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 10:00 AM EDT, FRIDAY, MAY 12, 2023 

BENCHMARK REPORT ON MANUFACTURERS’ SHIPMENTS, INVENTORIES AND ORDERS 

Release Number: CB 23-69 M3-3 (23)-B 

May 12, 2023 — The U.S. Census Bureau released revisions to the monthly data from the Manufacturers’ 

Shipments, Inventories, and Orders (M3) Survey, which span the seasonally adjusted data for January 2012 

through March 2023 and the data not seasonally adjusted for January 2017 through March 2023. These 

revisions can be found in the “Historical Time Series and M3 Survey Revision Information” section of the 

“Data” tab located at < www.census.gov/m3>. An updated Benchmark Release contains revised monthly 

tables for January 2023 through March 2023 on a 2017 North American Industry Classification System 

(NAICS) basis. Also, four Excel spreadsheets comprise the Benchmark Report, which contain revised data 

for 2019 through 2022, and can be found in the “Benchmark Report” section at the link listed above. This 

comprehensive revision includes:

• Benchmarking the M3 shipments and inventories data to the 2021 and 2020 Annual Survey of 

Manufactures (ASM) data; 

• Incorporating the unfilled orders to shipments ratios obtained for 2021, 2020, and 2019 from the 

Manufacturers’ Unfilled Orders (M3UFO) Survey; 

• 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. 

Data in the April 2023 Advance Report on Durable Goods, scheduled for release on May 26, 2023, at 8:30 

a.m. EDT, and the Full Report, scheduled for release on June 5, 2023, at 10:00 a.m. EDT, will be consistent 

with the data contained in the report issued today. The full text and tables of this release can be found at 

<www.census.gov/m3>.
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

EXPLANATORY NOTES 

Figures in text are adjusted for seasonality, but not for inflation. Figures on new and unfilled orders 

exclude data for semiconductor manufacturing. 

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 

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/>. 

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. 

-X- 
Table 1. Value of Manufacturers' Shipments for Industry Groups1

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted 

Monthly Percent Change Monthly

Industry Percent

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

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

2022

 All manufacturing industries2.................. 574,998 578,124 581,720 -0.5 -0.6 0.7 612,862 535,019 540,816 607,719 1,688,697 1,627,643 3.8

 Excluding transportation2................... 486,124 491,328 494,157 -1.1 -0.6 1.1 510,172 452,928 463,539 517,051 1,426,639 1,394,639 2.3

 Excluding defense2.............................. 559,965 562,951 566,355 -0.5 -0.6 0.7 596,143 520,451 528,057 592,053 1,644,651 1,586,550 3.7

 With unfilled orders............................ 194,334 192,131 192,528 1.1 -0.2 0.1 213,121 179,930 174,986 201,666 568,037 539,196 5.3

 Durable goods industries2......................... 279,706 277,684 279,043 0.7 -0.5 0.1 306,448 259,423 253,017 291,764 818,888 775,754 5.6

 Wood products....................................... 13,468 13,417 13,484 0.4 -0.5 0.4 13,812 12,244 11,612 14,188 37,668 38,526 -2.2

 Nonmetallic mineral products.................... 13,080 13,222 13,369 -1.1 -1.1 1.2 13,318 11,516 11,781 13,091 36,615 35,216 4.0

 Primary metals....................................... 26,976 26,787 26,877 0.7 -0.3 1.8 29,241 25,799 26,333 29,703 81,373 80,770 0.7

 Iron and steel mills............................ 15,102 14,847 14,715 1.7 0.9 -0.2 16,278 14,128 14,445 15,442 44,851 43,005 4.3

 Aluminum and nonferrous metals.......... 10,159 10,205 10,455 -0.5 -2.4 3.8 11,056 10,027 10,279 12,518 31,362 33,222 -5.6

 Ferrous metal foundries....................... 1,715 1,735 1,707 -1.2 1.6 7.2 1,907 1,644 1,609 1,743 5,160 4,543 13.6

 Fabricated metal products....................... 35,380 35,329 35,288 0.1 0.1 -0.2 37,390 33,132 33,071 37,543 103,593 103,760 -0.2

 Machinery............................................. 37,090 37,410 37,375 -0.9 0.1 0.8 41,180 35,446 33,761 40,316 110,387 105,976 4.2

 Farm machinery................................. 2,371 2,374 2,483 -0.1 -4.4 -4.6 2,789 2,516 2,240 3,885 7,545 10,289 -26.7

 Construction machinery..................... 4,225 4,107 4,260 2.9 -3.6 4.7 4,774 3,968 3,816 3,877 12,558 10,003 25.5

 Mining, oil field, and 

 gas field machinery.......................... 1,635 1,904 1,591 -14.1 19.7 0.4 1,745 1,774 1,502 1,551 5,021 4,094 22.6

 Industrial machinery.......................... 3,702 3,834 3,834 -3.4 0.0 6.4 4,113 3,261 3,264 4,288 10,638 10,768 -1.2

 Photographic equipment...................... 623 611 622 2.0 -1.8 -2.7 730 550 523 737 1,803 1,812 -0.5

 Ventilation, heating, air-conditioning,

 and refrigeration equipment............ 4,676 4,734 4,788 -1.2 -1.1 1.9 5,126 4,039 3,908 4,856 13,073 12,224 6.9

 Metalworking machinery..................... 2,717 2,861 2,778 -5.0 3.0 -1.8 2,967 2,651 2,537 3,052 8,155 8,210 -0.7

 Turbines, generators, and other

 power transmission equipment....... 4,051 3,837 3,740 5.6 2.6 -2.0 4,131 3,858 3,567 3,612 11,556 10,561 9.4

 Material handling equipment............... 3,795 3,760 3,843 0.9 -2.2 2.2 4,365 3,666 3,612 4,181 11,643 10,829 7.5

 Computers and electronic products2.......... 29,342 29,423 29,430 -0.3 0.0 0.5 30,888 26,514 26,893 29,997 84,295 81,122 3.9

 Computers........................................ 799 805 798 -0.7 0.9 5.1 760 636 697 692 2,093 1,928 8.6

 Computer storage devices..................... 370 358 372 3.4 -3.8 6.0 481 273 324 431 1,078 990 8.9

 Other peripheral equipment................ 796 765 775 4.1 -1.3 2.0 858 602 718 600 2,178 1,477 47.5

 Nondefense communications

 equipment.................................... 2,919 2,951 2,931 -1.1 0.7 0.6 3,426 2,404 2,325 3,284 8,155 7,900 3.2

 Defense communications equipment.... 203 205 208 -1.0 -1.4 2.0 209 202 169 203 580 554 4.7

 Audio and video equipment.................... 377 368 467 2.4 -21.2 33.0 325 324 402 428 1,051 1,287 -18.3

 Electronic components......................... 4,766 4,861 4,760 -2.0 2.1 0.9 5,113 4,492 4,373 5,025 13,978 13,362 4.6

 Nondefense search and navigation

 equipment...................................... 1,615 1,621 1,604 -0.4 1.1 -1.0 1,825 1,529 1,436 1,834 4,790 4,733 1.2

 Defense search and navigation

 equipment..................................... 3,188 3,207 3,194 -0.6 0.4 -1.2 3,416 3,054 2,676 3,361 9,146 9,032 1.3

 Electromedical, measuring,

 and control instruments................. 8,811 8,736 8,711 0.9 0.3 -0.4 9,742 7,801 7,569 9,473 25,112 24,739 1.5

 Electrical equipment, appliances, 

 and components................................... 14,126 13,946 14,116 1.3 -1.2 4.0 15,487 12,765 12,359 14,243 40,611 36,748 10.5

 Electric lighting equipment..................... 1,283 1,269 1,258 1.1 0.9 1.0 1,350 1,151 1,141 1,258 3,642 3,422 6.4

 Household appliances........................ 2,346 2,361 2,437 -0.6 -3.1 3.4 2,621 2,081 1,980 2,690 6,682 6,594 1.3

 Electrical equipment............................ 4,592 4,505 4,650 1.9 -3.1 6.6 5,267 4,178 4,037 4,474 13,482 11,307 19.2

 Batteries........................................... 1,370 1,306 1,247 4.9 4.7 5.1 1,437 1,160 1,091 1,079 3,688 2,705 36.3

 Transportation equipment........................ 88,874 86,796 87,563 2.4 -0.9 -1.4 102,690 82,091 77,277 90,668 262,058 233,004 12.5

 Automobiles..................................... 8,763 8,681 8,309 0.9 4.5 -0.3 10,827 8,183 6,987 9,997 25,997 23,136 12.4

 Light trucks and utility vehicles.............. 20,583 20,594 21,310 -0.1 -3.4 -0.3 24,355 19,335 18,829 22,347 62,519 55,339 13.0

 Heavy duty trucks ............................. 2,652 2,824 2,958 -6.1 -4.5 3.3 3,051 2,681 2,692 2,635 8,424 6,779 24.3

 Motor vehicle bodies, parts, 

 and trailers.................................... 29,049 29,028 28,866 0.1 0.6 0.8 32,258 28,689 27,375 30,573 88,322 82,920 6.5

 Nondefense aircraft and parts................ 12,570 10,205 10,392 23.2 -1.8 -11.8 15,275 8,282 8,362 9,576 31,919 23,779 34.2

 Defense aircraft and parts.................. 4,652 4,681 4,864 -0.6 -3.8 0.9 5,176 4,266 3,982 5,080 13,424 12,836 4.6

 Ships and boats................................. 3,832 3,852 3,855 -0.5 -0.1 2.5 4,203 3,921 3,192 3,780 11,316 10,034 12.8

 Furniture and related products.................. 6,905 6,896 6,993 0.1 -1.4 0.6 7,016 6,590 6,462 6,891 20,068 19,489 3.0

 Miscellaneous durable goods................. 14,465 14,458 14,548 0.0 -0.6 -0.4 15,426 13,326 13,468 15,124 42,220 41,143 2.6

 Nondurable goods industries..................... 295,292 300,440 302,677 -1.7 -0.7 1.2 306,414 275,596 287,799 315,955 869,809 851,889 2.1

 Food products....................................... 80,326 80,257 79,999 0.1 0.3 0.3 81,725 77,142 77,185 81,330 236,052 231,775 1.8

 Grain and oilseed milling....................... 10,146 10,212 10,180 -0.6 0.3 0.6 10,384 9,833 10,090 10,333 30,307 28,912 4.8

 Dairy products.................................. 11,803 11,819 11,875 -0.1 -0.5 0.1 11,945 11,023 11,651 11,722 34,619 33,456 3.5

 Meat, poultry, and seafood products... 24,252 24,152 24,230 0.4 -0.3 -0.6 24,599 23,169 22,851 25,452 70,619 71,938 -1.8

 Beverage and tobacco products................ 17,195 16,757 16,752 2.6 0.0 -1.2 17,116 15,574 15,704 15,207 48,394 42,135 14.9

 Beverages......................................... 10,687 10,833 10,725 -1.3 1.0 1.4 10,608 9,650 9,677 9,887 29,935 27,642 8.3

 Tobacco............................................ 6,508 5,924 6,027 9.9 -1.7 -5.5 6,508 5,924 6,027 5,320 18,459 14,493 27.4

 Textile mills........................................... 2,117 2,149 2,165 -1.5 -0.7 -0.6 2,209 2,098 2,008 2,381 6,315 6,709 -5.9

 Textile products................................... 2,014 2,043 2,042 -1.4 0.0 0.0 2,079 1,998 1,851 2,154 5,928 6,050 -2.0

 Apparel................................................ 837 858 871 -2.4 -1.5 -1.1 797 805 835 803 2,437 2,329 4.6

 Leather and allied products...................... 498 505 527 -1.4 -4.2 1.7 503 469 483 449 1,455 1,173 24.0

 Paper products...................................... 17,596 17,541 17,515 0.3 0.1 1.3 18,291 16,510 17,259 18,040 52,060 50,950 2.2

 Pulp, paper, and paperboard mills....... 7,048 7,038 7,048 0.1 -0.1 2.4 7,218 6,564 7,066 6,914 20,848 19,729 5.7

 Paperboard containers........................ 6,349 6,313 6,265 0.6 0.8 0.7 6,693 5,882 6,164 6,748 18,739 18,791 -0.3

 Printing................................................. 7,346 7,410 7,380 -0.9 0.4 -0.1 7,566 6,777 7,047 7,370 21,390 20,201 5.9

 Petroleum and coal products.................. 64,762 70,223 73,138 -7.8 -4.0 4.1 65,454 58,993 68,043 78,319 192,490 193,767 -0.7

 Petroleum refineries.......................... 59,981 65,428 68,330 -8.3 -4.2 4.5 60,984 55,160 64,159 74,109 180,303 182,533 -1.2

 Chemical products............................... 77,952 77,919 77,415 0.0 0.7 0.8 84,483 72,339 73,771 83,161 230,593 223,895 3.0

 Pesticides, fertilizers, and other

 agricultural chemicals....................... 4,001 3,929 3,983 1.8 -1.4 -2.2 5,407 4,128 3,805 5,485 13,340 13,631 -2.1

 Pharmaceuticals and medicines............. 24,623 24,645 24,355 -0.1 1.2 -0.1 25,727 22,217 23,226 23,480 71,170 63,920 11.3

 Paints, coatings, and adhesives.......... 4,130 4,227 4,180 -2.3 1.1 -1.1 4,531 3,807 3,738 4,652 12,076 12,057 0.2

 Plastics and rubber products.................. 24,649 24,778 24,873 -0.5 -0.4 -0.1 26,191 22,891 23,613 26,741 72,695 72,905 -0.3

Year to date

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

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

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and nonreporting. Since the survey panel is not a 

probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294). 
Table 2. Value of Manufacturers' New Orders for Industry Groups1

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted 

Monthly Percent Change Monthly

Industry Percent

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

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

2022

All manufacturing industries2........................ 573,809 571,265 581,049 0.4 -1.7 0.0 618,458 532,423 542,609 614,653 1,693,490 1,655,878 2.3

 Excluding transportation2...................... 480,824 485,546 487,600 -1.0 -0.4 0.9 508,467 450,774 462,194 517,251 1,421,435 1,397,781 1.7

 Excluding defense2.............................. 558,249 555,847 564,163 0.4 -1.5 -0.2 597,936 518,089 529,198 596,400 1,645,223 1,614,754 1.9

 With unfilled orders............................. 198,491 190,665 197,315 4.1 -3.4 -1.9 223,287 182,385 182,836 213,110 588,508 582,105 1.1

 Durable goods industries2......................... 278,517 270,825 278,372 2.8 -2.7 -1.3 312,044 256,827 254,810 298,698 823,681 803,989 2.4

 Primary metals........................................ 26,920 26,708 26,548 0.8 0.6 0.7 29,373 26,530 26,580 30,244 82,483 83,546 -1.3

 Iron and steel mills.............................. 15,095 14,863 14,452 1.6 2.8 -1.9 16,481 14,652 14,423 15,915 45,556 44,659 2.0

 Aluminum and nonferrous metals.......... 10,115 10,113 10,458 0.0 -3.3 4.4 11,024 10,176 10,539 12,474 31,739 33,983 -6.6

 Ferrous metal foundries....................... 1,710 1,732 1,638 -1.3 5.7 1.9 1,868 1,702 1,618 1,855 5,188 4,904 5.8

 Fabricated metal products........................ 35,209 35,056 34,958 0.4 0.3 -0.8 39,004 33,820 33,915 39,548 106,739 108,453 -1.6

 Machinery............................................. 36,863 37,201 37,254 -0.9 -0.1 0.2 40,698 36,279 36,487 40,634 113,464 111,750 1.5

 Construction machinery........................ 4,169 3,665 3,860 13.8 -5.1 0.0 4,688 3,740 4,041 4,003 12,469 11,281 10.5

 Mining, oil field, and

 gas field machinery.......................... 1,573 1,933 1,605 -18.6 20.4 0.8 1,683 1,803 1,516 1,425 5,002 3,881 28.9

 Industrial machinery............................ 3,604 3,886 4,192 -7.3 -7.3 13.9 3,981 3,228 4,372 4,383 11,581 11,610 -0.2

 Photographic equipment....................... 694 720 640 -3.6 12.5 2.6 734 787 536 655 2,057 1,773 16.0

 Ventilation, heating, air-conditioning,

 and refrigeration equipment............... 4,907 4,713 4,829 4.1 -2.4 -1.7 5,543 4,135 4,390 4,892 14,068 13,246 6.2

 Metalworking machinery....................... 2,649 2,896 2,758 -8.5 5.0 3.2 2,730 2,967 2,665 3,044 8,362 8,509 -1.7

 Turbines, generators, and other 

 power transmission equipment........... 3,915 3,865 3,563 1.3 8.5 -7.0 3,995 3,886 3,390 3,601 11,271 10,675 5.6

 Material handling equipment.................. 3,797 3,809 3,980 -0.3 -4.3 2.6 4,243 3,767 3,907 4,434 11,917 11,795 1.0

 Computers and electronic products2........... 24,509 23,976 23,850 2.2 0.5 -0.2 27,768 21,339 20,820 26,791 69,927 68,319 2.4

 Computers........................................ 815 799 819 2.0 -2.4 8.5 776 630 718 694 2,124 1,913 11.0

 Nondefense communications

 equipment...................................... 2,885 2,897 2,942 -0.4 -1.5 1.6 3,451 2,415 2,298 3,461 8,164 8,232 -0.8

 Defense communications equipment...... 195 201 201 -3.0 0.0 3.1 201 202 172 202 575 549 4.7

 Electronic components......................... 4,695 4,742 4,589 -1.0 3.3 -0.6 4,897 4,352 4,358 5,060 13,607 13,838 -1.7

 Nondefense search and navigation

 equipment...................................... 1,761 1,709 1,647 3.0 3.8 -14.0 2,040 1,612 1,575 2,020 5,227 5,298 -1.3

 Defense search and navigation

 equipment...................................... 3,626 3,208 3,157 13.0 1.6 2.9 4,521 2,968 2,431 3,938 9,920 8,955 10.8

 Electromedical, measuring,

 and control instruments..................... 8,837 8,776 8,729 0.7 0.5 -1.1 10,055 7,815 7,677 9,801 25,547 25,334 0.8

 Electrical equipment, appliances, 

 and components................................... 14,200 14,165 13,975 0.2 1.4 2.9 15,565 13,299 13,081 14,673 41,945 38,849 8.0

 Electric lighting equipment..................... 1,336 1,296 1,223 3.1 6.0 -10.1 1,438 1,192 1,115 1,316 3,745 3,526 6.2

 Household appliances.......................... 2,423 2,547 2,439 -4.9 4.4 -2.7 2,780 2,060 2,010 2,696 6,850 6,436 6.4

 Electrical equipment............................ 4,503 4,523 4,574 -0.4 -1.1 13.3 5,064 4,443 4,669 4,694 14,176 13,129 8.0

 Transportation equipment........................ 92,985 85,719 93,449 8.5 -8.3 -4.2 109,991 81,649 80,415 97,402 272,055 258,097 5.4

 Motor vehicle bodies, parts, 

 and trailers..................................... 29,104 29,362 28,888 -0.9 1.6 1.4 32,030 29,754 27,920 30,654 89,704 84,421 6.3

 Nondefense aircraft and parts................ 16,598 8,560 14,770 93.9 -42.0 -27.8 20,211 6,942 10,186 14,202 37,339 47,084 -20.7

 Defense aircraft and parts.................... 5,528 4,598 5,281 20.2 -12.9 12.7 6,681 3,638 4,888 4,961 15,207 11,224 35.5

 Ships and boats.................................. 2,725 3,474 4,441 -21.6 -21.8 -0.6 4,402 4,739 4,201 5,092 13,342 11,608 14.9

 Furniture and related products................... 6,854 6,955 7,013 -1.5 -0.8 1.4 7,125 6,877 6,727 6,999 20,729 19,845 4.5

 Nondurable goods industries..................... 295,292 300,440 302,677 -1.7 -0.7 1.2 306,414 275,596 287,799 315,955 869,809 851,889 2.1

Year to date

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

 Data on new orders are not available for the semiconductor industry. Estimates and percent changes for new orders exclude semiconductor industry data. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and nonreporting. 

Since the survey panel is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRBFY23-0294). 
Table 3. Value of Manufacturers' Unfilled Orders for Industry Groups1

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Percent

Industry Change

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

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

2022

All manufacturing industries2...................... 1,279,679 1,275,522 1,276,988 0.3 -0.1 0.4 1,290,767 1,280,601 1,278,146 1,232,263 4.7

 Excluding transportation2...................... 498,578 498,532 498,921 0.0 -0.1 -0.2 502,858 499,993 497,096 499,940 0.6

 Excluding defense2............................. 1,044,719 1,041,089 1,042,800 0.3 -0.2 0.3 1,051,818 1,045,455 1,042,766 1,004,489 4.7

 Durable goods industries2...................... 1,279,679 1,275,522 1,276,988 0.3 -0.1 0.4 1,290,767 1,280,601 1,278,146 1,232,263 4.7

 Primary metals........................................ 37,733 37,789 37,868 -0.1 -0.2 -0.9 38,876 38,744 38,013 40,791 -4.7

 Iron and steel mills............................... 22,525 22,532 22,516 0.0 0.1 -1.2 23,166 22,963 22,439 23,713 -2.3

 Aluminum and nonferrous metals......... 10,667 10,711 10,803 -0.4 -0.9 0.0 11,086 11,118 10,969 12,595 -12.0

 Ferrous metal foundries........................ 4,541 4,546 4,549 -0.1 -0.1 -1.5 4,624 4,663 4,605 4,483 3.1

 Fabricated metal products......................... 129,055 129,226 129,499 -0.1 -0.2 -0.3 129,570 127,956 127,268 131,158 -1.2

 Machinery.............................................. 140,233 140,460 140,669 -0.2 -0.1 -0.1 141,434 141,916 141,083 137,435 2.9

 Construction machinery......................... 10,710 10,766 11,208 -0.5 -3.9 -3.4 11,298 11,384 11,612 12,622 -10.5

 Mining, oil field, and

 gas field machinery.......................... 5,293 5,355 5,326 -1.2 0.5 0.3 5,293 5,355 5,326 5,023 5.4

 Industrial machinery............................. 12,551 12,649 12,597 -0.8 0.4 2.9 12,626 12,758 12,791 10,865 16.2

 Photographic equipment........................ 4,067 3,996 3,887 1.8 2.8 0.5 4,097 4,093 3,856 3,585 14.3

 Ventilation, heating, air-conditioning,

 and refrigeration equipment................ 13,676 13,445 13,466 1.7 -0.2 0.3 13,947 13,530 13,434 11,085 25.8

 Metalworking machinery........................ 9,978 10,046 10,011 -0.7 0.3 -0.2 9,991 10,228 9,912 10,520 -5.0

 Turbines, generators, and other 

 power transmission equipment............ 31,843 31,979 31,951 -0.4 0.1 -0.6 31,843 31,979 31,951 32,439 -1.8

 Material handling equipment................... 19,344 19,342 19,293 0.0 0.3 0.7 19,514 19,636 19,535 18,004 8.4

 Computers and electronic products2......... 134,674 134,161 134,215 0.4 0.0 -0.1 135,700 134,250 134,374 134,529 0.9

 Computers.......................................... 1,314 1,298 1,304 1.2 -0.5 1.6 1,314 1,298 1,304 1,312 0.2

 Nondefense communications

 equipment...................................... 17,330 17,364 17,418 -0.2 -0.3 0.1 17,556 17,531 17,520 17,893 -1.9

 Defense communications equipment...... 226 234 238 -3.4 -1.7 -2.9 241 249 249 279 -13.6

 Electronic components...................... 17,057 17,128 17,247 -0.4 -0.7 -1.0 17,140 17,356 17,496 17,964 -4.6

 Nondefense search and navigation

 equipment.................................... 30,815 30,669 30,581 0.5 0.3 0.1 30,816 30,601 30,518 29,371 4.9

 Defense search and navigation

 equipment..................................... 35,879 35,441 35,440 1.2 0.0 -0.1 36,297 35,192 35,278 36,017 0.8

 Electromedical, measuring,

 and control instruments................ 32,053 32,027 31,987 0.1 0.1 0.1 32,336 32,023 32,009 31,693 2.0

 Electrical equipment, appliances, 

 and components.................................... 43,403 43,329 43,110 0.2 0.5 -0.3 43,749 43,671 43,137 41,578 5.2

 Electric lighting equipment..................... 3,753 3,700 3,673 1.4 0.7 -0.9 3,806 3,718 3,677 3,350 13.6

 Household appliances........................... 4,764 4,687 4,501 1.6 4.1 0.0 4,748 4,589 4,610 4,503 5.4

 Electrical equipment............................. 22,235 22,324 22,306 -0.4 0.1 -0.3 22,438 22,641 22,376 21,645 3.7

 Transportation equipment...................... 781,101 776,990 778,067 0.5 -0.1 0.8 787,909 780,608 781,050 732,323 7.6

 Motor vehicle bodies, parts, 

 and trailers...................................... 35,051 34,996 34,662 0.2 1.0 0.1 36,323 36,551 35,486 37,406 -2.9

 Nondefense aircraft and parts................ 534,173 530,145 531,790 0.8 -0.3 0.8 536,135 531,199 532,539 489,867 9.4

 Defense aircraft and parts..................... 67,746 66,870 66,953 1.3 -0.1 0.6 69,085 67,580 68,208 64,196 7.6

 Ships and boats.................................... 54,911 56,018 56,396 -2.0 -0.7 1.0 57,212 57,013 56,195 54,209 5.5

 Furniture and related products................... 11,354 11,405 11,346 -0.4 0.5 0.2 11,403 11,294 11,007 12,203 -6.6

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

 Data on unfilled orders are not available for the semiconductor industry. Estimates and percent changes for unfilled orders exclude semiconductor industry data. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and 

nonreporting. Since the survey panel is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see 

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

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: 

CBDRB-FY23-0294). 
Table 4. Value of Manufacturers' Inventories for Industry Groups1

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Percent

Industry Change

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

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

2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Mining, oil field, 

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

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

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

 Ventilation, heating, air-conditioning,

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

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

 Turbines, generators, and other

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

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

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

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

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

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

 Nondefense communications

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

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

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

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

 Nondefense search and navigation

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

 Defense search and navigation

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

 Electromedical, measuring 

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

 Electrical equipment, appliances, 

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

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

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

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

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

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

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

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

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

 Motor vehicle bodies, parts, 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Pesticides, fertilizers, and other

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

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

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

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

1

 Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. Not seasonally adjusted estimates of shipments and new orders include adjusted data for noncalendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading-day differences, where appropriate, as well as seasonal variation, based on the results of the latest annual review of the model parameters. Estimates 

are not adjusted for price changes. 

2

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

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and nonreporting. Since the survey panel 

is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294). 
Table 5. Value of Manufacturers' Shipments, New Orders, Unfilled Orders, and Total Inventories for 

 Topical Series1, 2

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Year to date Percent

Industry Change6

Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2023/

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

SHIPMENTS

 All manufacturing industries................... 574,998 578,124 581,720 -0.5 -0.6 0.7 612,862 535,019 540,816 607,719 1,688,697 1,627,643 3.8

 Construction materials and supplies....... 61,886 62,000 62,225 -0.2 -0.4 -0.1 64,006 55,545 55,088 64,443 174,639 173,938 0.4

 Information technology......................... 24,388 24,285 24,358 0.4 -0.3 0.9 26,747 21,716 21,096 25,941 69,559 67,618 2.9

 Computers and related products........... 1,965 1,928 1,945 1.9 -0.9 4.0 2,099 1,511 1,739 1,723 5,349 4,395 21.7

 Motor vehicle and parts......................... 61,047 61,127 61,443 -0.1 -0.5 0.4 70,491 58,888 55,883 65,552 185,262 168,174 10.2

 Capital goods..................................... 94,298 92,516 93,289 1.9 -0.8 -0.8 105,563 85,275 81,914 96,750 272,752 253,094 7.8

 Nondefense capital goods3.................. 81,460 79,537 80,110 2.4 -0.7 -0.9 91,281 72,637 70,938 83,326 234,856 217,565 7.9

 Excluding aircraft............................. 73,321 73,623 73,850 -0.4 -0.3 1.1 80,887 68,564 66,569 77,658 216,020 204,705 5.5

 Defense capital goods4........................ 12,838 12,979 13,179 -1.1 -1.5 -0.7 14,282 12,638 10,976 13,424 37,896 35,529 6.7

 Consumer goods................................ 243,700 248,675 251,714 -2.0 -1.2 1.3 254,363 228,178 236,659 259,541 719,200 690,465 4.2

 Consumer durable goods................. 44,738 44,647 45,332 0.2 -1.5 0.2 51,487 42,056 39,917 48,630 133,460 122,709 8.8

 Consumer nondurable goods............. 198,962 204,028 206,382 -2.5 -1.1 1.6 202,876 186,122 196,742 210,911 585,740 567,756 3.2

 All manufacturing industries5................... 573,809 571,265 581,049 0.4 -1.7 0.0 618,458 532,423 542,609 614,653 1,693,490 1,655,878 2.3

 Construction materials and supplies....... 62,037 61,886 62,019 0.2 -0.2 -0.3 65,862 56,080 55,965 66,249 177,907 178,330 -0.2

 Information technology......................... 25,076 24,447 24,393 2.6 0.2 0.0 28,451 22,218 21,194 27,274 71,863 69,307 3.7

 Computers and related products5........... 1,981 1,922 1,966 3.1 -2.2 5.4 2,115 1,505 1,760 1,725 5,380 4,380 22.8

 Motor vehicle and parts......................... 61,102 61,461 61,465 -0.6 0.0 0.6 70,263 59,953 56,428 65,633 186,644 169,675 10.0

 Capital goods...................................... 97,755 90,496 98,883 8.0 -8.5 -4.9 113,243 84,690 87,261 105,571 285,194 285,896 -0.2

 Nondefense capital goods3.................. 84,793 77,659 84,527 9.2 -8.1 -6.3 95,628 72,745 76,071 89,415 244,444 249,806 -2.1

 Excluding aircraft............................. 72,653 73,468 73,619 -1.1 -0.2 0.9 80,391 70,055 69,979 79,164 220,425 213,641 3.2

 Defense capital goods4........................ 12,962 12,837 14,356 1.0 -10.6 4.2 17,615 11,945 11,190 16,156 40,750 36,090 12.9

 Consumer goods................................. 243,669 248,837 251,634 -2.1 -1.1 1.2 254,437 228,351 236,760 259,496 719,548 690,645 4.2

 Consumer durable goods.................. 44,707 44,809 45,252 -0.2 -1.0 -0.3 51,561 42,229 40,018 48,585 133,808 122,889 8.9

 Consumer nondurable goods.............. 198,962 204,028 206,382 -2.5 -1.1 1.6 202,876 186,122 196,742 210,911 585,740 567,756 3.2

 All manufacturing industries5................... 1,279,679 1,275,522 1,276,988 0.3 -0.1 0.4 1,290,767 1,280,601 1,278,146 1,232,263 (X) (X) 4.7

 Construction materials and supplies....... 100,559 100,408 100,522 0.2 -0.1 -0.2 101,015 99,159 98,624 99,644 (X) (X) 1.4

 Information technology......................... 134,335 133,647 133,485 0.5 0.1 0.0 135,414 133,710 133,208 132,230 (X) (X) 2.4

 Computers and related products5........... 1,314 1,298 1,304 1.2 -0.5 1.6 1,314 1,298 1,304 1,312 (X) (X) 0.2

 Motor vehicle and parts......................... 35,051 34,996 34,662 0.2 1.0 0.1 36,323 36,551 35,486 37,406 (X) (X) -2.9

 Capital goods...................................... 939,849 936,392 938,412 0.4 -0.2 0.6 946,328 938,648 939,233 891,831 (X) (X) 6.1

 Nondefense capital goods3.................. 735,033 731,700 733,578 0.5 -0.3 0.6 738,232 733,885 733,777 687,946 (X) (X) 7.3

 Excluding aircraft............................. 273,167 273,835 273,990 -0.2 -0.1 -0.1 275,085 275,581 274,090 271,614 (X) (X) 1.3

 Defense capital goods4........................ 204,816 204,692 204,834 0.1 -0.1 0.6 208,096 204,763 205,456 203,885 (X) (X) 2.1

 Consumer goods................................ 12,078 12,109 11,947 -0.3 1.4 -0.7 12,226 12,152 11,979 12,575 (X) (X) -2.8

 Consumer durable goods................. 12,078 12,109 11,947 -0.3 1.4 -0.7 12,226 12,152 11,979 12,575 (X) (X) -2.8

 

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

 Construction materials and supplies....... 92,902 92,835 93,031 0.1 -0.2 -0.1 94,260 94,155 93,549 91,119 (X) (X) 3.4

 Information technology......................... 46,236 46,055 45,963 0.4 0.2 0.0 45,711 45,995 45,535 43,568 (X) (X) 4.9

 Computers and related products........... 3,665 3,609 3,657 1.6 -1.3 -1.8 3,487 3,564 3,517 3,491 (X) (X) -0.1

 Motor vehicle and parts......................... 53,125 53,694 53,508 -1.1 0.3 0.3 52,893 54,170 53,450 52,225 (X) (X) 1.3

 Capital goods...................................... 244,657 248,587 248,145 -1.6 0.2 0.5 244,124 248,219 245,387 237,194 (X) (X) 2.9

 Nondefense capital goods3.................. 220,846 224,752 224,288 -1.7 0.2 0.2 220,272 224,505 221,680 214,340 (X) (X) 2.8

 Excluding aircraft............................. 161,342 160,766 160,361 0.4 0.3 0.3 161,259 161,263 159,097 149,869 (X) (X) 7.6

 Defense capital goods4........................ 23,811 23,835 23,857 -0.1 -0.1 2.8 23,852 23,714 23,707 22,854 (X) (X) 4.4

 Consumer goods................................. 257,819 259,687 260,582 -0.7 -0.3 0.4 256,269 258,564 258,779 253,138 (X) (X) 1.2

 Consumer durable goods.................. 42,642 43,092 42,763 -1.0 0.8 -0.6 41,944 43,355 42,445 41,330 (X) (X) 1.5

 Consumer nondurable goods............. 215,177 216,595 217,819 -0.7 -0.6 0.6 214,325 215,209 216,334 211,808 (X) (X) 1.2

NEW ORDERS 

UNFILLED ORDERS 

TOTAL INVENTORIES 

X Not Applicable 

1

 Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. Not seasonally adjusted estimates of shipments and new orders include adjusted data for noncalendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading-day differences, where appropriate, as well as seasonal variation, based on the results of the latest annual review of the model parameters. Estimates are 

not adjusted for price changes. 

2

 Topical series are regroupings of the separate industry categories. 

3

 Nondefense capital goods industries include: 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. 

4

 Defense capital goods industries include: small arms and ordnance; communications equipment; aircraft; missiles, space vehicles, and parts; ships and boats; and search and navigation equipment. 

5

 Estimates and percent changes exclude semiconductor industry data. 

6

 Based on year-to-date for shipments and new orders, but on same month prior year for unfilled orders and inventories. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and nonreporting. Since the survey panel 

is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>. 

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294). 
Table 6. Value of Manufacturers' Inventories, by Stage of Fabrication, by Industry Group1 

January 2023 - March 2023

[Estimates are shown in millions of dollars and are based on data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Percent

Industry Change

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

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

2022

MATERIALS AND SUPPLIES

 All manufacturing industries....................... 316,788 317,245 318,076 -0.1 -0.3 -0.1 316,297 317,212 318,553 305,716 3.5

 Durable goods industries.......................... 196,750 196,519 196,709 0.1 -0.1 0.4 196,210 196,194 196,896 186,796 5.0

 Wood products................................... 7,813 7,756 7,789 0.7 -0.4 0.7 7,844 7,950 7,985 7,748 1.2

 Nonmetallic mineral products............... 7,707 7,715 7,655 -0.1 0.8 1.2 7,746 7,750 7,640 6,851 13.1

 Primary metals.............................. 19,257 18,925 18,828 1.8 0.5 0.4 18,986 18,851 18,792 18,893 0.5

 Fabricated metal products.................. 24,578 24,592 24,783 -0.1 -0.8 -1.0 24,505 24,519 24,864 25,718 -4.7

 Machinery.......................................... 40,229 40,374 40,389 -0.4 0.0 1.0 40,277 40,159 40,222 36,185 11.3

 Computers and electronic products........ 26,416 26,392 26,351 0.1 0.2 0.8 25,993 26,206 26,296 23,911 8.7

 Electrical equipment, appliances,

 and components........................... 12,660 12,553 12,491 0.9 0.5 0.0 12,706 12,689 12,596 11,322 12.2

 Transportation equipment................. 42,824 43,025 43,306 -0.5 -0.6 0.1 43,033 42,983 43,316 41,765 3.0

 Furniture and related products........... 5,435 5,396 5,372 0.7 0.4 0.4 5,446 5,438 5,461 5,170 5.3

 Miscellaneous products....................... 9,831 9,791 9,745 0.4 0.5 1.7 9,674 9,649 9,724 9,233 4.8

 Nondurable goods industries..................... 120,038 120,726 121,367 -0.6 -0.5 -0.8 120,087 121,018 121,657 118,920 1.0

 Food products.................................... 26,627 26,605 26,633 0.1 -0.1 0.5 26,375 26,645 26,843 25,530 3.3

 Beverage and tobacco products................ 6,391 6,285 6,392 1.7 -1.7 -1.2 6,513 6,469 6,690 6,436 1.2

 Textiles.............................................. 1,454 1,456 1,454 -0.1 0.1 -0.2 1,450 1,449 1,451 1,398 3.7

 Textile products................................... 1,732 1,717 1,717 0.9 0.0 -0.3 1,722 1,723 1,736 1,666 3.4

 Apparel............................................. 616 618 631 -0.3 -2.1 -0.5 597 602 627 600 -0.5

 Leather and allied products................ 406 408 421 -0.5 -3.1 -0.9 399 401 419 357 11.8

 Paper products.................................... 9,725 9,736 9,722 -0.1 0.1 0.0 9,671 9,797 9,804 9,292 4.1

 Printing ............................................. 3,607 3,695 3,706 -2.4 -0.3 -2.1 3,589 3,701 3,712 3,659 -1.9

 Petroleum and coal products............... 14,138 14,659 15,222 -3.6 -3.7 -3.0 14,120 14,323 14,621 15,266 -7.5

 Chemical products.......................... 39,685 39,776 39,756 -0.2 0.1 -1.2 40,019 40,046 39,939 39,295 1.8

 Plastics and rubber products............ 15,657 15,771 15,713 -0.7 0.4 0.0 15,632 15,862 15,815 15,421 1.4

WORK IN PROCESS

 All manufacturing industries....................... 237,974 243,029 242,946 -2.1 0.0 -0.1 237,754 242,729 240,402 236,408 0.6

 Durable goods industries.......................... 174,134 178,575 178,632 -2.5 0.0 -0.7 174,002 178,411 176,860 177,176 -1.8

 Wood products................................... 1,843 1,855 1,860 -0.6 -0.3 -11.5 1,891 1,902 1,897 2,211 -14.5

 Nonmetallic mineral products............... 1,643 1,634 1,621 0.6 0.8 -0.9 1,699 1,679 1,628 1,632 4.1

 Primary metals.............................. 12,482 12,917 13,044 -3.4 -1.0 -1.6 12,509 12,957 12,933 13,210 -5.3

 Fabricated metal products.................. 16,777 16,728 16,791 0.3 -0.4 1.3 16,879 16,759 16,723 15,749 7.2

 Machinery.......................................... 24,816 24,250 24,068 2.3 0.8 -2.3 25,186 24,521 23,629 23,374 7.8

 Computers and electronic products........ 13,928 14,093 14,231 -1.2 -1.0 -1.4 13,934 14,304 14,449 15,188 -8.3

 Electrical equipment, appliances,

 and components.............................. 4,528 4,530 4,507 0.0 0.5 -3.8 4,538 4,566 4,483 4,457 1.8

 Transportation equipment.................. 91,868 96,337 96,223 -4.6 0.1 -0.1 91,193 95,502 94,875 95,528 -4.5

 Furniture and related products............ 1,464 1,472 1,518 -0.5 -3.0 -0.6 1,445 1,482 1,536 1,432 0.9

 Miscellaneous products..................... 4,785 4,759 4,769 0.5 -0.2 -1.2 4,728 4,739 4,707 4,395 7.6

 Nondurable goods industries..................... 63,840 64,454 64,314 -1.0 0.2 1.7 63,752 64,318 63,542 59,232 7.6

 Food products.................................... 7,951 7,950 7,811 0.0 1.8 0.4 7,793 8,164 8,136 7,841 -0.6

 Beverage and tobacco products................ 11,024 10,863 10,742 1.5 1.1 -0.3 11,026 11,085 11,093 10,529 4.7

 Textiles.............................................. 587 583 588 0.7 -0.9 -3.9 582 582 587 620 -6.1

 Textile products................................... 473 470 479 0.6 -1.9 -1.2 473 479 488 481 -1.7

 Apparel............................................. 275 274 278 0.4 -1.4 -2.5 269 267 271 261 3.1

 Leather and allied products................ 133 132 127 0.8 3.9 -1.6 137 134 128 139 -1.4

 Paper products.................................... 1,655 1,653 1,644 0.1 0.5 0.4 1,652 1,639 1,635 1,668 -1.0

 Printing ............................................. 1,153 1,177 1,197 -2.0 -1.7 -2.4 1,132 1,181 1,184 1,325 -14.6

 Petroleum and coal products................ 16,707 17,469 17,995 -4.4 -2.9 1.9 16,942 17,090 16,705 13,883 22.0

 Chemical products............................ 20,028 20,003 19,592 0.1 2.1 4.6 19,863 19,771 19,451 18,488 7.4

 Plastics and rubber products............... 3,854 3,880 3,861 -0.7 0.5 -1.2 3,883 3,926 3,864 3,997 -2.9

FINISHED GOODS

 All manufacturing industries....................... 298,970 299,569 299,337 -0.2 0.1 0.5 299,704 301,759 298,496 294,284 1.8

 Durable goods industries.......................... 146,098 146,607 145,938 -0.3 0.5 1.0 146,862 149,032 145,800 141,122 4.1

 Wood products................................... 6,522 6,636 6,677 -1.7 -0.6 1.2 6,842 6,914 6,803 6,976 -1.9

 Nonmetallic mineral products............... 7,515 7,546 7,589 -0.4 -0.6 -0.4 7,676 7,726 7,627 7,326 4.8

 Primary metals................................. 14,858 14,975 14,987 -0.8 -0.1 -0.2 15,138 15,355 15,403 15,102 0.2

 Fabricated metal products.................. 23,455 23,400 23,355 0.2 0.2 -0.2 23,680 23,630 23,269 22,752 4.1

 Machinery.......................................... 28,854 28,961 28,752 -0.4 0.7 2.0 29,393 29,610 28,587 26,214 12.1

 Computers and electronic products........ 14,924 14,869 14,876 0.4 0.0 -1.1 14,553 14,904 14,705 14,057 3.5

 Electrical equipment, appliances,

 and components.............................. 8,860 8,792 8,762 0.8 0.3 0.4 8,984 9,024 8,815 8,579 4.7

 Transportation equipment.................. 24,376 24,586 24,097 -0.9 2.0 4.7 24,031 25,050 23,832 23,515 2.2

 Furniture and related products............ 3,618 3,641 3,664 -0.6 -0.6 -1.8 3,499 3,592 3,661 3,505 -0.2

 Miscellaneous products..................... 13,116 13,201 13,179 -0.6 0.2 -0.3 13,066 13,227 13,098 13,096 -0.2

 Nondurable goods industries.................... 152,872 152,962 153,399 -0.1 -0.3 0.0 152,842 152,727 152,696 153,162 -0.2

 Food products.................................... 38,010 37,875 37,967 0.4 -0.2 0.4 37,617 37,975 37,723 35,119 7.1

 Beverage and tobacco products................ 13,991 13,924 13,849 0.5 0.5 0.3 13,974 13,966 13,667 13,474 3.7

 Textiles.............................................. 1,583 1,580 1,583 0.2 -0.2 -1.6 1,570 1,585 1,604 1,483 5.9

 Textile products................................... 1,599 1,618 1,635 -1.2 -1.0 -2.2 1,594 1,638 1,656 1,685 -5.4

 Apparel............................................. 1,401 1,393 1,393 0.6 0.0 -1.2 1,306 1,329 1,347 1,029 26.9

 Leather and allied products................ 782 785 784 -0.4 0.1 -3.6 763 767 786 603 26.5

 Paper products.................................... 7,051 7,050 7,006 0.0 0.6 -0.3 7,039 7,105 7,038 7,004 0.5

 Printing ............................................. 2,226 2,229 2,228 -0.1 0.0 4.7 2,214 2,219 2,209 2,048 8.1

 Petroleum and coal products................ 16,803 17,895 18,492 -6.1 -3.2 3.6 16,572 16,993 18,171 21,380 -22.5

 Chemical products.......................... 54,091 53,623 53,486 0.9 0.3 -1.2 54,647 53,969 53,508 54,666 0.0

 Plastics and rubber products............... 15,335 14,990 14,976 2.3 0.1 -1.1 15,546 15,181 14,987 14,671 6.0

1

 Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. Not seasonally adjusted estimates of shipments and new orders include adjusted data for noncalendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading-day differences, where appropriate, as well as seasonal variation, based on the results of the latest annual review of the model parameters. Estimates 

are not adjusted for price changes. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response, and nonreporting. Since the survey panel 

is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and methodology can be found on our website at 

<www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294). 
Table 7. Ratios of Manufacturers' Inventories to Shipments and Unfilled Orders 

 to Shipments, by Industry Group3

January 2023 - March 2023

[Based on Seasonally Adjusted data from the Manufacturers' Shipments, Inventories, and Orders Survey.] 

Inventory/Shipments ratio Unfilled Orders/Shipments ratio1

Industry Mar. Feb. Jan. Mar. Feb. Jan.

2023 2023 2023 2023 2023 2023

All manufacturing industries2......................... 1.48 1.49 1.48 (X) (X) (X)

Durable goods industries2............................. 1.85 1.88 1.87 6.58 6.64 6.63

 Wood products......................................... 1.20 1.21 1.21 (X) (X) (X)

 Nonmetallic mineral products..................... 1.29 1.28 1.26 (X) (X) (X)

 Primary metals....................................... 1.73 1.75 1.74 1.40 1.41 1.41

 Fabricated metal products......................... 1.83 1.83 1.84 3.74 3.75 3.77

 Machinery............................................. 2.53 2.50 2.49 4.14 4.12 4.14

 Computers and electronic products3............ 1.88 1.88 1.88 6.04 5.99 6.04

 Electrical equipment, appliances,

 and components.................................. 1.84 1.86 1.82 3.40 3.43 3.35

Transportation equipment........................... 1.79 1.89 1.87 13.73 14.21 14.15

 Furniture and related products.................. 1.52 1.52 1.51 1.91 1.91 1.88

 Miscellaneous products.......................... 1.92 1.92 1.90 (X) (X) (X)

Nondurable goods industries........................ 1.14 1.13 1.12 (X) (X) (X)

 Food products........................................ 0.90 0.90 0.91 (X) (X) (X)

 Beverage and tobacco products.................. 1.83 1.85 1.85 (X) (X) (X)

 Textiles................................................... 1.71 1.68 1.67 (X) (X) (X)

 Textile products...................................... 1.89 1.86 1.88 (X) (X) (X)

 Apparel................................................... 2.74 2.66 2.64 (X) (X) (X)

 Leather and allied products....................... 2.65 2.62 2.53 (X) (X) (X)

 Paper products........................................ 1.05 1.05 1.05 (X) (X) (X)

 Printing.................................................. 0.95 0.96 0.97 (X) (X) (X)

 Petroleum and coal products...................... 0.74 0.71 0.71 (X) (X) (X)

 Chemical products................................... 1.46 1.46 1.46 (X) (X) (X)

 Plastics and rubber products...................... 1.41 1.40 1.39 (X) (X) (X)

(X) Not Applicable 

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

 Excludes the following industries with no unfilled orders: Wood products; nonmetallic mineral products; medical equipment and supplies; office supplies; other 

miscellaneous manufacturing; cutlery and handtools; farm and garden machinery; computer storage and peripheral devices; audio and video equipment; 

manufacturing and reproducing magnetic and optical media; batteries; automobiles; light trucks and utility vehicles; heavy duty trucks; and miscellaneous furniture. 

3

 Unfilled orders to shipments ratio excludes semiconductor manufacturing. 

Note: Estimates of manufacturers' shipments, inventories and orders are subject to survey error and revision. One major component of survey error is nonsampling 

error, which includes errors of coverage, response, and nonreporting. Since the survey panel is not a probability sample, estimates of sampling error cannot be 

calculated. For further details on survey design, methodology, and data limitations see <https://www.census.gov/manufacturing/m3/>. 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, Benchmark Report, May 12, 2023. Information on data sources and 

methodology can be found on our website at <www.census.gov/manufacturing/m3/how_the_data_are_collected/index.html>.

The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. 

P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0294).