2013 Economic Calendar
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Factory Orders  
Released On 5/3/2013 10:00:00 AM For Mar, 2013
PriorPrior RevisedConsensusConsensus RangeActual
Factory Orders - M/M change3.0 %1.9 %-2.8 %-4.5 % to 0.4 %-4.0 %

Weakness for orders and slowing in inventory accumulation point to slowing for the nation's manufacturing sector. Factory orders fell a very sizable 4.0 percent in March reflecting a swing lower for aircraft orders, which are always a very volatile factor, but also weakness across many categories. In another sign of weakness, February is revised down to a 1.9 percent gain from an initial 3.0 percent gain.

New orders for durable goods fell 5.8 percent in the month, revised 1 tenth lower from last week's durable goods report, and fell 2.4 percent for non-durable goods which is the new data in today's report. The decline in non-durables reflects declines for energy products.

Inventories were unchanged in March following slowing gains of plus 0.2 percent in February and 0.6 percent in January. Manufacturers may be drawing down stocks in caution over the strength of future demand, though some may also be waiting for prices to come down before restocking, which is perhaps hinted at by the decline in non-durable orders.

Shipments were also weak in March, down 1.0 percent in a reading that is not skewed by aircraft. In yet another sign of weakness, backlog orders fell 0.7 percent.

The manufacturing sector isn't entering the second-quarter with much momentum. Initial indications on manufacturing activity in April from regional and private reports mostly point to month-to-month weakness vs March though the ISM's national report, however, did pick up solid strength across order readings.

Consensus Outlook
Factory orders in February saw a 3.0 percent rise with, in a special positive, January revised 1 full percentage point higher to minus 1.0 percent. Durable orders jumped 5.6 percent, revised 1 tenth lower from the advance report, with nondurable orders, benefiting from strong energy and food prices, up a strong 0.8 percent following a 1.4 percent gain in the prior month. More recently, new factory orders for durables declined 5.7 percent in March, following a 4.3 percent surge the month before.

Factory orders represent the dollar level of new orders for both durable and nondurable goods. This report gives more complete information than the advance durable goods report which is released one or two weeks earlier in the month.  Why Investors Care
Even though monthly shipment data fluctuate less than new orders, both series show underlying trends more clearly by looking at year-over-year changes. In 2005 for example,new orders rose more rapidly than shipments due to large gains in aircraft orders. Aircraft orders have a long lead to shipment.
Data Source: Haver Analytics

2013 Release Schedule
Released On: 1/42/43/64/25/36/57/28/29/511/411/412/5
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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