Data Inquiries Media Inquiries

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

301-763-4832 301-763-3030

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

FOR RELEASE AT 8:30 AM EDT, TUESDAY, JUNE 27, 2023

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS MAY 2023

Release Number: CB 23-99 M3-1 (23)-05

June 27, 2023 — The U.S. Census Bureau announces the May advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in May, up three consecutive months, increased $4.9 billion 

or 1.7 percent to $288.2 billion, the U.S. Census Bureau announced today. This followed a 1.2 percent 

April increase. Excluding transportation, new orders increased 0.6 percent. Excluding defense, new orders

increased 3.0 percent. Transportation equipment, also up three consecutive months, led the increase, 

$3.9 billion or 3.9 percent to $102.6 billion.

Shipments

Shipments of manufactured durable goods in May, up two of the last three months, increased $4.8 billion 

or 1.7 percent to $282.7 billion. This followed a 0.6 percent April decrease. Transportation equipment, 

also up two of the last three months, led the increase, $4.0 billion or 4.6 percent to $91.8 billion.

DURABLE GOODS – NEW ORDERS

MAY 2023 $288.2 billion +1.7%°

 APRIL 2023

(revised) $283.2 billion +1.2%°

Next release: July 27, 2023

Data adjusted for seasonal variation but not for price changes.

°Statistical significance is not measurable for this survey. The Manufacturers' Shipments, 

Inventories, and Orders estimates are not based on a probability sample, so the sampling 

error of these estimates cannot be measured nor can the confidence intervals be computed.

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories and Orders, June 27, 

2023.

1.6%

-0.8%

-0.1%

0.3%

1.0%

-3.1%

4.5%

-1.3%

-2.7%

3.3%

1.2%

1.7%

-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%

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

DURABLE GOODS NEW ORDERS 2022-2023

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, June 27, 2023.
Data Inquiries Media Inquiries

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

301-763-4832 301-763-3030

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

Unfilled Orders

Unfilled orders for manufactured durable goods in May, up five of the last six months, increased $10.6

billion or 0.8 percent to $1,302.0 billion. This followed a 0.8 percent April increase. Transportation 

equipment, also up five of the last six months, drove the increase, $10.8 billion or 1.4 percent to $803.9

billion.

Inventories

Inventories of manufactured durable goods in May, up five of the last six months, increased $1.2 billion or 

0.2 percent to $522.9 billion. This followed a 1.0 percent April increase. Machinery, up thirty-one 

consecutive months, led the increase, $0.5 billion or 0.5 percent to $94.4 billion. 

Capital Goods

Nondefense new orders for capital goods in May increased $5.7 billion or 6.7 percent to $91.0 billion. 

Shipments increased $2.7 billion or 3.4 percent to $82.9 billion. Unfilled orders increased $8.1 billion or 

1.1 percent to $748.7 billion. Inventories increased $0.1 billion or 0.1 percent to $225.5 billion. Defense 

new orders for capital goods in May decreased $2.7 billion or 14.7 percent to $15.9 billion. Shipments

decreased $0.2 billion or 1.2 percent to $13.2 billion. Unfilled orders increased $2.7 billion or 1.3 percent

to $213.6 billion. Inventories increased $0.1 billion or 0.2 percent to $24.2 billion.

Revised April Data

Revised seasonally adjusted April figures for all manufacturing industries were: new orders, $576.3 billion 

(revised from $577.5 billion); shipments, $571.0 billion (revised from $572.3 billion); unfilled orders, 

$1,291.4 billion (revised from $1,291.3 billion) and total inventories, $855.5 billion (revised from $856.7

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on July 5, 2023, at

10:00 a.m. EDT. The Advance Report on durable goods for June is scheduled for release on July 27, 2023,

at 8:30 a.m. EDT. View the full schedule in the Economic Briefing Room: <www.census.gov/economicindicators/>. The full text and tables of this release can be found at <www.census.gov/m3>.

EXPLANATORY NOTES

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

exclude data for semiconductor manufacturing. 

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

decrease.
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

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 

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

Benchmark notice

Revised historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) were issued on 

May 12, 2023. These revisions resulted from

• 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. 

These revisions spanned the seasonally adjusted data for January 2012 through March 2023 and the data 

not seasonally adjusted for January 2017 through March 2023. An updated Press Release contains revised 

monthly tables for January 2023 through March 2023.

RESOURCES

API

The Census Bureau’s application programming interface (API) lets developers create custom apps to reach 

new users and makes key demographic, socio-economic and housing statistics more accessible than ever 

before.

<www.census.gov/developers/>

FRED Mobile App

Receive the latest updates on the nation’s key economic indicators by downloading 

the FRED App <https://fred.stlouisfed.org/fred-mobile/> for both Apple and 

Android devices. FRED, the signature database of the Federal Reserve Bank of St. 

Louis, now incorporates the Census Bureau’s 13 economic indicators.

###
Table 1. Durable Goods Manufacturers' Shipments and New Orders 1

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

Seasonally Adjusted Not Seasonally Adjusted 

Monthly Percent Change Monthly Year to Date

Item Percent

May Apr Mar Apr - Mar - Feb - May Apr May Change

2023 22023 r 2023 May 2Apr r Mar 2023 22023 r 2022 2023 2022 2023/2022

DURABLE GOODS

 Total:

 Shipments................................ 282,665 277,892 279,659 1.7 -0.6 0.7 287,201 267,092 272,586 1,373,438 1,314,005 4.5

 New Orders4.............................. 288,180 283,233 279,837 1.7 1.2 3.3 288,027 272,347 268,450 1,384,546 1,337,649 3.5

 Excluding transportation:

 Shipments................................ 190,906 190,172 190,603 0.4 -0.2 -0.1 195,375 184,466 191,868 936,865 920,984 1.7

 New Orders4.............................. 185,616 184,537 185,680 0.6 -0.6 0.3 190,457 181,468 188,429 923,996 919,882 0.4

 Excluding defense:

 Shipments................................ 267,192 262,277 264,569 1.9 -0.9 0.8 272,140 252,307 258,691 1,299,507 1,245,762 4.3

 New Orders4.............................. 269,930 262,193 263,507 3.0 -0.5 3.2 273,357 251,940 256,591 1,301,177 1,273,146 2.2

 Manufacturing with unfilled orders:

 Shipments................................ 195,542 192,447 194,075 1.6 -0.8 1.0 198,953 185,196 189,137 952,340 911,283 4.5

 New Orders.............................. 206,161 202,920 199,496 1.6 1.7 4.6 204,104 194,880 189,466 987,873 958,552 3.1

 Primary metals:

 Shipments................................ 26,769 26,732 26,802 0.1 -0.3 0.1 28,033 26,603 28,686 135,987 137,430 -1.0

 New Orders.............................. 26,763 26,642 26,830 0.5 -0.7 0.5 27,871 26,266 28,629 136,655 140,076 -2.4

 Fabricated metal products:

 Shipments................................ 35,283 35,245 35,374 0.1 -0.4 0.1 36,909 34,630 36,660 175,179 175,952 -0.4

 New Orders.............................. 35,221 35,213 35,290 0.0 -0.2 0.7 37,897 35,575 37,640 180,319 183,016 -1.5

 Machinery:

 Shipments................................ 37,669 37,545 37,271 0.3 0.7 -0.4 38,883 36,725 37,163 186,132 179,306 3.8

 New Orders.............................. 37,618 37,261 37,160 1.0 0.3 -0.1 38,169 37,053 37,325 188,943 186,542 1.3

 Computers and electronic products4:

 Shipments................................ 29,203 29,108 29,238 0.3 -0.4 -0.6 27,373 26,418 26,972 138,130 134,041 3.1

 New Orders.............................. 24,047 23,971 24,409 0.3 -1.8 1.8 22,249 22,093 22,056 114,278 111,985 2.0

 Computers and related products:

 Shipments................................ 2,038 2,057 1,997 -0.9 3.0 3.6 1,840 1,805 1,537 9,046 7,376 22.6

 New Orders.............................. 2,003 2,051 2,014 -2.3 1.8 4.8 1,805 1,799 1,531 9,037 7,352 22.9

 

 Communications equipment:

 Shipments................................ 2,980 3,040 3,087 -2.0 -1.5 -2.2 2,709 2,658 2,837 14,064 14,009 0.4

 New Orders.............................. 2,863 2,910 2,980 -1.6 -2.3 -3.8 2,403 2,504 2,794 13,571 14,351 -5.4

 Electrical equipment, appliances, 

 and components: 

 Shipments................................ 14,008 13,902 14,067 0.8 -1.2 0.9 14,251 13,352 13,134 68,191 62,473 9.2

 New Orders.............................. 14,049 13,820 14,226 1.7 -2.9 0.4 14,304 13,500 13,363 69,757 65,652 6.3

 Transportation equipment: 

 Shipments................................ 91,759 87,720 89,056 4.6 -1.5 2.6 91,826 82,626 80,718 436,573 393,021 11.1

 New Orders.............................. 102,564 98,696 94,157 3.9 4.8 9.8 97,570 90,879 80,021 460,550 417,767 10.2

 Motor vehicles and parts:

 Shipments................................ 62,738 61,283 61,254 2.4 0.0 0.2 63,870 58,344 58,112 307,491 283,957 8.3

 New Orders.............................. 62,668 61,337 61,349 2.2 0.0 -0.2 63,150 58,058 57,586 307,866 284,576 8.2

 

 Nondefense aircraft and parts:

 Shipments................................ 13,554 10,691 12,512 26.8 -14.6 22.6 12,586 9,323 8,352 53,827 40,245 33.7

 New Orders.............................. 21,775 16,440 16,776 32.5 -2.0 96.0 19,294 12,482 9,915 69,115 67,817 1.9

 Defense aircraft and parts:

 Shipments................................ 4,836 4,922 4,666 -1.7 5.5 -0.3 4,721 4,473 4,348 22,619 21,244 6.5

 New Orders.............................. 4,978 7,711 5,836 -35.4 32.1 26.9 3,886 7,415 3,468 26,508 17,970 47.5

 All other durable goods: 

 Shipments................................ 47,974 47,640 47,851 0.7 -0.4 -0.3 49,926 46,738 49,253 233,246 231,782 0.6

 New Orders.............................. 47,918 47,630 47,765 0.6 -0.3 -0.5 49,967 46,981 49,416 234,044 232,611 0.6

 Capital goods3:

 Shipments................................ 96,078 93,520 94,479 2.7 -1.0 2.1 94,782 88,475 87,282 456,203 425,020 7.3

 New Orders.............................. 106,929 103,992 99,006 2.8 5.0 9.4 100,914 98,011 87,620 484,384 461,066 5.1

 Nondefense capital goods:

 Shipments................................ 82,903 80,184 81,589 3.4 -1.7 2.6 81,920 75,726 75,364 392,658 366,122 7.2

 New Orders.............................. 91,027 85,342 85,285 6.7 0.1 9.8 87,972 79,609 77,359 412,266 404,916 1.8

 Excluding aircraft:

 Shipments........................... 73,920 73,795 73,479 0.2 0.4 -0.2 73,669 70,384 70,573 360,230 343,940 4.7

 New Orders.......................... 73,959 73,462 73,034 0.7 0.6 -0.6 72,958 70,988 70,942 364,612 354,930 2.7

 Defense capital goods:

 Shipments................................ 13,175 13,336 12,890 -1.2 3.5 -0.7 12,862 12,749 11,918 63,545 58,898 7.9

 New Orders.............................. 15,902 18,650 13,721 -14.7 35.9 6.9 12,942 18,402 10,261 72,118 56,150 28.4

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, May Advance Report, June 27, 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

May Apr Mar Apr - Mar - Feb - May Apr May 2023/

2023 22023 r 2023 May 2Apr r Mar 2023 22023 2 2022 2022

DURABLE GOODS

 Total:

 Unfilled Orders4......................... 1,302,035 1,291,416 1,280,943 0.8 0.8 0.4 1,305,829 1,300,678 1,236,623 5.6

 Total Inventories....................... 522,946 521,720 516,694 0.2 1.0 -1.0 527,130 524,743 516,038 2.1

 Excluding transportation:

 Unfilled Orders4......................... 498,163 498,349 498,852 0.0 -0.1 0.1 503,940 504,533 504,647 -0.1

 Total Inventories....................... 358,680 357,628 357,606 0.3 0.0 0.0 362,086 360,149 352,670 2.7

 Excluding defense:

 Unfilled Orders4........................... 1,058,160 1,050,318 1,045,270 0.7 0.5 0.4 1,061,663 1,056,121 1,012,620 4.8

 Total Inventories....................... 493,538 492,412 487,658 0.2 1.0 -1.0 497,586 495,361 487,850 2.0

 Manufacturing with unfilled orders:

 Unfilled Orders......................... 1,302,035 1,291,416 1,280,943 0.8 0.8 0.4 1,305,829 1,300,678 1,236,623 5.6

 Total Inventories....................... 422,572 421,786 416,897 0.2 1.2 -1.1 426,024 424,460 416,599 2.3

 Primary metals:

 Unfilled Orders......................... 37,721 37,727 37,817 0.0 -0.2 0.1 38,434 38,596 40,661 -5.5

 Total Inventories....................... 46,907 46,670 46,589 0.5 0.2 -0.5 47,444 47,187 48,719 -2.6

 Fabricated metal products:

 Unfilled Orders......................... 129,048 129,110 129,142 0.0 0.0 -0.1 131,564 130,576 133,529 -1.5

 Total Inventories....................... 64,729 64,578 64,674 0.2 -0.1 -0.1 65,517 65,154 65,703 -0.3

 Machinery: 

 Unfilled Orders......................... 140,014 140,065 140,349 0.0 -0.2 -0.1 141,168 141,882 138,897 1.6

 Total Inventories....................... 94,389 93,925 93,761 0.5 0.2 0.2 95,176 94,326 87,658 8.6

 Computers and electronic products4:

 Unfilled Orders......................... 134,518 134,570 134,575 0.0 0.0 0.3 134,963 135,762 134,227 0.5

 Total Inventories....................... 55,046 55,061 55,215 0.0 -0.3 -0.3 55,568 55,327 54,693 1.6

 Computers and related products:

 Unfilled Orders......................... 1,274 1,309 1,315 -2.7 -0.5 1.3 1,274 1,309 1,303 -2.2

 Total Inventories....................... 3,614 3,701 3,667 -2.4 0.9 1.6 3,711 3,616 3,860 -3.9

 

 Communications equipment:

 Unfilled Orders......................... 17,244 17,361 17,491 -0.7 -0.7 -0.6 17,300 17,606 18,187 -4.9

 Total Inventories....................... 5,005 5,038 5,019 -0.7 0.4 -0.4 5,073 5,129 5,004 1.4

 Electrical equipment, appliances, 

 and components: 

 Unfilled Orders......................... 43,447 43,406 43,488 0.1 -0.2 0.4 43,981 43,928 42,656 3.1

 Total Inventories....................... 26,205 26,083 26,091 0.5 0.0 0.8 26,710 26,488 25,276 5.7

 Transportation equipment: 

 Unfilled Orders......................... 803,872 793,067 782,091 1.4 1.4 0.7 801,889 796,145 731,976 9.6

 Total Inventories....................... 164,266 164,092 159,088 0.1 3.1 -3.0 165,044 164,594 163,368 1.0

 Motor vehicles and parts:

 Unfilled Orders......................... 35,075 35,145 35,091 -0.2 0.2 0.3 35,316 36,036 36,524 -3.3

 Total Inventories....................... 53,657 53,452 53,190 0.4 0.5 -0.9 54,136 53,892 53,596 1.0

 

 Nondefense Aircraft and parts:

 Unfilled Orders......................... 548,379 540,158 534,409 1.5 1.1 0.8 546,003 539,295 494,134 10.5

 Total Inventories....................... 77,548 77,758 73,226 -0.3 6.2 -5.8 77,782 77,804 78,504 -0.9

 Defense Aircraft and parts: 

 Unfilled Orders......................... 70,971 70,829 68,040 0.2 4.1 1.7 71,191 72,026 62,534 13.8

 Total Inventories....................... 14,186 14,088 14,052 0.7 0.3 0.9 14,213 14,116 13,820 2.8

 All other durable goods: 

 Unfilled Orders......................... 13,415 13,471 13,481 -0.4 -0.1 -0.6 13,830 13,789 14,677 -5.8

 Total Inventories....................... 71,404 71,311 71,276 0.1 0.0 -0.2 71,671 71,667 70,621 1.5

 Capital goods3:

 Unfilled Orders......................... 962,242 951,391 940,919 1.1 1.1 0.5 962,067 955,935 895,075 7.5

 Total Inventories....................... 249,698 249,499 244,528 0.1 2.0 -1.6 251,473 249,936 241,747 4.0

 Nondefense capital goods:

 Unfilled Orders......................... 748,678 740,554 735,396 1.1 0.7 0.5 748,252 742,200 694,499 7.7

 Total Inventories....................... 225,514 225,368 220,666 0.1 2.1 -1.8 227,180 225,759 218,624 3.9

 Excluding aircraft: 

 Unfilled Orders.................... 273,096 273,057 273,390 0.0 -0.1 -0.2 275,062 275,773 273,668 0.5

 Total Inventories................... 161,724 161,312 161,191 0.3 0.1 0.3 163,419 161,818 153,717 6.3

 Defense capital goods:

 Unfilled Orders......................... 213,564 210,837 205,523 1.3 2.6 0.4 213,815 213,735 200,576 6.6

 Total Inventories....................... 24,184 24,131 23,862 0.2 1.1 0.1 24,293 24,177 23,123 5.1

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

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

and new orders include adjusted data for non-calendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading-day differences, where appropriate, as well as seasonal 

variation, based on the results of the latest annual review of the model parameters. Estimates are not adjusted for price changes. 

2

 Based on advance sample. Estimates of manufacturers' shipments, inventories, and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes 

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

limitations, see http://www.census.gov/manufacturing/m3. 

3

 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry, 

and other machinery; photographic equipment; metalworking machinery; turbines and generators; other power transmission equipment; pumps and compressors; material handling equipment; all other 

machinery; electronic computers; computer storage devices; other computer peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and control 

instruments; electrical equipment; other electrical equipment, appliances, and components; heavy duty trucks; aircraft; railroad rolling stock; ships and boats; office and institutional furniture; and medical 

equipment and supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and boats, and search and navigation equipment. 

4

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

changes for new orders and unfilled orders exclude semiconductor industry data. 

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, May Advance Report, June 27, 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>.