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FOR RELEASE AT 8:30 AM EDT, WEDNESDAY, JUNE 26, 2019

MONTHLY ADVANCE REPORT ON MANUFACTURERS’ SHIPMENTS, INVENTORIES AND

ORDERS MAY 2019

Release Number: CB 19‐93 M3‐1 (19)‐05

June 26, 2019 — The U.S. Census Bureau announces the May advance report on manufacturers’

shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in May decreased $3.3 billion or 1.3 percent to $243.4 billion,

the U.S. Census Bureau announced today.  This decrease, down three of the last four months, followed a

2.8 percent April decrease.  Excluding transportation, new orders increased 0.3 percent.  Excluding

defense, new orders decreased 0.6 percent.  Transportation equipment, also down three of the last four

months, drove the decrease, $3.9 billion or 4.6 percent to $80.0 billion.

Shipments

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

increased $0.9 billion or 0.4 percent to $254.1 billion.  This followed a 1.6 percent April decrease.  

Machinery, up four of the last five months, led the increase, $0.4 billion or 1.1 percent to $33.4 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in May, down three of the last four months, decreased

$6.4 billion or 0.5 percent to $1,171.2 billion.  This followed a 0.2 percent April decrease.  Transportation

DURABLE GOODS – NEW ORDERS

MAY 2019 $243.4 billion             ‐1.3%°   

APRIL 2019  

(revised) $246.7 billion             ‐2.8%°

Next release: July 25, 2019

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 26,

2019.

Jun‐18 Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19

% Change ‐0.1% ‐0.9% 4.2% 1.5% ‐4.4% 0.6% 1.1% 0.5% ‐2.6% 1.7% ‐2.8% ‐1.3%

‐8.0%

‐7.0%

‐6.0%

‐5.0%

‐4.0%

‐3.0%

‐2.0%

‐1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

DURABLE GOODS NEW ORDERS 2018‐2019

Seasonally Adjusted,   Month‐To‐Month Percentage Change

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

June 26, 2019.
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equipment, also down three of the last four months, led the decrease, $5.8 billion or 0.7 percent to $803.6

billion.

Inventories

Inventories of manufactured durable goods in May, up ten of the last eleven months, increased $2.1 billion

or 0.5 percent to $424.6 billion.  This followed a 0.4 percent April increase.  Transportation equipment,

also up ten of the last eleven months, drove the increase, $2.1 billion or 1.6 percent to $138.4 billion.   

Capital Goods

Nondefense new orders for capital goods in May decreased $1.7 billion or 2.3 percent to $70.8 billion.  

Shipments increased $0.3 billion or 0.5 percent to $76.1 billion.  Unfilled orders decreased $5.3 billion or

0.8 percent to $698.7 billion.  Inventories increased $1.9 billion or 1.0 percent to $188.1 billion.  Defense

new orders for capital goods in May decreased $1.2 billion or 7.8 percent to $13.9 billion.  Shipments

increased $0.1 billion or 0.5 percent to $13.0 billion.  Unfilled orders increased $0.9 billion or 0.5 percent

to $160.3 billion.  Inventories increased $0.1 billion or 0.4 percent to $23.5 billion.

Revised April Data

Revised seasonally adjusted April figures for all manufacturing industries were: new orders, $497.4 billion

(revised from $499.3 billion); shipments, $503.9 billion (revised from $504.1 billion); unfilled orders,

$1,177.6 billion (revised from $1,179.3 billion) and total inventories, $693.0 billion (revised from $692.9

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on July 3, 2019, at

10:00 a.m. EDT.  The Advance Report on durable goods for June is scheduled for release on July 25, 2019 at

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

indicators/> The full text and tables of this release can be found at www.census.gov/m3>.

EXPLANATORY NOTES

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

exclude data for semiconductor manufacturing.  

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

decrease.

Description of the survey  

This report is compiled from results of the U.S. Census Bureau’s Manufacturers’ Shipments, Inventories,

and Orders (M3) survey, which is a voluntary survey authorized by Title 13 of the United States Code.  This

survey provides statistics on a calendar‐month basis for manufacturers' value of shipments, new orders
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(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‐in‐

process, 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 month‐

to‐month change for the Manufacturing Sector.  These reporting units may be divisions of diversified large

companies, large homogenous companies, or single‐unit manufacturers in 92 industry categories, which

are combined into 65 publication levels due to the small monthly panel size.  The survey methodology

assumes that the month‐to‐month changes of the total operations of the reporting units in the M3 panel

effectively represent the month‐to‐month movements of all establishments that make up the category.  

The companies for which shipments data are currently reported or imputed in the M3 survey represent

approximately 64 percent of the total value of shipments for manufacturing establishments in the 2012

Economic Census, and these companies include almost two‐thirds of the manufacturing companies with

$500 million or more in shipments in the 2012 Economic Census.  The companies for which shipments data

are currently reported in the M3 survey represent approximately 57 percent of the total value of

shipments for manufacturing establishments in the 2012 Economic Census.  Statistics based on the M3

panel differ from the results that would be obtained from a complete enumeration of all manufacturing

companies.  The M3 panel is not based on a probability sample; therefore, the sampling errors that are

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>.

RESOURCES

API

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

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

before.

<www.census.gov/developers/>
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NEW TIME SERIES

Beginning with the release of June 2018 data on July 26, 2018, historical estimates of the Monthly Advance

Report on Manufacturers’ Shipments, Inventories and Orders are available on a seasonally adjusted basis

as well as a not seasonally adjusted basis at: <https://www.census.gov/econ/currentdata/>.   

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.

Notice of Revisions and Changes Due to Updated Seasonal Adjustment Models

On May 16, 2019, monthly seasonally adjusted data for Manufacturers’ Shipments, Inventories, and

Orders, based on the North American Industry Classification System, were revised for January 2002

through March 2019.  There was no accompanying press release containing revised seasonally adjusted

data for January through March of 2019, and historical data not seasonally adjusted were unchanged.   

These revisions to the historical seasonally adjusted data were based on the results of the recent annual

review of the seasonal adjustment models.  Based on this review, the lists of series that are seasonally

adjusted and not seasonally adjusted were updated.  Three unfilled orders series and one total inventories

series that have been adjusted are no longer seasonally adjusted.  Conversely, two stage of fabrication

series that have not been adjusted are now seasonally adjusted.  These changes were implemented on

May 16, 2019 and were used to produce seasonally adjusted data from the Manufacturers’ Shipments,

Inventories, and Orders Survey, beginning with the April 2019 Advance Report on Durable Goods released

on May 24, 2019 and the Full Report released on June 4, 2019.

###
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

2019 2 2019 r 2019 May 2 Apr r Mar 2019 2 2019 r 2018 2019 2018 2019/2018

DURABLE GOODS

   Total:               

               Shipments................................ 254,092 253,190 257,319 0.4 ‐1.6 ‐0.5 261,855 252,218 254,534 1,262,276 1,214,767 3.9

               New Orders4

.............................. 243,367 246,694 253,834 ‐1.3 ‐2.8 1.7 244,890 245,438 253,209 1,235,760 1,223,819 1.0

         Excluding transportation:

               Shipments................................ 168,337 167,677 167,815 0.4 ‐0.1 ‐0.7 173,204 167,920 169,648 825,457 802,497 2.9

               New Orders4

.............................. 163,371 162,840 163,039 0.3 ‐0.1 ‐0.5 168,217 165,761 168,092 815,382 803,279 1.5

         Excluding defense:

               Shipments................................ 239,037 238,127 242,824 0.4 ‐1.9 ‐0.6 247,078 238,689 241,367 1,191,391 1,151,435 3.5

               New Orders4

.............................. 227,976 229,451 237,243 ‐0.6 ‐3.3 0.1 231,842 231,325 239,784 1,164,577 1,160,583 0.3

    Manufacturing with unfilled orders:

               Shipments................................ 176,299 175,963 178,585 0.2 ‐1.5 ‐0.6 181,805 173,849 179,552 874,765 844,699 3.6

               New Orders.............................. 169,928 173,658 179,278 ‐2.1 ‐3.1 2.4 168,570 170,930 181,624 868,271 872,495 ‐0.5

    Primary metals:

               Shipments................................ 20,652 20,801 21,105 ‐0.7 ‐1.4 ‐1.4 21,771 21,653 22,560 106,840 105,546 1.2

               New Orders.............................. 20,589 20,517 21,027 0.4 ‐2.4 ‐2.0 21,108 21,531 22,589 107,596 108,614 ‐0.9

    Fabricated metal products:

               Shipments................................ 33,620 33,417 33,655 0.6 ‐0.7 ‐0.7 35,341 33,878 34,301 166,849 159,830 4.4

               New Orders.............................. 33,307 33,435 33,160 ‐0.4 0.8 ‐1.5 35,642 34,943 35,670 171,019 167,785 1.9

    Machinery:

               Shipments................................ 33,419 33,060 32,969 1.1 0.3 ‐1.4 35,049 33,775 33,920 166,232 161,305 3.1

               New Orders.............................. 32,824 32,608 32,545 0.7 0.2 ‐2.0 33,857 33,858 33,832 166,817 164,920 1.2

    Computers and electronic products 4

:

               Shipments................................ 28,311 28,134 27,791 0.6 1.2 ‐1.0 26,605 25,808 25,083 131,148 124,284 5.5

               New Orders.............................. 24,091 23,905 24,056 0.8 ‐0.6 2.1 22,710 22,050 22,010 113,226 108,402 4.5

         Computers and related products:

               Shipments................................ 1,813 1,827 1,750 ‐0.8 4.4 ‐5.4 1,624 1,523 1,623 7,831 7,826 0.1

               New Orders.............................. 1,770 1,813 1,752 ‐2.4 3.5 ‐4.8 1,581 1,509 1,632 7,808 7,963 ‐1.9

         Communications equipment:

               Shipments................................ 3,826 3,825 3,835 0.0 ‐0.3 0.6 3,570 3,476 3,197 17,559 15,654 12.2

               New Orders.............................. 3,695 3,633 3,920 1.7 ‐7.3 10.2 3,412 3,316 3,304 17,508 16,711 4.8

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 11,586 11,595 11,616 ‐0.1 ‐0.2 0.6 11,800 11,403 11,472 56,152 54,278 3.5

               New Orders.............................. 11,731 11,776 11,657 ‐0.4 1.0 1.1 12,013 11,689 11,540 57,367 55,138 4.0

    Transportation equipment:    

               Shipments................................ 85,755 85,513 89,504 0.3 ‐4.5 ‐0.1 88,651 84,298 84,886 436,819 412,270 6.0

               New Orders.............................. 79,996 83,854 90,795 ‐4.6 ‐7.6 6.0 76,673 79,677 85,117 420,378 420,540 0.0

         Motor vehicles and parts:

               Shipments................................ 60,555 60,292 62,353 0.4 ‐3.3 1.0 63,150 61,502 57,515 309,961 288,140 7.6

               New Orders.............................. 60,477 60,142 62,146 0.6 ‐3.2 0.4 63,108 60,764 57,617 310,317 288,729 7.5

         Nondefense aircraft and parts:

               Shipments................................ 10,407 10,558 13,085 ‐1.4 ‐19.3 ‐3.4 10,281 9,131 13,842 56,289 60,508 ‐7.0

               New Orders.............................. 5,338 7,438 12,256 ‐28.2 ‐39.3 7.8 780 5,260 12,998 41,339 68,240 ‐39.4

         Defense aircraft and parts:

               Shipments................................ 4,708 4,783 4,516 ‐1.6 5.9 ‐2.6 4,637 4,012 4,539 21,858 20,594 6.1

               New Orders.............................. 4,534 5,350 5,590 ‐15.3 ‐4.3 19.0 2,749 4,933 4,404 21,532 17,897 20.3

    All other durable goods:           

               Shipments................................ 40,749 40,670 40,679 0.2 0.0 0.2 42,638 41,403 42,312 198,236 197,254 0.5

               New Orders.............................. 40,829 40,599 40,594 0.6 0.0 0.3 42,887 41,690 42,451 199,357 198,420 0.5

    Capital goods3

:

               Shipments................................ 89,098 88,691 90,810 0.5 ‐2.3 ‐0.6 89,136 85,154 88,478 435,752 421,434 3.4

               New Orders.............................. 84,657 87,523 91,900 ‐3.3 ‐4.8 6.3 78,520 82,435 87,316 426,540 434,256 ‐1.8

           Nondefense capital goods:

               Shipments................................ 76,086 75,738 78,288 0.5 ‐3.3 ‐0.9 76,273 73,314 77,209 374,259 367,199 1.9

               New Orders.............................. 70,792 72,485 77,840 ‐2.3 ‐6.9 2.6 66,329 70,690 75,891 363,648 379,805 ‐4.3

                Excluding aircraft:

                    Shipments........................... 70,086 69,633 69,380 0.7 0.4 ‐0.6 70,306 68,288 67,487 339,783 327,431 3.8

                    New Orders.......................... 68,950 68,695 69,396 0.4 ‐1.0 0.3 68,846 68,174 68,188 341,825 334,262 2.3

           Defense capital goods:

               Shipments................................ 13,012 12,953 12,522 0.5 3.4 0.9 12,863 11,840 11,269 61,493 54,235 13.4

               New Orders.............................. 13,865 15,038 14,060 ‐7.8 7.0 32.7 12,191 11,745 11,425 62,892 54,451 15.5

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

1

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

shipments and new orders include adjusted data for non‐calendar reporters. Seasonally adjusted estimates include concurrent adjustments for holiday and trading‐day differences, where appropriate,  

as well as seasonal variation, based on the results of the latest annual review of the model parameters. Estimates are not adjusted for price changes.         2 Based on advance sample. Estimates of manufacturers' shipments, inventories, and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors of coverage, response and

nonreporting. Since the survey panel is not a probability sample, estimates of sampling error cannot be calculated. For further details on survey design, methodology, and data limitations, see http://www.census.gov/manufacturing/m3.      3 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry, and other machinery; photographic

equipment; metalworking machinery; turbines and generators; other power transmission equipment; pumps and compressors; material handling equipment; all other machinery; electronic computers; computer storage devices; other computer

peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and  control instruments; electrical equipment; other electrical equipment, appliances, and components; heavy duty trucks; aircraft;

railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and

boats, and search and navigation equipment.    4 Estimates and percent changes of shipments and inventories for the semiconductor industry are included in computers and electronic products, and all other applicable aggregate totals.  Estimates and percent changes for new orders and unfilled

orders exclude semiconductor industry data.   

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, May Advance Report, June 26, 2019. 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 2019/

2019 2 2019 r 2019 May 2 Apr r Mar 2019 2 2019 r 2018 2018

DURABLE GOODS

   Total:                   

               Unfilled Orders 4......................... 1,171,228 1,177,599 1,179,904 ‐0.5 ‐0.2 0.1 1,173,140 1,186,375 1,164,208 0.8

               Total Inventories....................... 424,577 422,504 420,796 0.5 0.4 0.3 427,258 424,779 406,964 5.0

         Excluding transportation:

               Unfilled Orders 4......................... 367,583 368,195 368,841 ‐0.2 ‐0.2 ‐0.2 373,004 374,261 366,099 1.9

               Total Inventories....................... 286,159 286,201 286,204 0.0 0.0 0.4 287,833 287,584 276,753 4.0

         Excluding defense:

               Unfilled Orders 4

........................... 969,096 975,803 980,288 ‐0.7 ‐0.5 ‐0.1 972,527 984,033 984,123 ‐1.2

               Total Inventories....................... 396,771 394,754 393,181 0.5 0.4 0.3 399,251 396,919 380,005 5.1

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,171,228 1,177,599 1,179,904 ‐0.5 ‐0.2 0.1 1,173,140 1,186,375 1,164,208 0.8

               Total Inventories....................... 346,209 344,586 342,962 0.5 0.5 0.4 348,661 346,510 331,168 5.3

    Primary metals:

               Unfilled Orders......................... 31,330 31,393 31,677 ‐0.2 ‐0.9 ‐0.2 31,859 32,522 30,946 3.0

               Total Inventories....................... 36,144 36,431 36,403 ‐0.8 0.1 ‐0.7 36,040 36,395 34,704 3.8

    Fabricated metal products:

               Unfilled Orders......................... 85,581 85,894 85,876 ‐0.4 0.0 ‐0.6 87,734 87,433 85,329 2.8

               Total Inventories....................... 54,694 54,663 54,924 0.1 ‐0.5 0.1 54,930 54,906 52,776 4.1

    Machinery:     

               Unfilled Orders......................... 103,579 104,174 104,626 ‐0.6 ‐0.4 ‐0.4 104,385 105,577 104,952 ‐0.5

               Total Inventories....................... 71,885 71,751 71,647 0.2 0.1 1.0 72,352 72,205 68,507 5.6

    Computers and electronic products4

:

               Unfilled Orders......................... 118,190 118,056 118,094 0.1 0.0 0.4 119,143 119,308 115,332 3.3

               Total Inventories....................... 43,307 43,390 43,395 ‐0.2 0.0 0.4 43,940 43,728 44,025 ‐0.2

         Computers and related products:

               Unfilled Orders......................... 2,172 2,215 2,229 ‐1.9 ‐0.6 0.1 2,172 2,215 2,015 7.8

               Total Inventories....................... 3,751 3,741 3,869 0.3 ‐3.3 0.9 3,826 3,674 3,779 1.2

         Communications equipment:

               Unfilled Orders......................... 25,746 25,877 26,069 ‐0.5 ‐0.7 0.3 26,042 26,200 26,116 ‐0.3

               Total Inventories....................... 5,534 5,559 5,544 ‐0.4 0.3 1.1 5,656 5,590 5,563 1.7

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 19,735 19,590 19,409 0.7 0.9 0.2 20,170 19,957 19,892 1.4

               Total Inventories....................... 20,299 20,277 20,287 0.1 0.0 1.0 20,613 20,544 18,882 9.2

    Transportation equipment:    

               Unfilled Orders......................... 803,645 809,404 811,063 ‐0.7 ‐0.2 0.2 800,136 812,114 798,109 0.3

               Total Inventories....................... 138,418 136,303 134,592 1.6 1.3 0.3 139,425 137,195 130,211 7.1

         Motor vehicles and parts:

               Unfilled Orders......................... 27,080 27,158 27,308 ‐0.3 ‐0.5 ‐0.8 27,548 27,590 27,096 1.7

               Total Inventories....................... 38,348 38,042 37,760 0.8 0.7 ‐0.2 38,254 38,134 36,127 5.9

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 585,547 590,616 593,736 ‐0.9 ‐0.5 ‐0.1 583,238 592,739 600,842 ‐2.9

               Total Inventories....................... 71,117 69,398 68,220 2.5 1.7 0.3 72,134 70,172 66,669 8.2

         Defense Aircraft and parts:       

               Unfilled Orders......................... 83,070 83,244 82,677 ‐0.2 0.7 1.3 81,863 83,751 69,797 17.3

               Total Inventories....................... 13,255 13,375 13,199 ‐0.9 1.3 ‐1.0 13,353 13,420 12,878 3.7

    All other durable goods:           

               Unfilled Orders......................... 9,168 9,088 9,159 0.9 ‐0.8 ‐0.9 9,713 9,464 9,648 0.7

               Total Inventories....................... 59,830 59,689 59,548 0.2 0.2 0.3 59,958 59,806 57,859 3.6

    Capital goods3

:

               Unfilled Orders......................... 859,007 863,448 864,616 ‐0.5 ‐0.1 0.1 857,985 868,601 861,915 ‐0.5

               Total Inventories....................... 211,551 209,559 208,198 1.0 0.7 0.7 213,802 210,544 201,684 6.0

           Nondefense capital goods:

               Unfilled Orders......................... 698,748 704,042 707,295 ‐0.8 ‐0.5 ‐0.1 698,809 708,753 715,418 ‐2.3

               Total Inventories....................... 188,090 186,184 184,956 1.0 0.7 0.7 190,238 187,104 179,151 6.2

                Excluding aircraft:               

                    Unfilled Orders.................... 219,108 220,244 221,182 ‐0.5 ‐0.4 0.0 221,387 222,847 221,321 0.0

                    Total Inventories................... 129,337 129,078 128,976 0.2 0.1 0.7 130,404 129,408 124,373 4.8

           Defense capital goods:

               Unfilled Orders......................... 160,259 159,406 157,321 0.5 1.3 1.0 159,176 159,848 146,497 8.7

               Total Inventories....................... 23,461 23,375 23,242 0.4 0.6 1.0 23,564 23,440 22,533 4.6

r  Revised data due to late receipts and concurrent seasonal adjustment.      1 Estimates of shipments and new orders are for the duration of the period, while estimates of unfilled orders and total inventories are for the end of the period. Not seasonally adjusted estimates of shipments and

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

based on the results of the latest annual review of the model parameters. Estimates are not adjusted for price changes.         2 Based on advance sample. Estimates of manufacturers' shipments, inventories, and orders are subject to survey error and revision. One major component of survey error is nonsampling error, which includes errors

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

see http://www.census.gov/manufacturing/m3.      3 The Capital Goods Industries include Nondefense : small arms and ordnance; farm machinery and equipment; construction machinery; mining, oil, and gas field machinery; industrial machinery; vending, laundry,

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

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

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

supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and boats, and search and navigation equipment.    4 Estimates and percent changes of shipments and inventories for the semiconductor industry are included in computers and electronic products, and all other applicable aggregate totals.  Estimates and percent

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

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, May Advance Report, June 26, 2019. 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>.