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FOR RELEASE AT 8:30 AM EST, THURSDAY, JANUARY 27, 2022

MONTHLY ADVANCE REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, 

INVENTORIES AND ORDERS DECEMBER 2021

Release Number: CB 22-17 M3-1 (21)-12

Statement Regarding COVID-19 Impact: The Census Bureau continues to monitor response and data 

quality and has determined that estimates in this release meet publication standards. For more 

information, see < M3 COVID-19 FAQs>.

January 27, 2022 — The U.S. Census Bureau announces the December advance report on durable goods 

manufacturers’ shipments, inventories and orders:

New Orders

New orders for manufactured durable goods in December decreased $2.4 billion or 0.9 percent to $267.6

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

increases, followed a 3.2 percent November increase. Excluding transportation, new orders increased 0.4

percent. Excluding defense, new orders increased 0.1 percent. Transportation equipment, down three of 

the last four months, drove the decrease, $3.3 billion or 3.9 percent to $80.1 billion.

DURABLE GOODS – NEW ORDERS

DECEMBER 2021 $267.6 billion -0.9%°

NOVEMBER 2021

(revised) $270.1 billion +3.2%°

Next release: February 25, 2022

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, January 27, 

2022.

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

DURABLE GOODS NEW ORDERS 2021

Seasonally Adjusted, Month-To-Month Percentage Change

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders, January 27, 2022.
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Shipments

Shipments of manufactured durable goods in December, up seven of the last eight months, increased $2.2

billion or 0.8 percent to $266.0 billion. This followed a 0.8 percent November increase. Transportation 

equipment, up three consecutive months, led the increase, $0.7 billion or 0.9 percent to $77.4 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in December, up eleven consecutive months, increased

$6.0 billion or 0.5 percent to $1,267.5 billion. This followed a 0.8 percent November increase.

Transportation equipment, up ten of the last eleven months, led the increase, $2.8 billion or 0.3 percent to 

$835.1 billion.

Inventories

Inventories of manufactured durable goods in December, up eleven consecutive months, increased $3.3

billion or 0.7 percent to $473.6 billion. This followed a 0.8 percent November increase. Machinery, up 

fourteen consecutive months, led the increase, $0.8 billion or 1.0 percent to $78.4 billion. 

Capital Goods

Nondefense new orders for capital goods in December decreased $2.1 billion or 2.4 percent to $87.4

billion. Shipments increased $0.9 billion or 1.1 percent to $82.0 billion. Unfilled orders increased $5.4

billion or 0.7 percent to $775.7 billion. Inventories increased $1.4 billion or 0.7 percent to $207.6 billion. 

Defense new orders for capital goods in December decreased $3.9 billion or 28.4 percent to $9.8 billion. 

Shipments decreased $0.3 billion or 2.3 percent to $12.3 billion. Unfilled orders decreased $2.5 billion or 

1.3 percent to $188.7 billion. Inventories decreased less than $0.1 billion or virtually unchanged to $21.3

billion.

Revised November Data

Revised seasonally adjusted November figures for all manufacturing industries were: new orders, $533.1

billion (revised from $531.8 billion); shipments, $526.9 billion (revised from $527.0 billion); unfilled orders, 

$1,261.5 billion (revised from $1,260.1 billion) and total inventories, $770.7 billion (revised from $770.0

billion).

Revised and more detailed estimates, plus nondurable goods data, will be published on February 3, 2022,

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

25, 2022 at 8:30 a.m. EST. View the full schedule in the Economic Briefing Room:

<https://www.census.gov/economic-indicators/>. The full text and tables of this release can be found at

<www.census.gov/m3>.
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EXPLANATORY NOTES

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

exclude data for semiconductor manufacturing. 

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

decrease.

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 
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survey documentation can be found on our web site: 

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

Special Notice - New Advance Estimates Of Total Manufacturing

Beginning with September 2021 data on October 27, 2021, advance estimates of total manufacturing, 

including M3 durable and nondurable industries, for shipments and inventories, are available at the same 

time as the Advance Report on Durable Goods Manufacturers’ Shipments, Inventories and Orders. 

Monthly advance total manufacturing estimates are available on a seasonally adjusted basis as well as a 

not seasonally adjusted basis on the M3 website under the “Advance Report Highlights”. 

2022 Release Dates for the M3 Survey

Survey month Advance Report 

(8:30 a.m. release time)

Full Report 

(10:00 a.m. release time)

Nov-21 Thu 12/23/2021 Thu 1/6/2022

Dec-21 Thu 1/27/2022 Thu 2/3/2022

Jan-22 Fri 2/25/2022 Thu 3/3/2022

Feb-22 Thu 3/24/2022 Mon 4/4/2022

Mar-22 Tue 4/26/2022 Tue 5/3/2022

Apr-22 Wed 5/25/2022 Thu 6/2/2022

May-22 Mon 6/27/2022 Tue 7/5/2022

Jun-22 Wed 7/27/2022 Wed 8/3/2022

Jul-22 Wed 8/24/2022 Fri 9/2/2022

Aug-22 Tue 9/27/2022 Tue 10/4/2022

Sep-22 Thu 10/27/2022 Thu 11/3/2022

Oct-22 Wed 11/23/2022 Mon 12/5/2022

Nov-22 Fri 12/23/2022 Not available at this time

OMB: Schedule of Release Dates 2022 (whitehouse.gov)
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RESOURCES

API

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

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

before.

<www.census.gov/developers/>

FRED Mobile App

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

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

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

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

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

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

Seasonally Adjusted Not Seasonally Adjusted

Monthly Percent Change Monthly Year to Date

Item           Percent

Dec Nov Oct Nov ‐ Oct ‐ Sep ‐ Dec Nov Dec Change

2021 2 2021 r 2021 Dec 2 Nov r Oct 2021 2 2021 r 2020 2021 2020 2021/2020

DURABLE GOODS

   Total:               

               Shipments................................ 265,997 263,822 261,753 0.8 0.8 1.7 268,577 256,091 243,873 3,050,135 2,708,974 12.6

               New Orders

4

.............................. 267,629 270,072 261,728 ‐0.9 3.2 0.1 280,306 257,687 242,573 3,084,113 2,550,811 20.9

         Excluding transportation:

               Shipments................................ 188,640 187,171 186,143 0.8 0.6 0.9 188,648 180,163 167,283 2,160,291 1,898,852 13.8

               New Orders

4

.............................. 187,498 186,683 184,686 0.4 1.1 0.3 187,296 177,205 167,299 2,162,411 1,862,479 16.1

         Excluding defense:

               Shipments................................ 251,822 249,286 247,196 1.0 0.8 1.6 252,794 240,919 229,225 2,881,493 2,552,049 12.9

               New Orders

4

.............................. 254,647 254,381 247,762 0.1 2.7 1.3 260,751 244,465 225,528 2,918,983 2,393,841 21.9

    Manufacturing with unfilled orders:

               Shipments................................ 185,910 185,703 184,877 0.1 0.4 1.2 189,718 179,643 167,663 2,135,034 1,886,479 13.2

               New Orders.............................. 191,927 196,221 189,188 ‐2.2 3.7 ‐1.0 205,387 185,974 170,209 2,221,552 1,778,224 24.9

    Primary metals:

               Shipments................................ 24,781 24,639 24,692 0.6 ‐0.2 2.6 22,960 23,156 18,207 275,425 219,482 25.5

               New Orders.............................. 24,950 24,454 24,438 2.0 0.1 1.0 23,697 23,200 19,405 281,178 222,353 26.5

    Fabricated metal products:

               Shipments................................ 36,785 36,416 36,177 1.0 0.7 1.5 34,553 35,023 29,505 412,619 356,661 15.7

               New Orders.............................. 37,512 36,940 36,511 1.5 1.2 ‐0.6 34,621 34,191 30,354 430,565 359,419 19.8

    Machinery:

               Shipments................................ 37,569 37,129 37,079 1.2 0.1 ‐0.3 39,357 34,582 33,773 429,774 374,988 14.6

               New Orders.............................. 38,233 38,266 38,569 ‐0.1 ‐0.8 ‐0.5 39,356 35,677 34,834 446,128 378,681 17.8

    Computers and electronic products

4

:

               Shipments................................ 29,286 29,067 29,001 0.8 0.2 ‐0.6 33,125 29,311 31,938 346,944 328,957 5.5

               New Orders.............................. 25,770 26,501 25,449 ‐2.8 4.1 0.9 30,962 25,613 29,339 301,104 281,278 7.0

         Computers and related products:

               Shipments................................ 1,912 1,891 1,935 1.1 ‐2.3 ‐1.3 2,465 1,873 2,337 23,515 21,434 9.7

               New Orders.............................. 1,867 1,857 1,900 0.5 ‐2.3 ‐2.1 2,420 1,839 2,379 23,336 21,392 9.1

         Communications equipment:

               Shipments................................ 3,473 3,519 3,497 ‐1.3 0.6 0.7 4,766 3,358 4,750 41,545 39,163 6.1

               New Orders.............................. 4,228 4,493 4,062 ‐5.9 10.6 10.9 5,697 4,255 4,915 45,154 39,731 13.6

    Electrical equipment, appliances,    

       and components:                   

               Shipments................................ 12,999 12,931 12,876 0.5 0.4 1.9 13,085 12,567 11,421 149,745 130,942 14.4

               New Orders.............................. 13,386 13,439 13,454 ‐0.4 ‐0.1 1.6 13,357 12,951 11,791 155,385 132,897 16.9

    Transportation equipment:    

               Shipments................................ 77,357 76,651 75,610 0.9 1.4 3.6 79,929 75,928 76,590 889,844 810,122 9.8

               New Orders.............................. 80,131 83,389 77,042 ‐3.9 8.2 ‐0.3 93,010 80,482 75,274 921,702 688,332 33.9

         Motor vehicles and parts:

               Shipments................................ 54,927 54,163 52,915 1.4 2.4 5.2 53,531 53,452 53,137 627,000 574,246 9.2

               New Orders.............................. 54,906 54,163 53,277 1.4 1.7 5.8 54,402 53,977 54,169 630,862 575,545 9.6

         Nondefense aircraft and parts5:

               Shipments................................ 7,983 7,976 8,156 0.1 ‐2.2 ‐4.7 10,455 7,751 9,315 94,555 81,148 16.5

               New Orders.............................. 12,062 14,094 9,929 ‐14.4 41.9 ‐4.1 19,547 13,782 5,406 127,168 ‐41,584 (NA)

         Defense aircraft and parts:

               Shipments................................ 4,354 4,691 4,672 ‐7.2 0.4 6.3 4,854 4,850 4,733 54,214 55,358 ‐2.1

               New Orders.............................. 4,707 5,299 4,923 ‐11.2 7.6 ‐18.6 7,291 4,227 5,802 52,252 50,927 2.6

    All other durable goods:           

               Shipments................................ 47,220 46,989 46,318 0.5 1.4 1.1 45,568 45,524 42,439 545,784 487,822 11.9

               New Orders.............................. 47,647 47,083 46,265 1.2 1.8 0.7 45,303 45,573 41,576 548,051 487,851 12.3

    Capital goods3

:

               Shipments................................ 94,249 93,644 93,295 0.6 0.4 0.2 104,270 90,878 94,182 1,090,637 965,746 12.9

               New Orders.............................. 97,142 103,162 97,173 ‐5.8 6.2 ‐2.5 114,004 97,202 91,947 1,144,609 854,949 33.9

           Nondefense capital goods:

               Shipments................................ 81,976 81,081 80,777 1.1 0.4 ‐0.2 90,658 77,664 81,718 945,197 832,650 13.5

               New Orders.............................. 87,386 89,535 85,132 ‐2.4 5.2 0.4 98,699 85,672 77,157 1,001,681 717,976 39.5

               Excluding aircraft:

                    Shipments........................... 77,349 76,362 76,020 1.3 0.4 0.3 83,832 73,077 75,249 888,718 787,577 12.8

                    New Orders.......................... 79,065 79,031 78,819 0.0 0.3 0.8 84,521 75,282 75,978 914,412 795,405 15.0

           Defense capital goods:

               Shipments................................ 12,273 12,563 12,518 ‐2.3 0.4 2.4 13,612 13,214 12,464 145,440 133,096 9.3

               New Orders.............................. 9,756 13,627 12,041 ‐28.4 13.2 ‐18.7 15,305 11,530 14,790 142,928 136,973 4.3

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

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

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

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

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

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

other computer peripheral equipment; communications equipment; search and navigation equipment; electromedical, measuring, and  control instruments; electrical equipment; other electrical equipment, appliances, and components;

heavy duty trucks; aircraft; railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and supplies. Defense Capital Goods include : small arms and ordnance, communications equipment, aircraft;

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

unfilled orders exclude semiconductor industry data.   5 (NA) ‐ New Orders year‐to‐date percent change is not provided for Nondefense aircraft and parts because the denominator has a negative value.  

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, December Advance Report, January 27, 2022. 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

Dec Nov Oct Nov ‐ Oct ‐ Sep ‐ Dec Nov Dec 2021/

20212 2021r 2021 Dec 2 Nov r Oct 20212 2021r 2020 2020

DURABLE GOODS

   Total:                   

               Unfilled Orders4......................... 1,267,535 1,261,518 1,251,000 0.5 0.8 0.3 1,261,129 1,245,460 1,174,611 7.4

               Total Inventories....................... 473,606 470,262 466,755 0.7 0.8 0.7 461,479 470,686 421,661 9.4

         Excluding transportation:

               Unfilled Orders4

......................... 432,469 429,226 425,446 0.8 0.9 0.7 425,385 422,797 370,725 14.7

               Total Inventories....................... 319,033 316,201 312,820 0.9 1.1 1.2 312,271 315,494 278,642 12.1

         Excluding defense:

               Unfilled Orders4

........................... 1,053,302 1,046,092 1,036,729 0.7 0.9 0.5 1,048,090 1,036,193 958,060 9.4

               Total Inventories....................... 448,528 445,181 441,759 0.8 0.8 0.8 436,594 445,683 397,803 9.8

    Manufacturing with unfilled orders:

               Unfilled Orders......................... 1,267,535 1,261,518 1,251,000 0.5 0.8 0.3 1,261,129 1,245,460 1,174,611 7.4

               Total Inventories....................... 382,066 379,196 376,313 0.8 0.8 0.8 372,515 379,179 342,715 8.7

    Primary metals:

               Unfilled Orders......................... 40,799 40,630 40,815 0.4 ‐0.5 ‐0.6 40,460 39,723 34,707 16.6

               Total Inventories....................... 42,666 42,265 41,912 0.9 0.8 1.9 42,226 41,887 34,781 21.4

    Fabricated metal products:

               Unfilled Orders......................... 105,392 104,665 104,141 0.7 0.5 0.3 102,307 102,239 84,361 21.3

               Total Inventories....................... 62,629 61,973 61,159 1.1 1.3 1.6 61,342 61,119 52,203 17.5

    Machinery:     

               Unfilled Orders......................... 115,743 115,079 113,942 0.6 1.0 1.3 113,790 113,791 97,436 16.8

               Total Inventories....................... 78,352 77,549 76,453 1.0 1.4 1.6 76,525 78,387 68,142 12.3

    Computers and electronic products4

:

               Unfilled Orders......................... 124,772 123,903 122,201 0.7 1.4 0.6 124,439 122,662 117,739 5.7

               Total Inventories....................... 48,036 47,752 47,451 0.6 0.6 0.1 46,740 48,029 45,143 3.5

         Computers and related products:

               Unfilled Orders......................... 1,366 1,411 1,445 ‐3.2 ‐2.4 ‐2.4 1,366 1,411 1,545 ‐11.6

               Total Inventories....................... 3,844 3,815 3,786 0.8 0.8 0.5 3,702 3,913 3,394 9.1

         Communications equipment:

               Unfilled Orders......................... 22,174 21,419 20,445 3.5 4.8 2.8 22,091 21,160 18,482 19.5

               Total Inventories....................... 5,131 5,120 5,142 0.2 ‐0.4 0.3 4,839 5,268 4,790 1.0

    Electrical equipment, appliances,    

        and components:                   

               Unfilled Orders......................... 32,879 32,492 31,984 1.2 1.6 1.8 32,244 31,972 26,604 21.2

               Total Inventories....................... 22,069 21,658 21,375 1.9 1.3 0.9 21,126 21,282 19,081 10.7

    Transportation equipment:    

               Unfilled Orders......................... 835,066 832,292 825,554 0.3 0.8 0.2 835,744 822,663 803,886 4.0

               Total Inventories....................... 154,573 154,061 153,935 0.3 0.1 ‐0.3 149,208 155,192 143,019 4.3

         Motor vehicles and parts:

               Unfilled Orders......................... 28,444 28,465 28,465 ‐0.1 0.0 1.3 28,709 27,838 24,847 15.5

               Total Inventories....................... 50,109 49,604 49,827 1.0 ‐0.4 ‐0.5 47,660 49,628 39,145 21.8

         Nondefense Aircraft and parts:

               Unfilled Orders......................... 609,910 605,831 599,713 0.7 1.0 0.3 611,373 602,281 578,760 5.6

               Total Inventories....................... 76,316 76,224 76,035 0.1 0.2 ‐0.3 73,757 77,346 77,355 ‐4.7

         Defense Aircraft and parts:       

               Unfilled Orders......................... 82,419 82,066 81,458 0.4 0.7 0.3 82,019 79,582 83,981 ‐2.3

               Total Inventories....................... 12,522 12,631 12,556 ‐0.9 0.6 0.1 12,442 12,655 12,138 2.5

    All other durable goods:           

               Unfilled Orders......................... 12,884 12,457 12,363 3.4 0.8 ‐0.4 12,145 12,410 9,878 22.9

               Total Inventories....................... 65,281 65,004 64,470 0.4 0.8 0.9 64,312 64,790 59,292 8.5

    Capital goods3

:

               Unfilled Orders......................... 964,343 961,450 951,932 0.3 1.0 0.4 960,425 950,691 906,453 6.0

               Total Inventories....................... 228,931 227,583 225,635 0.6 0.9 0.6 222,666 229,673 212,123 5.0

           Nondefense capital goods:

               Unfilled Orders......................... 775,667 770,257 761,803 0.7 1.1 0.6 773,209 765,168 716,725 7.9

               Total Inventories....................... 207,594 206,243 204,370 0.7 0.9 0.6 201,442 208,435 191,866 5.0

                Excluding aircraft:               

                    Unfilled Orders.................... 243,040 241,324 238,655 0.7 1.1 1.2 239,604 238,915 213,910 12.0

                    Total Inventories................... 141,421 140,192 138,524 0.9 1.2 1.1 137,782 141,283 125,492 9.8

           Defense capital goods:

               Unfilled Orders......................... 188,676 191,193 190,129 ‐1.3 0.6 ‐0.3 187,216 185,523 189,728 ‐1.3

               Total Inventories....................... 21,337 21,340 21,265 0.0 0.4 0.5 21,224 21,238 20,257 4.8

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

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

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

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

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

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

http://www.census.gov/manufacturing/m3.     

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

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

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

electrical equipment, appliances, and components; heavy duty trucks; aircraft; railroad rolling stock; ships and boats; office and institutional furniture; and medical equipment and supplies. Defense Capital Goods include :

small arms and ordnance, communications equipment, aircraft; missiles, space vehicles, and parts, ships and boats, and search and navigation equipment.   

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

new orders and unfilled orders exclude semiconductor industry data.   

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, December Advance Report, January 27, 2022. 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>.