2017 Economic Calendar
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Factory Orders  
Released On 5/4/2017 10:00:00 AM For Mar, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Factory Orders - M/M change1.0 %1.2 %0.4 %-0.3 % to 0.4 %0.2 %

Highlights
Factory orders, like much of the economy, fizzled in March, up only 0.2 percent and skewed higher for a third month in a row by aircraft. The split between the report's two main components shows a 0.5 percent dip for nondurable goods -- the new data in today's report where weakness is tied to petroleum and coal -- and a 0.9 percent rise for durable orders which is 2 tenths higher than last week's advance report for this component.

The gain for durables looks impressive but when excluding transportation equipment (which is where aircraft is tracked) orders fell 0.3 percent. But core capital goods orders are a plus in the report, rising 0.5 percent (nondefense ex-aircraft) though the gain follows marginal increases of 0.1 and 0.2 percent in the prior two months.

Unfilled factory orders, which had been in long contraction, are a clear plus, up 0.3 percent following February's 0.1 percent gain for the best back-to-back showing in 2-1/2 years. A negative however is a 0.1 percent decline in total shipments that came despite a constructive 0.5 percent rise in shipments of core capital goods. Inventories were unchanged in the month though the dip in shipments drove the inventory-to-shipments ratio 1 tenth higher to a less lean 1.32.

Aircraft had a weak year last year and have been making up lost ground so far this year. But how long Boeing can give total orders a lift is uncertain, and the performance of the wider factory sector, despite sky high strength in many anecdotal reports, has been no better than mixed.

Recent History Of This Indicator
Factory orders are on the rise and are expected to gain 0.4 percent at the headline level in February. Orders for civilian aircraft, as indicated in the advance durable goods report, have been improving and are expected to boost March's totals as they did in both February and January. But capital goods orders in this report have been weak.

Definition
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
 
[Chart]
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
 
 

2017 Release Schedule
Released On: 1/62/33/64/45/46/57/58/39/510/511/312/4
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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