Table 4. Value of Manufacturers' Inventories for Industry Groups1

[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 % Change

Industry May

May Apr. Mar. Apr. - Mar. - Feb. - May Apr. Mar. May 2024/

2024p 2024r 2024 May Apr. Mar. 2024p 2024r 2024 2023 2023

 All manufacturing industries...................... 860,133 858,304 857,397 0.2 0.1 0.0 866,043 863,860 859,005 859,332 0.8

 Excluding transportation........................ 687,819 687,110 687,101 0.1 0.0 0.0 692,886 692,246 689,202 694,458 -0.2

 Excluding defense............................. 829,290 827,478 826,800 0.2 0.1 0.0 834,988 832,929 828,391 829,777 0.6

 With unfilled orders............................. 430,019 428,438 427,560 0.4 0.2 0.1 433,539 430,826 427,850 426,126 1.7

 Durable goods industries........................ 529,930 528,539 527,903 0.3 0.1 0.0 534,164 531,341 528,336 527,050 1.3

 Wood products........................................ 16,051 15,930 15,827 0.8 0.7 0.3 15,875 16,013 16,229 15,845 0.2

 Nonmetallic mineral products..................... 17,549 17,477 17,454 0.4 0.1 -0.1 17,878 17,765 17,759 17,473 2.3

 Primary metals......................................... 45,504 45,601 45,663 -0.2 -0.1 0.0 46,185 46,016 45,719 47,421 -2.6

 Iron and steel mills............................... 26,579 26,718 26,795 -0.5 -0.3 0.1 26,787 26,821 26,794 27,561 -2.8

 Aluminum and nonferrous metals............ 15,747 15,697 15,652 0.3 0.3 -0.2 16,156 15,933 15,646 16,645 -2.9

 Ferrous metal foundries........................ 3,178 3,186 3,216 -0.3 -0.9 0.4 3,242 3,262 3,279 3,215 0.8

 Fabricated metal products......................... 64,631 64,598 64,584 0.1 0.0 -0.1 65,361 65,146 64,811 65,547 -0.3

 Machinery.............................................. 94,577 94,664 94,786 -0.1 -0.1 -0.3 95,381 95,162 95,664 95,359 0.0

 Farm machinery.................................. 5,238 5,373 5,457 -2.5 -1.5 -0.5 5,244 5,403 5,724 5,710 -8.2

 Construction machinery......................... 10,086 9,957 9,847 1.3 1.1 -1.0 10,105 10,127 10,071 9,491 6.5

 Mining, oil field, 

 and gas field machinery.................... 5,318 5,396 5,485 -1.4 -1.6 -0.4 5,353 5,371 5,430 5,937 -9.8

 Industrial machinery............................. 10,874 10,967 11,006 -0.8 -0.4 -0.9 10,952 10,574 11,267 11,339 -3.4

 Photographic equipment....................... 1,404 1,396 1,396 0.6 0.0 -1.1 1,420 1,414 1,351 1,483 -4.2

 Ventilation, heating, air-conditioning,

 and refrigeration equipment............... 9,305 9,373 9,473 -0.7 -1.1 -1.0 9,694 9,833 9,871 9,959 -2.7

 Metalworking machinery........................ 7,606 7,592 7,572 0.2 0.3 0.4 7,639 7,603 7,509 7,407 3.1

 Turbines, generators, and other

 power transmission equipment............ 12,508 12,485 12,434 0.2 0.4 0.6 12,699 12,625 12,391 12,001 5.8

 Material handling equipment.................. 8,257 8,133 8,108 1.5 0.3 0.4 8,281 8,180 8,077 8,198 1.0

 Computers and electronic products2............ 55,173 55,067 55,293 0.2 -0.4 -0.1 55,548 55,263 54,534 55,559 0.0

 Computers......................................... 1,835 1,881 1,886 -2.4 -0.3 0.0 1,877 1,858 1,804 1,995 -5.9

 Computer storage devices.................... 617 619 626 -0.3 -1.1 3.6 624 602 578 626 -0.3

 Other peripheral equipment................... 961 966 1,000 -0.5 -3.4 -0.6 985 967 953 1,091 -9.7

 Nondefense communications

 equipment...................................... 4,331 4,330 4,352 0.0 -0.5 0.3 4,400 4,384 4,275 4,464 -1.4

 Defense communications equipment........ 652 660 643 -1.2 2.6 -0.3 652 660 643 634 2.8

 Audio and video equipment.................... 560 565 587 -0.9 -3.7 -0.3 586 596 596 853 -31.3

 Electronic components.......................... 10,383 10,256 10,316 1.2 -0.6 -0.8 10,298 10,477 10,309 10,625 -3.1

 Nondefense search and navigation

 equipment...................................... 4,263 4,264 4,282 0.0 -0.4 -0.5 4,245 4,250 4,219 4,182 1.5

 Defense search and navigation

 equipment....................................... 3,493 3,482 3,475 0.3 0.2 0.0 3,571 3,536 3,483 3,408 4.8

 Electromedical, measuring 

 and control instruments...................... 19,348 19,315 19,370 0.2 -0.3 0.3 19,659 19,410 19,165 19,412 1.3

 Electrical equipment, appliances, 

 and components.................................... 26,164 26,050 25,948 0.4 0.4 -0.4 26,614 26,351 26,060 26,676 -0.2

 Electric lighting equipment..................... 2,413 2,405 2,423 0.3 -0.7 -0.1 2,416 2,385 2,388 2,533 -4.6

 Household appliances........................... 3,589 3,591 3,570 -0.1 0.6 -1.2 3,666 3,645 3,586 3,677 -0.3

 Electrical equipment............................. 9,837 9,787 9,762 0.5 0.3 -0.6 10,017 9,903 9,672 9,960 0.6

 Batteries............................................ 1,934 1,939 1,935 -0.3 0.2 0.1 2,033 2,015 2,032 1,996 1.9

 Transportation equipment......................... 172,314 171,194 170,296 0.7 0.5 0.1 173,157 171,614 169,803 164,874 5.0

 Automobiles....................................... 5,475 5,394 5,381 1.5 0.2 1.2 5,472 5,275 5,144 5,759 -5.0

 Light trucks and utility vehicles.............. 9,423 9,798 10,011 -3.8 -2.1 -8.6 9,817 10,004 9,867 9,992 -1.8

 Heavy duty trucks ............................... 3,019 2,959 2,838 2.0 4.3 1.7 3,119 2,992 2,833 2,971 5.0

 Motor vehicle bodies, parts, 

 and trailers...................................... 35,700 35,693 35,813 0.0 -0.3 -0.2 35,626 35,906 35,884 35,325 0.9

 Nondefense aircraft and parts................ 84,236 83,039 82,173 1.4 1.1 1.0 84,486 83,049 81,988 77,805 8.6

 Defense aircraft and parts..................... 14,146 14,119 14,063 0.2 0.4 0.3 14,215 14,166 14,024 14,214 0.0

 Ships and boats.................................. 4,944 4,905 4,802 0.8 2.1 -0.6 5,023 4,919 4,844 4,635 8.4

 Furniture and related products.................... 10,030 10,037 10,051 -0.1 -0.1 0.3 10,190 10,074 9,977 10,519 -3.1

 Miscellaneous durable goods..................... 27,937 27,921 28,001 0.1 -0.3 0.2 27,975 27,937 27,780 27,777 0.7

 Nondurable goods industries...................... 330,203 329,765 329,494 0.1 0.1 0.1 331,879 332,519 330,669 332,282 -0.1

 Food products........................................ 69,956 70,097 69,974 -0.2 0.2 0.2 68,016 69,121 69,526 69,728 -2.5

 Grain and oilseed milling........................ 6,934 6,988 7,087 -0.8 -1.4 -1.1 6,586 6,950 7,244 7,379 -10.7

 Dairy products.................................... 10,626 10,657 10,680 -0.3 -0.2 0.4 10,992 10,924 10,841 11,255 -2.3

 Meat, poultry, and seafood products....... 12,417 12,434 12,460 -0.1 -0.2 0.8 12,206 12,298 12,394 13,044 -6.4

 Beverage and tobacco products................ 30,896 30,907 30,959 0.0 -0.2 0.6 31,113 31,330 31,158 31,038 0.2

 Beverages......................................... 27,527 27,530 27,421 0.0 0.4 0.8 27,811 27,943 27,541 27,401 1.5

 Tobacco............................................ 3,369 3,377 3,538 -0.2 -4.6 -0.8 3,302 3,387 3,617 3,637 -9.2

 Textile mills............................................ 3,519 3,536 3,541 -0.5 -0.1 0.4 3,538 3,533 3,519 3,627 -2.5

 Textile products...................................... 3,650 3,643 3,638 0.2 0.1 0.4 3,632 3,625 3,648 3,693 -1.7

 Apparel................................................. 2,172 2,179 2,201 -0.3 -1.0 -0.7 2,153 2,120 2,148 2,197 -2.0

 Leather and allied products....................... 1,254 1,241 1,238 1.0 0.2 -0.2 1,265 1,225 1,227 1,293 -2.2

 Paper products....................................... 17,932 17,945 17,958 -0.1 -0.1 0.2 18,025 17,998 17,985 18,374 -1.9

 Pulp, paper, and paperboard mills........... 5,611 5,601 5,614 0.2 -0.2 -0.1 5,661 5,644 5,681 5,752 -1.6

 Paperboard containers......................... 6,808 6,824 6,806 -0.2 0.3 0.4 6,823 6,788 6,778 6,955 -1.9

 Printing.................................................. 6,744 6,670 6,619 1.1 0.8 1.3 6,707 6,663 6,602 6,862 -2.3

 Petroleum and coal products..................... 47,965 47,603 47,590 0.8 0.0 -0.2 50,063 49,621 47,661 46,741 7.1

 Petroleum refineries............................. 41,329 40,991 41,057 0.8 -0.2 -0.3 43,247 42,876 40,990 39,679 9.0

 Chemical products..................................... 112,976 112,875 112,674 0.1 0.2 0.0 113,994 113,915 113,777 114,205 -0.2

 Pesticides, fertilizers, and other

 agricultural chemicals........................ 5,990 5,944 5,986 0.8 -0.7 -0.4 5,969 6,032 6,295 6,060 -1.5

 Pharmaceuticals and medicines.............. 49,272 49,224 49,119 0.1 0.2 0.2 49,766 49,753 49,913 47,912 3.9

 Paints, coatings, and adhesives.............. 5,421 5,376 5,390 0.8 -0.3 -0.8 5,500 5,518 5,525 5,941 -7.4

 Plastics and rubber products..................... 33,139 33,069 33,102 0.2 -0.1 0.2 33,373 33,368 33,418 34,524 -3.3

p Preliminary 

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

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

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-FY24-0254). 

Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories, and Orders (M3) Survey, May Full Report, July 3, 2024. 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>.