECEMBER 22, 2023 

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS NOVEMBER 2023 

Release Number: CB 23-213 M3-1 (23)-11 

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

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in November, up two of the last three months, increased

$15.1 billion or 5.4 percent to $295.4 billion, the U.S. Census Bureau announced today. This followed a 5.1

percent October decrease. Excluding transportation, new orders increased 0.5 percent. Excluding 

defense, new orders increased 6.5 percent. Transportation equipment, also up two of the last three 

months, led the increase, $14.3 billion or 15.3 percent to $107.8 billion.

Shipments

Shipments of manufactured durable goods in November, up following two consecutive monthly decreases, 

increased $2.9 billion or 1.0 percent to $283.2 billion. This followed a 0.8 percent October decrease. 

Transportation equipment, also up following two consecutive monthly decreases, led the increase, $2.0 

billion or 2.3 percent to $90.3 billion.

DURABLE GOODS – NEW ORDERS

NOVEMBER 2023 $295.4 billion +5.4%°

OCTOBER 2023

(revised) $280.2 billion -5.1%°

Next release: January 25, 2024 

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, December

22, 2023.

4.5%

-1.3%

-2.7%

3.3%

1.2%

2.0%

4.3%

-5.6%

-0.1%

4.0%

-5.1%

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%

7.0%

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

DURABLE GOODS NEW ORDERS 2022-2023

Seasonally Adjusted, Month-To-Month Percentage Change

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

Unfilled orders for manufactured durable goods in November, up eleven of the last twelve months, 

increased $17.1 billion or 1.3 percent to $1,374.9 billion. This followed a 0.4 percent October increase. 

Transportation equipment, also up eleven of the last twelve months, drove the increase, $17.5 billion or

2.0 percent to $878.4 billion.

Inventories

Inventories of manufactured durable goods in November, up four consecutive months, increased $0.4

billion or 0.1 percent to $524.8 billion. This followed a 0.2 percent October increase. Transportation 

equipment, also up four consecutive months, led the increase, $0.2 billion or 0.1 percent to $165.9 billion. 

Capital Goods

Nondefense new orders for capital goods in November increased $14.8 billion or 17.1 percent to $101.4

billion. Shipments increased $0.4 billion or 0.5 percent to $83.2 billion. Unfilled orders increased $18.2

billion or 2.3 percent to $820.3 billion. Inventories increased $0.5 billion or 0.2 percent to $227.4 billion. 

Defense new orders for capital goods in November decreased $1.9 billion or 12.0 percent to $13.6 billion. 

Shipments increased $0.1 billion or 1.0 percent to $14.1 billion. Unfilled orders decreased $0.5 billion or 

0.2 percent to $211.6 billion. Inventories increased $0.3 billion or 1.1 percent to $24.5 billion.

Revised October Data

Revised seasonally adjusted October figures for all manufacturing industries were: new orders, $578.0

billion (revised from $576.8 billion); shipments, $578.0 billion (revised from $577.8 billion); unfilled orders, 

$1,357.8 billion (revised from $1,356.8 billion) and total inventories, $856.4 billion (revised from $857.0

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on January 5, 2024, at

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

25, 2024, 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

Nov Oct Sep Oct ‐ Sep ‐ Aug ‐ Nov Oct Nov Change

2023 2 2023 r 2023 Nov 2 Oct r Sep 2023 2 2023 r 2022 2023 2022 2023/2022

DURABLE GOODS

   Total:               

               Shipments................................ 283,190 280,289 282,688 1.0 ‐0.8 ‐0.6 275,687 285,305 270,353 3,097,003 2,993,375 3.5

               New Orders4

.............................. 295,357 280,243 295,365 5.4 ‐5.1 4.0 286,625 278,909 260,444 3,135,252 2,999,804 4.5

         Excluding transportation:

               Shipments................................ 192,938 192,040 192,344 0.5 ‐0.2 0.1 185,640 196,195 182,494 2,110,250 2,082,039 1.4

               New Orders4

.............................. 187,560 186,714 187,360 0.5 ‐0.3 0.2 177,875 187,857 174,261 2,051,630 2,036,150 0.8

         Excluding defense:

               Shipments................................ 266,780 263,925 266,757 1.1 ‐1.1 ‐0.7 258,009 269,188 254,567 2,925,772 2,836,015 3.2

               New Orders4

.............................. 279,605 262,551 280,367 6.5 ‐6.4 5.0 270,501 263,272 244,589 2,958,651 2,841,360 4.1

    Manufacturing with unfilled orders:

               Shipments................................ 197,794 196,462 196,663 0.7 ‐0.1 ‐0.1 191,680 197,949 185,576 2,147,831 2,067,069 3.9

               New Orders.............................. 214,926 201,379 214,326 6.7 ‐6.0 6.5 208,221 197,232 181,719 2,242,040 2,130,892 5.2

    Primary metals:

               Shipments................................ 26,622 26,379 26,451 0.9 ‐0.3 ‐0.2 24,891 26,443 24,663 295,861 299,820 ‐1.3

               New Orders.............................. 26,639 26,473 26,616 0.6 ‐0.5 0.0 25,225 26,319 24,855 295,470 298,955 ‐1.2

    Fabricated metal products:

               Shipments................................ 36,346 36,033 36,146 0.9 ‐0.3 0.9 35,005 37,395 33,900 394,987 394,087 0.2

               New Orders.............................. 36,414 36,408 36,365 0.0 0.1 0.9 33,962 36,418 32,603 396,187 395,231 0.2

    Machinery:

               Shipments................................ 37,986 38,109 38,105 ‐0.3 0.0 ‐0.6 35,230 38,371 34,701 415,267 402,501 3.2

               New Orders.............................. 37,565 37,461 37,761 0.3 ‐0.8 0.0 34,472 37,172 34,875 412,228 410,102 0.5

    Computers and electronic products 4

:

               Shipments................................ 29,835 29,600 29,599 0.8 0.0 0.7 30,471 29,946 29,733 319,832 313,775 1.9

               New Orders.............................. 24,792 24,714 24,728 0.3 ‐0.1 0.8 24,366 24,192 23,155 263,259 256,983 2.4

         Computers and related products:

               Shipments................................ 2,112 2,053 2,047 2.9 0.3 ‐0.4 2,029 2,021 1,767 21,795 18,681 16.7

               New Orders.............................. 2,106 2,045 2,046 3.0 0.0 0.2 2,023 2,013 1,748 21,781 18,641 16.8

         Communications equipment:

               Shipments................................ 3,040 3,031 3,051 0.3 ‐0.7 1.3 2,842 2,725 2,851 32,469 32,966 ‐1.5

               New Orders.............................. 3,117 3,084 3,162 1.1 ‐2.5 1.5 3,118 2,741 2,864 32,036 32,683 ‐2.0

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 14,182 14,180 14,288 0.0 ‐0.8 0.7 13,646 14,314 13,055 155,150 143,770 7.9

               New Orders.............................. 14,082 13,901 14,238 1.3 ‐2.4 ‐0.8 13,225 14,178 12,492 155,844 147,106 5.9

    Transportation equipment:    

               Shipments................................ 90,252 88,249 90,344 2.3 ‐2.3 ‐2.2 90,047 89,110 87,859 986,753 911,336 8.3

               New Orders.............................. 107,797 93,529 108,005 15.3 ‐13.4 11.5 108,750 91,052 86,183 1,083,622 963,654 12.4

         Motor vehicles and parts:

               Shipments................................ 61,034 59,177 61,584 3.1 ‐3.9 ‐2.7 60,320 61,296 60,448 681,012 649,403 4.9

               New Orders.............................. 60,830 59,187 61,715 2.8 ‐4.1 ‐2.5 60,653 60,854 61,118 680,521 647,641 5.1

         Nondefense aircraft and parts:

               Shipments................................ 14,070 13,409 13,519 4.9 ‐0.8 ‐0.3 13,885 12,251 11,534 137,232 102,571 33.8

               New Orders.............................. 32,347 17,960 32,033 80.1 ‐43.9 90.6 33,209 15,610 9,172 230,466 154,399 49.3

         Defense aircraft and parts:

               Shipments................................ 4,894 4,922 4,545 ‐0.6 8.3 ‐3.1 5,259 5,101 4,911 52,161 49,492 5.4

               New Orders.............................. 4,584 4,968 4,910 ‐7.7 1.2 ‐15.3 5,106 4,125 4,403 56,790 49,346 15.1

    All other durable goods:           

               Shipments................................ 47,967 47,739 47,755 0.5 0.0 ‐0.2 46,397 49,726 46,442 529,153 528,086 0.2

               New Orders.............................. 48,068 47,757 47,652 0.7 0.2 ‐0.2 46,625 49,578 46,281 528,642 527,773 0.2

    Capital goods3:

               Shipments................................ 97,340 96,798 96,681 0.6 0.1 ‐0.2 94,867 95,592 90,952 1,043,100 978,270 6.6

               New Orders.............................. 115,053 102,112 113,563 12.7 ‐10.1 13.4 112,118 98,088 87,382 1,136,267 1,037,615 9.5

           Nondefense capital goods:

               Shipments................................ 83,215 82,812 83,054 0.5 ‐0.3 ‐0.3 79,576 82,050 77,493 896,580 843,594 6.3

               New Orders.............................. 101,410 86,600 101,003 17.1 ‐14.3 17.7 98,391 84,397 74,195 986,532 905,995 8.9

                Excluding aircraft:

                    Shipments........................... 74,102 74,213 74,287 ‐0.1 ‐0.1 ‐0.1 70,598 74,742 69,918 809,394 782,872 3.4

                    New Orders.......................... 73,973 73,375 73,812 0.8 ‐0.6 ‐0.2 70,003 73,435 69,005 806,270 792,497 1.7

           Defense capital goods:

               Shipments................................ 14,125 13,986 13,627 1.0 2.6 0.0 15,291 13,542 13,459 146,520 134,676 8.8

               New Orders.............................. 13,643 15,512 12,560 ‐12.0 23.5 ‐12.2 13,727 13,691 13,187 149,735 131,620 13.8

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, November Advance Report, December 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

Nov Oct Sep Oct ‐ Sep ‐ Aug ‐ Nov Oct Nov 2023/

2023 2 2023 r 2023 Nov 2 Oct r Sep 2023 2 2023 2 2022 2022

DURABLE GOODS

   Total:

               Unfilled Orders4

......................... 1,374,909 1,357,777 1,352,860 1.3 0.4 1.3 1,364,505 1,347,964 1,253,177 8.9

               Total Inventories....................... 524,781 524,361 523,496 0.1 0.2 0.1 523,425 523,776 518,490 1.0

         Excluding transportation:

               Unfilled Orders4

......................... 496,530 496,943 497,306 ‐0.1 ‐0.1 0.0 489,724 491,886 493,629 ‐0.8

               Total Inventories....................... 358,848 358,621 358,687 0.1 0.0 0.0 357,058 356,301 354,998 0.6

         Excluding defense:

               Unfilled Orders4

........................... 1,131,199 1,113,409 1,109,820 1.6 0.3 1.7 1,124,407 1,106,312 1,024,350 9.8

               Total Inventories....................... 495,090 494,928 494,053 0.0 0.2 0.1 493,686 494,292 489,651 0.8

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,374,909 1,357,777 1,352,860 1.3 0.4 1.3 1,364,505 1,347,964 1,253,177 8.9

               Total Inventories....................... 424,701 424,126 423,249 0.1 0.2 0.0 423,200 423,077 417,924 1.3

    Primary metals:

               Unfilled Orders......................... 38,463 38,446 38,352 0.0 0.2 0.4 37,375 37,041 37,150 0.6

               Total Inventories....................... 45,888 46,049 46,263 ‐0.3 ‐0.5 ‐0.4 45,155 45,574 46,366 ‐2.6

    Fabricated metal products:

               Unfilled Orders......................... 129,890 129,822 129,447 0.1 0.3 0.2 127,624 128,667 127,609 0.0

               Total Inventories....................... 64,811 64,714 64,683 0.1 0.0 ‐0.1 63,957 63,983 64,074 ‐0.2

    Machinery:     

               Unfilled Orders......................... 137,091 137,512 138,160 ‐0.3 ‐0.5 ‐0.2 135,318 136,076 139,262 ‐2.8

               Total Inventories....................... 94,931 94,883 94,925 0.1 0.0 0.2 95,214 94,312 92,308 3.1

    Computers and electronic products4

:

               Unfilled Orders......................... 134,848 134,926 134,849 ‐0.1 0.1 0.1 133,777 134,279 133,260 0.4

               Total Inventories....................... 55,403 55,275 55,150 0.2 0.2 0.0 55,757 55,607 55,790 ‐0.1

         Computers and related products:

               Unfilled Orders......................... 1,269 1,275 1,283 ‐0.5 ‐0.6 ‐0.1 1,269 1,275 1,287 ‐1.4

               Total Inventories....................... 3,455 3,449 3,521 0.2 ‐2.0 ‐0.3 3,526 3,450 3,886 ‐9.3

         Communications equipment:

               Unfilled Orders......................... 17,440 17,363 17,310 0.4 0.3 0.6 17,360 17,084 17,562 ‐1.2

               Total Inventories....................... 5,049 5,034 5,036 0.3 0.0 0.3 5,128 5,133 5,084 0.9

    Electrical equipment, appliances,    

        and components:

               Unfilled Orders......................... 43,582 43,682 43,961 ‐0.2 ‐0.6 ‐0.1 43,109 43,530 42,813 0.7

               Total Inventories....................... 26,530 26,415 26,341 0.4 0.3 ‐0.2 26,032 25,850 25,212 3.3

    Transportation equipment:    

               Unfilled Orders......................... 878,379 860,834 855,554 2.0 0.6 2.1 874,781 856,078 759,548 15.2

               Total Inventories....................... 165,933 165,740 164,809 0.1 0.6 0.2 166,367 167,475 163,492 1.8

         Motor vehicles and parts:

               Unfilled Orders......................... 35,144 35,348 35,338 ‐0.6 0.0 0.4 34,450 34,117 34,143 0.9

               Total Inventories....................... 54,263 54,515 54,106 ‐0.5 0.8 0.7 54,054 55,145 53,387 1.2

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 623,769 605,492 600,941 3.0 0.8 3.2 623,949 604,625 518,390 20.4

               Total Inventories....................... 78,659 78,327 77,802 0.4 0.7 0.3 79,200 79,281 77,804 1.8

         Defense Aircraft and parts:       

               Unfilled Orders......................... 73,117 73,427 73,381 ‐0.4 0.1 0.5 71,931 72,084 65,662 9.5

               Total Inventories....................... 13,919 14,068 14,106 ‐1.1 ‐0.3 0.2 13,957 14,099 13,904 0.4

    All other durable goods:           

               Unfilled Orders......................... 12,656 12,555 12,537 0.8 0.1 ‐0.8 12,521 12,293 13,535 ‐7.5

               Total Inventories....................... 71,285 71,285 71,325 0.0 ‐0.1 0.2 70,943 70,975 71,248 ‐0.4

    Capital goods3

:

               Unfilled Orders......................... 1,031,901 1,014,188 1,008,874 1.7 0.5 1.7 1,027,053 1,009,802 918,374 11.8

               Total Inventories....................... 251,917 251,182 250,843 0.3 0.1 0.2 253,184 251,532 247,593 2.3

           Nondefense capital goods:

               Unfilled Orders......................... 820,347 802,152 798,364 2.3 0.5 2.3 818,596 799,781 718,106 14.0

               Total Inventories....................... 227,436 226,966 226,619 0.2 0.2 0.2 228,693 227,296 223,900 2.1

                Excluding aircraft:               

Unfilled Orders.................... 270,038 270,167 271,005 0.0 ‐0.3 ‐0.2 267,556 268,151 272,303 ‐1.7

Total Inventories................... 162,720 162,666 162,813 0.0 ‐0.1 0.2 163,230 162,062 159,601 2.3

           Defense capital goods:

               Unfilled Orders......................... 211,554 212,036 210,510 ‐0.2 0.7 ‐0.5 208,457 210,021 200,268 4.1

               Total Inventories....................... 24,481 24,216 24,224 1.1 0.0 ‐0.4 24,491 24,236 23,693 3.4

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, November Advance Report, December 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>.