FOR RELEASE AT 10:00 AM EDT, THURSDAY, MAY 2, 2024

MONTHLY FULL REPORT ON MANUFACTURERS’ SHIPMENTS, INVENTORIES AND ORDERS

MARCH 2024
Release Number: CB 24-64 M3-2 (24)-03

May 2, 2024 — The U.S. Census Bureau announces the March full report on manufacturers’ shipments,
inventories and orders:

MANUFACTURERS' NEW ORDERS 2023-2024

Seasonally Adjusted, Month-To-Month Percentage Change
MANUFACTURED GOODS – NEW ORDERS 4.0%

3.0% 2.6%
2.3% 2.3%

2.0% 1.6%
1.2%
1.0%
1.0% 0.3% 0.4%
MARCH 2024 $584.5 billion +1.6%°
0.0%

-1.0% -0.3%

FEBRUARY 2024
$575.4 billion +1.2%° -2.0%
(revised) -2.1%
-3.0%

Next release: June 4, 2024 -4.0% -3.4%

-3.8%
-5.0%
Data adjusted for seasonal variation but not for price changes. Statistical significance is not Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
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, May 2, 2024.
Source: U.S. Census Bureau, Manufacturers’ Shipments, Inventories and Orders, May 2, 2024.

Summary
New orders for manufactured goods in March, up two consecutive months, increased $9.1 billion or 1.6
percent to $584.5 billion, the U.S. Census Bureau reported today. This followed a 1.2 percent February
increase. Shipments, also up two consecutive months, increased $1.5 billion or 0.3 percent to $583.3
billion. This followed a 1.4 percent February increase. Unfilled orders, up following two consecutive
monthly decreases, increased $6.1 billion or 0.4 percent to $1,397.4 billion. This followed a 0.1 percent
February decrease. The unfilled orders-to-shipments ratio was 7.19, up from 7.10 in February.
Inventories, up two consecutive months, increased $0.4 billion or virtually unchanged to $857.7 billion.
This followed a 0.2 percent February increase. The inventories-to-shipments ratio was 1.47, unchanged
from February.

New Orders
New orders for manufactured durable goods in March, up two consecutive months, increased $7.3 billion
or 2.6 percent to $283.3 billion, unchanged from the previously published increase. This followed a 0.7
percent February increase. Transportation equipment, also up two consecutive months, led the increase,

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$6.9 billion or 7.8 percent to $95.9 billion. New orders for manufactured nondurable goods increased $1.9
billion or 0.6 percent to $301.2 billion.

Shipments
Shipments of manufactured durable goods in March, down three of the last four months, decreased $0.3
billion or 0.1 percent to $282.1 billion, down from the previously published virtually unchanged decrease.
This followed a 1.1 percent February increase. Transportation equipment, also down three of the last four
months, drove the decrease, $0.5 billion or 0.6 percent to $89.3 billion. Shipments of manufactured
nondurable goods, up two consecutive months, increased $1.9 billion or 0.6 percent to $301.2 billion. This
followed a 1.7 percent February increase. Petroleum and coal products, also up two consecutive months,
led the increase, $0.8 billion or 1.2 percent to $68.7 billion.

Unfilled Orders
Unfilled orders for manufactured durable goods in March, up following two consecutive monthly
decreases, increased $6.1 billion or 0.4 percent to $1,397.4 billion, unchanged from the previously
published increase. This followed a 0.1 percent February decrease. Transportation equipment, up twelve
of the last thirteen months, drove the increase, $6.6 billion or 0.7 percent to $903.2 billion.

Inventories
Inventories of manufactured durable goods in March, down following seven consecutive monthly
increases, decreased $0.1 billion or virtually unchanged to $527.8 billion, unchanged from the previously
published decrease. This followed a 0.2 percent February increase. Machinery, down three consecutive
months, led the decrease, $0.1 billion or 0.1 percent to $95.0 billion. Inventories of manufactured
nondurable goods, up two consecutive months, increased $0.5 billion or 0.2 percent to $329.9 billion. This
followed a 0.3 percent February increase. Petroleum and coal products, also up two consecutive months,
led the increase, $0.2 billion or 0.5 percent to $48.0 billion. By stage of fabrication, March materials and
supplies decreased 0.1 percent in durable goods and increased 0.4 percent in nondurable goods. Work in
process increased 0.5 percent in durable goods and decreased 0.1 percent in nondurable goods. Finished
goods decreased 0.6 percent in durable goods and increased 0.1 percent in nondurable goods.

The Advance Report on durable goods for April is scheduled for release on May 24, 2024, at 8:30 a.m. EDT
and the Full Report on June 4, 2024, at 10:00 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>.

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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.

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).

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-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 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
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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>.

Notice of Revisions and Changes Due to Updated Seasonal Adjustment Models:

On May 14, 2024, monthly seasonally adjusted data for Manufacturers’ Shipments, Inventories, and
Orders will be revised for January 2012 through March 2024. There will be no accompanying press release
containing revised seasonally adjusted data for January through March of 2024, and historical data not
seasonally adjusted will be unchanged. These revisions to the historical seasonally adjusted data will be
based on the results of the recent annual review of the seasonal adjustment models. These results of the
annual seasonal review will be used to produce seasonally adjusted data from the Manufacturers’
Shipments, Inventories, and Orders Survey, beginning with the April 2024 Advance Report on Durable
Goods scheduled for release on May 24, 2024, and the Full Report scheduled for release on June 4, 2024.
Please call M3 staff on (301) 763-4832 with any questions.

Special Notice:
Beginning with the release of June 2024 data on July 25, 2024, advance estimates of total manufacturing
will include Petroleum and coal products shipments and inventories data, an enhancement of the
publication to include an early snapshot of this industry from the monthly Manufacturers’ Shipments,
Inventories and Orders. These estimates will be available on a seasonally adjusted basis as well as a not
seasonally adjusted basis and will be included in the Advance Total Manufacturing Estimates file on the M3
website under the “Latest Monthly Advance report on manufacturers’ Shipments, Inventories and Order”,
Monthly Advance Report on Durable Goods Manufacturers' Shipments Inventories and Orders - Press
Releases (census.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.

###

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Table 1. Value of Manufacturers' Shipments 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 Year to date
Industry % Change
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
p r p r p
2024 2024 2024 Mar. Feb. Jan. 2024 2024 2024 2023 2024 2023 2023

All manufacturing industries......………… 583,302 581,776 573,578 0.3 1.4 -0.8 606,591 556,503 538,557 613,157 1,701,651 1,688,992 0.7
Excluding transportation……….……… 493,955 491,903 487,236 0.4 1.0 -0.3 508,220 469,078 460,747 510,404 1,438,045 1,426,871 0.8
Excluding defense…………...…..………. 566,828 565,219 557,130 0.3 1.5 -0.9 588,612 539,945 524,660 596,399 1,653,217 1,644,907 0.5
With unfilled orders…………...…..…….. 194,278 195,949 194,254 -0.9 0.9 -1.1 205,950 190,201 179,857 213,275 576,008 568,191 1.4
Durable goods industries………….…..……. 282,066 282,411 279,237 -0.1 1.1 -0.7 298,628 272,843 257,216 306,705 828,687 819,145 1.2
Wood products…………..……...….………… 13,447 13,364 13,493 0.6 -1.0 1.6 13,554 12,620 11,743 13,814 37,917 37,670 0.7
Nonmetallic mineral products…….…………. 13,271 13,286 13,089 -0.1 1.5 -0.2 12,770 11,999 11,590 13,315 36,359 36,612 -0.7
Primary metals…………………….………….. 26,408 26,581 26,375 -0.7 0.8 -0.8 27,564 26,749 26,368 29,219 80,681 81,351 -0.8
Iron and steel mills…………..……….…. 14,723 14,886 14,774 -1.1 0.8 -2.0 15,295 14,832 14,935 16,265 45,062 44,838 0.5
Aluminum and nonferrous metals………. 10,106 10,100 9,969 0.1 1.3 1.0 10,576 10,286 9,839 11,047 30,701 31,353 -2.1
Ferrous metal foundries………..…..……. 1,579 1,595 1,632 -1.0 -2.3 -0.1 1,693 1,631 1,594 1,907 4,918 5,160 -4.7
Fabricated metal products…….……………. 36,393 36,399 36,256 0.0 0.4 -0.3 37,279 35,500 34,549 37,437 107,328 103,640 3.6
Machinery……………………………………… 37,897 37,689 38,045 0.6 -0.9 1.1 40,702 36,793 35,041 41,317 112,536 110,524 1.8
Farm machinery…..………….…………… 2,980 2,685 2,467 11.0 8.8 5.6 3,388 2,873 2,225 2,780 8,486 7,536 12.6
Construction machinery…..………….… 4,448 4,402 4,491 1.0 -2.0 0.8 4,777 4,371 4,191 4,769 13,339 12,553 6.3
Mining, oil field, and
gas field machinery………...………….. 1,659 1,609 1,626 3.1 -1.0 -0.7 1,740 1,535 1,562 1,774 4,837 5,050 -4.2
Industrial machinery……….……………. 3,703 3,806 4,108 -2.7 -7.4 8.6 4,164 3,295 3,584 4,214 11,043 10,739 2.8
Photographic equipment….……………… 632 655 641 -3.5 2.2 -1.2 692 620 554 732 1,866 1,805 3.4
Ventilation, heating, air-conditioning,
and refrigeration equipment………… 5,177 5,201 5,149 -0.5 1.0 0.4 5,319 4,646 4,299 5,126 14,264 13,073 9.1
Metalworking machinery......……..……. 2,689 2,748 2,863 -2.1 -4.0 8.2 2,795 2,692 2,715 2,966 8,202 8,154 0.6
Turbines, generators, and other
power transmission equipment….… 3,814 3,724 3,736 2.4 -0.3 -4.5 3,910 3,831 3,648 4,152 11,389 11,577 -1.6
Material handling equipment…………… 3,853 3,962 4,067 -2.8 -2.6 -0.9 4,102 3,973 3,930 4,364 12,005 11,642 3.1
Computers and electronic products2………. 29,617 29,635 29,721 -0.1 -0.3 0.3 31,160 27,458 27,020 30,932 85,638 84,339 1.5
Computers…………...……………………. 990 990 975 0.0 1.5 4.5 943 846 832 760 2,621 2,093 25.2
Computer storage devices……….……….. 414 434 429 -4.6 1.2 9.4 509 348 375 481 1,232 1,078 14.3
Other peripheral equipment……….…… 791 821 812 -3.7 1.1 7.1 884 698 747 910 2,329 2,230 4.4
Nondefense communications
equipment……………………….…….. 2,860 2,848 2,820 0.4 1.0 0.1 3,303 2,457 2,259 3,388 8,019 8,117 -1.2
Defense communications equipment…. 201 194 199 3.6 -2.5 1.0 207 190 162 209 559 580 -3.6
Audio and video equipment……...……….. 530 520 548 1.9 -5.1 12.8 447 445 472 325 1,364 1,051 29.8
Electronic components…………..……….. 4,934 4,998 5,059 -1.3 -1.2 0.6 5,205 4,876 4,757 5,111 14,838 13,976 6.2
Nondefense search and navigation
equipment……………….……...………. 1,632 1,603 1,641 1.8 -2.3 0.4 1,807 1,565 1,474 1,824 4,846 4,789 1.2
Defense search and navigation
equipment…………..…………....……. 3,431 3,396 3,397 1.0 0.0 1.0 3,641 3,354 2,833 3,415 9,828 9,145 7.5
Electromedical, measuring,
and control instruments……..…...… 8,821 8,790 8,885 0.4 -1.1 -2.0 9,682 7,761 7,673 9,782 25,116 25,152 -0.1
Electrical equipment, appliances,
and components………….….……………… 14,277 14,253 14,547 0.2 -2.0 3.1 15,195 13,673 12,987 15,464 41,855 40,588 3.1
Electric lighting equipment…..…..……….. 1,391 1,354 1,345 2.7 0.7 1.4 1,442 1,267 1,244 1,351 3,953 3,643 8.5
Household appliances…………..………. 2,397 2,368 2,325 1.2 1.8 -1.7 2,595 2,191 1,898 2,625 6,684 6,686 0.0
Electrical equipment………….…………… 4,652 4,684 4,957 -0.7 -5.5 7.2 5,118 4,597 4,374 5,254 14,089 13,469 4.6
Batteries………………...…….……....….. 1,323 1,353 1,370 -2.2 -1.2 3.6 1,333 1,282 1,252 1,488 3,867 3,739 3.4
Transportation equipment………….……….. 89,347 89,873 86,342 -0.6 4.1 -3.2 98,371 87,425 77,810 102,753 263,606 262,121 0.6
Automobiles……………………...………. 9,088 9,386 9,234 -3.2 1.6 1.1 10,147 9,237 8,045 10,826 27,429 25,996 5.5
Light trucks and utility vehicles………….. 21,655 20,285 19,484 6.8 4.1 -1.0 24,648 19,134 17,329 24,355 61,111 62,519 -2.3
Heavy duty trucks ………...…………….. 3,152 3,277 3,127 -3.8 4.8 -6.1 3,394 3,225 2,896 3,051 9,515 8,424 13.0
Motor vehicle bodies, parts,
and trailers………….…….....………… 28,954 28,880 29,000 0.3 -0.4 0.0 30,573 29,768 28,305 32,274 88,646 88,338 0.3
Nondefense aircraft and parts…..……….. 10,779 12,124 9,886 -11.1 22.6 -23.5 12,481 10,008 7,978 15,274 30,467 31,918 -4.5
Defense aircraft and parts……...…...… 4,993 5,049 4,963 -1.1 1.7 2.5 5,368 4,858 4,171 5,177 14,397 13,425 7.2
Ships and boats……..………….…….….. 3,446 3,557 3,416 -3.1 4.1 -0.8 3,810 3,782 2,792 4,252 10,384 11,365 -8.6
Furniture and related products…….….……. 6,832 6,807 6,860 0.4 -0.8 1.9 6,848 6,777 6,422 7,012 20,047 20,064 -0.1
Miscellaneous durable goods……..……… 14,577 14,524 14,509 0.4 0.1 -0.6 15,185 13,849 13,686 15,442 42,720 42,236 1.1
Nondurable goods industries…….………….. 301,236 299,365 294,341 0.6 1.7 -0.8 307,963 283,660 281,341 306,452 872,964 869,847 0.4
Food products……….…………..……….….. 79,872 79,700 79,826 0.2 -0.2 -0.4 81,000 79,791 77,586 81,715 238,377 236,042 1.0
Grain and oilseed milling…….....….…….. 9,342 9,417 9,509 -0.8 -1.0 -1.7 9,373 9,596 9,602 10,384 28,571 30,307 -5.7
Dairy products……………...……...……. 11,720 11,646 11,612 0.6 0.3 -0.4 11,821 11,354 11,468 11,944 34,643 34,618 0.1
Meat, poultry, and seafood products… 23,797 23,737 23,833 0.3 -0.4 -1.7 24,008 23,730 22,502 24,599 70,240 70,619 -0.5
Beverage and tobacco products……………. 18,877 18,537 18,494 1.8 0.2 1.4 18,539 17,829 17,583 17,165 53,951 48,443 11.4
Beverages………………..….…..………… 11,364 11,413 11,363 -0.4 0.4 0.8 11,026 10,705 10,452 10,658 32,183 29,985 7.3
Tobacco……...……..…….……………….. 7,513 7,124 7,131 5.5 -0.1 2.4 7,513 7,124 7,131 6,507 21,768 18,458 17.9
Textile mills………………….………………… 2,065 2,046 2,048 0.9 -0.1 -0.8 2,134 2,060 1,911 2,218 6,105 6,324 -3.5
Textile products………..…………………… 1,976 2,005 1,981 -1.4 1.2 1.1 2,043 1,977 1,799 2,079 5,819 5,928 -1.8
Apparel……………………..……..………….. 824 826 786 -0.2 5.1 -1.8 770 804 746 798 2,320 2,438 -4.8
Leather and allied products…………………. 551 574 559 -4.0 2.7 3.7 565 578 529 503 1,672 1,455 14.9
Paper products…………………….……..….. 17,213 17,208 17,167 0.0 0.2 0.0 17,518 16,879 17,175 18,303 51,572 52,072 -1.0
Pulp, paper, and paperboard mills....… 6,842 6,815 6,799 0.4 0.2 -0.3 6,934 6,619 6,903 7,219 20,456 20,849 -1.9
Paperboard containers……..……………. 6,305 6,337 6,329 -0.5 0.1 0.6 6,383 6,183 6,342 6,693 18,908 18,739 0.9
Printing…………………...………….…….….. 7,263 7,221 7,217 0.6 0.1 0.7 7,241 6,903 7,042 7,544 21,186 21,368 -0.9
Petroleum and coal products……………… 68,674 67,848 63,799 1.2 6.3 -2.7 68,639 56,952 57,899 65,545 183,490 192,581 -4.7
Petroleum refineries………...……..…… 63,673 62,751 58,891 1.5 6.6 -2.7 64,136 52,714 53,858 61,089 170,708 180,408 -5.4
Chemical products……..……………..………… 79,088 78,536 77,566 0.7 1.3 -0.5 83,892 75,925 75,015 84,395 234,832 230,505 1.9
Pesticides, fertilizers, and other
agricultural chemicals….…...……….... 4,091 4,051 4,063 1.0 -0.3 -2.8 5,431 4,498 3,953 5,422 13,882 13,355 3.9
Pharmaceuticals and medicines…………. 26,402 26,213 25,550 0.7 2.6 0.4 26,894 24,559 24,918 25,624 76,371 71,067 7.5
Paints, coatings, and adhesives…....… 4,159 4,166 4,113 -0.2 1.3 -1.1 4,339 3,920 3,756 4,531 12,015 12,076 -0.5
Plastics and rubber products…...………… 24,833 24,864 24,898 -0.1 -0.1 -0.9 25,622 23,962 24,056 26,187 73,640 72,691 1.3

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 and percent changes of shipments for the semiconductor industry 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, March Full Report, May 2, 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>.
Table 2. Value of Manufacturers' New Orders 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 Year to date
Industry % Change
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
2024p 2024
r
2024 Mar. Feb. Jan. 2024
p
2024
r
2024 2023 2024p 2023 2023

2
All manufacturing industries ......……….…….. 584,524 575,391 568,570 1.6 1.2 -3.8 613,335 551,918 533,863 618,987 1,699,116 1,694,019 0.3
Excluding transportation2……….………… 488,587 486,376 481,073 0.5 1.1 -0.6 506,492 466,763 458,841 508,950 1,432,096 1,421,918 0.7
2
Excluding defense …………...…..………. 569,170 561,390 552,636 1.4 1.6 -4.2 594,229 538,358 521,121 598,440 1,653,708 1,645,727 0.5
2
With unfilled orders ………...…..………… 200,365 194,457 194,052 3.0 0.2 -9.4 217,066 190,388 180,455 223,668 587,909 588,889 -0.2
2
Durable goods industries ………….…..……. 283,288 276,026 274,229 2.6 0.7 -6.9 305,372 268,258 252,522 312,535 826,152 824,172 0.2

Primary metals…………………….…………… 26,484 26,549 26,346 -0.2 0.8 -1.6 27,855 27,478 26,801 29,408 82,134 82,518 -0.5
Iron and steel mills…………..……….…… 14,680 14,968 14,679 -1.9 2.0 -2.5 15,427 15,472 14,938 16,505 45,837 45,580 0.6
Aluminum and nonferrous metals………. 10,116 9,950 10,097 1.7 -1.5 2.4 10,628 10,371 10,248 11,035 31,247 31,750 -1.6
Ferrous metal foundries………..…..……. 1,688 1,631 1,570 3.5 3.9 -15.6 1,800 1,635 1,615 1,868 5,050 5,188 -2.7
Fabricated metal products…….…………….. 36,227 36,172 35,931 0.2 0.7 -1.3 38,759 36,155 35,329 39,112 110,243 106,847 3.2
Machinery……………………………………… 37,467 37,493 36,928 -0.1 1.5 -0.8 40,198 37,521 36,362 40,955 114,081 113,721 0.3
Construction machinery…..………………. 4,320 4,171 4,158 3.6 0.3 -2.1 4,580 4,281 4,333 4,684 13,194 12,465 5.8
Mining, oil field, and
gas field machinery………...………….. 1,587 1,832 1,619 -13.4 13.2 -2.0 1,668 1,758 1,555 1,713 4,981 5,032 -1.0
Industrial machinery……….……………… 3,572 3,558 3,547 0.4 0.3 -5.5 4,016 3,014 3,641 4,057 10,671 11,657 -8.5
Photographic equipment….………………. 595 598 572 -0.5 4.5 -1.7 624 680 505 765 1,809 2,088 -13.4
Ventilation, heating, air-conditioning,
and refrigeration equipment…………… 5,096 5,265 5,070 -3.2 3.8 -4.1 5,378 5,029 4,550 5,633 14,957 14,158 5.6
Metalworking machinery......……..……… 2,774 2,868 2,871 -3.3 -0.1 11.8 2,854 2,894 2,913 2,730 8,661 8,362 3.6
Turbines, generators, and other
power transmission equipment….……. 3,909 3,960 3,948 -1.3 0.3 2.6 4,005 4,067 3,860 4,069 11,932 11,345 5.2
Material handling equipment……………… 3,897 3,954 4,031 -1.4 -1.9 -1.1 4,041 3,979 4,049 4,237 12,069 11,911 1.3
Computers and electronic products2……….. 24,773 24,599 25,132 0.7 -2.1 1.0 27,792 22,607 21,935 27,777 72,334 69,936 3.4
Computers…………...……………………. 988 1,026 981 -3.7 4.6 4.8 941 882 838 777 2,661 2,125 25.2
Nondefense communications
equipment……………………….…….… 2,663 2,664 2,791 0.0 -4.6 -9.1 3,084 2,483 2,106 3,376 7,673 8,089 -5.1
Defense communications equipment……. 197 191 200 3.1 -4.5 0.0 199 188 165 201 552 575 -4.0
Electronic components…………..……….. 4,957 4,957 4,989 0.0 -0.6 1.9 5,133 4,813 4,786 4,894 14,732 13,604 8.3
Nondefense search and navigation
equipment……………….……...………. 1,656 1,665 1,711 -0.5 -2.7 -3.2 1,882 1,633 1,571 2,034 5,086 5,221 -2.6
Defense search and navigation
equipment…………..…………....…..… 3,723 3,433 3,656 8.4 -6.1 13.3 4,738 3,197 2,933 4,520 10,868 9,919 9.6
Electromedical, measuring,
and control instruments……..…...……. 8,706 8,740 8,865 -0.4 -1.4 -1.4 9,815 7,774 7,798 10,095 25,387 25,587 -0.8
Electrical equipment, appliances,
and components………….….……………… 14,218 14,225 14,585 0.0 -2.5 2.8 15,309 13,839 13,490 15,573 42,638 41,953 1.6
Electric lighting equipment…..…..……….. 1,447 1,351 1,391 7.1 -2.9 4.9 1,548 1,261 1,322 1,435 4,131 3,742 10.4
Household appliances…………..………… 2,412 2,562 2,493 -5.9 2.8 3.2 2,677 2,221 2,046 2,785 6,944 6,855 1.3
Electrical equipment………….…………… 4,570 4,574 4,861 -0.1 -5.9 3.0 5,091 4,623 4,602 5,099 14,316 14,211 0.7
Transportation equipment…………………… 95,937 89,015 87,497 7.8 1.7 -18.3 106,843 85,155 75,022 110,037 267,020 272,101 -1.9
Motor vehicle bodies, parts,
and trailers………….…….....…………. 29,090 28,784 28,796 1.1 0.0 0.0 30,507 30,375 28,588 32,045 89,470 89,719 -0.3
Nondefense aircraft and parts…..……….. 18,409 14,097 12,199 30.6 15.6 -63.5 20,785 10,071 6,376 20,211 37,232 37,339 -0.3
Defense aircraft and parts……...….……. 4,752 4,621 4,233 2.8 9.2 -0.3 5,608 3,900 3,696 6,681 13,204 15,207 -13.2
Ships and boats……..………….…………. 3,030 1,921 3,071 57.7 -37.4 14.8 4,087 3,359 2,991 4,460 10,437 13,400 -22.1
Furniture and related products…….….…….. 6,892 6,809 6,729 1.2 1.2 -1.5 7,112 7,045 6,574 7,137 20,731 20,741 0.0
Nondurable goods industries......…………… 301,236 299,365 294,341 0.6 1.7 -0.8 307,963 283,660 281,341 306,452 872,964 869,847 0.4

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
Data on new orders are not available for the semiconductor industry. Estimates and percent changes for new orders exclude semiconductor industry data.
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, March Full Report, May 2, 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>.
Table 3. Value of Manufacturers' Unfilled Orders 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 March
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
p r p r
2024 2024 2024 Mar. Feb. Jan. 2024 2024 2024 2023 2023

2
All manufacturing industries ......……….…… 1,397,359 1,391,272 1,392,764 0.4 -0.1 0.0 1,405,112 1,393,996 1,393,809 1,290,994 8.8
2
Excluding transportation ……….………… 494,180 494,683 495,317 -0.1 -0.1 -0.3 498,370 495,726 493,269 503,102 -0.9
2
Excluding defense …………...…..……… 1,160,657 1,153,450 1,152,386 0.6 0.1 0.0 1,166,524 1,156,535 1,153,350 1,052,059 10.9
2
Durable goods industries ………….…..…… 1,397,359 1,391,272 1,392,764 0.4 -0.1 0.0 1,405,112 1,393,996 1,393,809 1,290,994 8.8

Primary metals…………………….…………… 38,645 38,569 38,601 0.2 -0.1 -0.1 39,764 39,473 38,744 38,933 2.1
Iron and steel mills…………..……….……. 23,526 23,569 23,487 -0.2 0.3 -0.4 24,161 24,029 23,389 23,203 4.1
Aluminum and nonferrous metals…………. 10,060 10,050 10,200 0.1 -1.5 1.3 10,483 10,431 10,346 11,106 -5.6
Ferrous metal foundries………..…..…….. 5,059 4,950 4,914 2.2 0.7 -1.2 5,120 5,013 5,009 4,624 10.7
Fabricated metal products…….……………… 129,149 129,315 129,542 -0.1 -0.2 -0.3 129,587 128,107 127,452 129,631 0.0
Machinery………………………………………. 134,819 135,249 135,445 -0.3 -0.1 -0.8 135,869 136,373 135,645 141,554 -4.0
Construction machinery…..……………….. 9,393 9,521 9,752 -1.3 -2.4 -3.3 9,785 9,982 10,072 11,299 -13.4
Mining, oil field, and
gas field machinery………...………….. 4,790 4,862 4,639 -1.5 4.8 -0.2 4,790 4,862 4,639 5,294 -9.5
Industrial machinery……….………………. 10,359 10,490 10,738 -1.2 -2.3 -5.0 10,418 10,566 10,847 12,601 -17.3
Photographic equipment….……………….. 3,459 3,496 3,553 -1.1 -1.6 -1.9 3,492 3,560 3,500 4,126 -15.4
Ventilation, heating, air-conditioning,
and refrigeration equipment……………. 13,811 13,892 13,828 -0.6 0.5 -0.6 14,165 14,106 13,723 14,037 0.9
Metalworking machinery......……..………. 9,320 9,235 9,115 0.9 1.3 0.1 9,393 9,334 9,132 9,992 -6.0
Turbines, generators, and other
power transmission equipment….…….. 33,518 33,423 33,187 0.3 0.7 0.6 33,518 33,423 33,187 31,896 5.1
Material handling equipment………………. 19,012 18,968 18,976 0.2 0.0 -0.2 19,076 19,137 19,131 19,509 -2.2
Computers and electronic products2…………. 135,104 135,083 135,226 0.0 -0.1 0.2 136,311 135,307 135,386 135,658 0.5
Computers…………...…………………….. 1,312 1,314 1,278 -0.2 2.8 0.5 1,312 1,314 1,278 1,315 -0.2
Nondefense communications
equipment……………………….…….… 17,163 17,360 17,544 -1.1 -1.0 -0.2 17,535 17,754 17,728 17,519 0.1
Defense communications equipment…….. 235 239 242 -1.7 -1.2 0.4 239 247 249 241 -0.8
Electronic components…………..………… 16,239 16,216 16,257 0.1 -0.3 -0.4 16,305 16,377 16,440 17,139 -4.9
Nondefense search and navigation
equipment……………….……...……….. 32,061 32,037 31,975 0.1 0.2 0.2 32,069 31,994 31,926 30,811 4.1
Defense search and navigation
equipment…………..…………....…..…. 36,066 35,774 35,737 0.8 0.1 0.7 36,463 35,366 35,523 36,297 0.5
Electromedical, measuring,
and control instruments……..…...…….. 32,028 32,143 32,193 -0.4 -0.2 -0.1 32,388 32,255 32,242 32,336 0.2
Electrical equipment, appliances,
and components………….….………………. 43,776 43,835 43,863 -0.1 -0.1 0.1 43,978 43,864 43,698 43,780 0.5
Electric lighting equipment…..…..……….. 3,829 3,773 3,776 1.5 -0.1 1.2 3,871 3,765 3,771 3,802 1.8
Household appliances…………..…………. 5,788 5,773 5,579 0.3 3.5 3.1 5,809 5,727 5,697 4,749 22.3
Electrical equipment………….……………. 21,848 21,930 22,040 -0.4 -0.5 -0.4 21,896 21,923 21,897 22,486 -2.6
Transportation equipment……………………. 903,179 896,589 897,447 0.7 -0.1 0.1 906,742 898,270 900,540 787,892 15.1
Motor vehicle bodies, parts,
and trailers………….…….....………….. 34,747 34,611 34,707 0.4 -0.3 -0.6 35,948 36,014 35,407 36,322 -1.0
Nondefense aircraft and parts…..……….. 657,053 649,423 647,450 1.2 0.3 0.4 657,873 649,569 649,506 536,136 22.7
Defense aircraft and parts……...….…….. 70,831 71,072 71,500 -0.3 -0.6 -1.0 71,525 71,285 72,243 69,084 3.5
Ships and boats……..………….…………. 52,814 53,230 54,866 -0.8 -3.0 -0.6 54,215 53,938 54,361 57,221 -5.3
Furniture and related products…….….…….. 10,721 10,661 10,659 0.6 0.0 -1.2 10,895 10,631 10,363 11,419 -4.6

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
Data on unfilled orders are not available for the semiconductor industry. Estimates and percent changes for unfilled orders exclude semiconductor industry data.
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, March Full Report, May 2, 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>.
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 March
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
p r p r
2024 2024 2024 Mar. Feb. Jan. 2024 2024 2024 2023 2023

All manufacturing industries......……………. 857,684 857,313 855,397 0.0 0.2 -0.1 859,168 859,669 852,598 853,605 0.7
Excluding transportation……….………….. 687,696 687,359 686,464 0.0 0.1 -0.4 689,363 689,676 684,969 695,309 -0.9
Excluding defense…………...…..……… 827,092 826,822 825,255 0.0 0.2 -0.2 828,554 829,237 822,692 824,588 0.5
With unfilled orders…………...…..……… 427,290 426,861 426,328 0.1 0.1 0.1 428,030 427,578 424,477 417,259 2.6
Durable goods industries………….…..…… 527,834 527,977 526,936 0.0 0.2 0.1 528,512 530,117 524,950 517,086 2.2
Wood products…………..……...….…………. 15,823 15,784 15,761 0.2 0.1 0.4 16,225 16,268 16,097 16,577 -2.1
Nonmetallic mineral products…….………….. 17,471 17,477 17,467 0.0 0.1 1.0 17,759 17,714 17,491 17,143 3.6
Primary metals…………………….……………. 45,620 45,701 45,462 -0.2 0.5 -0.3 45,751 45,946 45,289 46,639 -1.9
Iron and steel mills…………..……….……. 26,697 26,814 26,555 -0.4 1.0 0.1 26,794 26,959 26,520 27,211 -1.5
Aluminum and nonferrous metals………… 15,703 15,681 15,725 0.1 -0.3 -0.8 15,678 15,695 15,567 16,261 -3.6
Ferrous metal foundries………..…..…….. 3,220 3,206 3,182 0.4 0.8 -1.1 3,279 3,292 3,202 3,167 3.5
Fabricated metal products…….……………… 64,604 64,629 64,628 0.0 0.0 0.0 64,821 64,788 64,577 64,946 -0.2
Machinery………………………………………. 94,952 95,059 95,340 -0.1 -0.3 -0.1 95,696 95,789 94,554 94,822 0.9
Farm machinery…..………….……………. 5,484 5,516 5,601 -0.6 -1.5 -2.1 5,724 5,883 5,738 6,104 -6.2
Construction machinery…..………….……. 9,851 9,945 9,971 -0.9 -0.3 -0.4 10,088 10,085 10,005 9,571 5.4
Mining, oil field,
and gas field machinery………...…….. 5,500 5,508 5,667 -0.1 -2.8 -3.0 5,430 5,585 5,647 5,747 -5.5
Industrial machinery……….………………. 11,024 11,097 11,133 -0.7 -0.3 0.1 11,291 11,030 10,549 11,447 -1.4
Photographic equipment….………………. 1,397 1,410 1,429 -0.9 -1.3 -0.6 1,351 1,434 1,432 1,429 -5.5
Ventilation, heating, air-conditioning,
and refrigeration equipment…………… 9,537 9,559 9,622 -0.2 -0.7 -1.0 9,871 9,850 9,594 9,700 1.8
Metalworking machinery......……..………. 7,515 7,543 7,506 -0.4 0.5 -0.1 7,456 7,473 7,398 7,365 1.2
Turbines, generators, and other
power transmission equipment….…….. 12,448 12,349 12,324 0.8 0.2 2.0 12,390 12,406 12,254 11,868 4.4
Material handling equipment……………… 8,125 8,073 8,068 0.6 0.1 -0.1 8,072 7,979 7,967 7,835 3.0
Computers and electronic products2………… 55,334 55,352 55,385 0.0 -0.1 -0.3 54,534 55,405 55,424 54,512 0.0
Computers…………...…………………….. 1,880 1,886 1,866 -0.3 1.1 -0.5 1,804 1,821 1,756 1,897 -4.9
Computer storage devices……….………. 627 603 617 4.0 -2.3 -4.0 578 607 610 589 -1.9
Other peripheral equipment……….……… 1,011 1,006 1,030 0.5 -2.3 -1.7 953 1,012 1,013 995 -4.2
Nondefense communications
equipment……………………….………. 4,340 4,334 4,324 0.1 0.2 -0.5 4,275 4,308 4,235 4,302 -0.6
Defense communications equipment…….. 643 645 642 -0.3 0.5 0.5 643 645 642 610 5.4
Audio and video equipment……...……….. 587 589 635 -0.3 -7.2 -2.3 596 564 621 867 -31.3
Electronic components…………..………… 10,314 10,396 10,428 -0.8 -0.3 -1.1 10,309 10,571 10,738 10,914 -5.5
Nondefense search and navigation
equipment……………….……...………. 4,290 4,302 4,297 -0.3 0.1 0.1 4,219 4,283 4,298 4,106 2.8
Defense search and navigation
equipment…………..…………....…..…. 3,475 3,473 3,446 0.1 0.8 0.7 3,483 3,529 3,451 3,347 4.1
Electromedical, measuring
and control instruments……..…......….. 19,376 19,303 19,275 0.4 0.1 -0.2 19,165 19,132 19,089 18,875 1.5
Electrical equipment, appliances,
and components………….….………………. 25,961 26,056 26,012 -0.4 0.2 -1.0 26,156 26,397 26,028 26,292 -0.5
Electric lighting equipment…..…..……….. 2,414 2,429 2,419 -0.6 0.4 -0.8 2,384 2,465 2,450 2,511 -5.1
Household appliances…………..…………. 3,548 3,618 3,631 -1.9 -0.4 -1.6 3,586 3,715 3,568 3,617 -0.9
Electrical equipment………….……………. 9,820 9,827 9,801 -0.1 0.3 -1.7 9,761 9,991 9,947 9,607 1.6
Batteries………………...…….……....…… 1,935 1,935 1,949 0.0 -0.7 -0.6 2,032 1,852 1,826 1,968 3.3
Transportation equipment………….………… 169,988 169,954 168,933 0.0 0.6 0.7 169,805 169,993 167,629 158,296 7.3
Automobiles……………………...………… 5,376 5,318 5,324 1.1 -0.1 0.6 5,144 5,291 5,242 5,444 -5.5
Light trucks and utility vehicles………….. 10,072 10,803 10,053 -6.8 7.5 3.2 9,867 11,149 9,589 9,150 7.8
Heavy duty trucks ………...………………. 2,824 2,791 2,923 1.2 -4.5 -0.5 2,833 2,863 2,957 2,977 -4.8
Motor vehicle bodies, parts,
and trailers………….…….....……….…. 35,834 35,899 36,275 -0.2 -1.0 -0.2 35,886 36,067 36,709 35,311 1.6
Nondefense aircraft and parts…..……….. 81,806 81,254 80,817 0.7 0.5 1.1 81,988 80,876 79,867 72,793 12.6
Defense aircraft and parts……...…...…… 14,064 14,019 14,055 0.3 -0.3 0.3 14,024 14,044 13,987 13,986 0.3
Ships and boats……..………….…….…… 4,796 4,829 4,615 -0.7 4.6 0.4 4,844 4,700 4,449 4,596 5.4
Furniture and related products…….….……… 10,038 10,007 10,026 0.3 -0.2 -0.5 9,985 10,009 10,157 10,390 -3.9
Miscellaneous durable goods……..…………. 28,043 27,958 27,922 0.3 0.1 -0.3 27,780 27,808 27,704 27,469 1.1
Nondurable goods industries…….…………… 329,850 329,336 328,461 0.2 0.3 -0.6 330,656 329,552 327,648 336,519 -1.7
Food products……….…………..……….…… 69,939 69,943 69,979 0.0 -0.1 -0.5 69,498 70,402 70,291 71,802 -3.2
Grain and oilseed milling…….....….……… 7,087 7,203 7,278 -1.6 -1.0 -1.6 7,244 7,467 7,481 8,113 -10.7
Dairy products……………...……...……… 10,677 10,630 10,444 0.4 1.8 -1.7 10,813 10,603 10,231 10,968 -1.4
Meat, poultry, and seafood products……. 12,467 12,384 12,658 0.7 -2.2 -1.6 12,394 12,417 12,529 13,322 -7.0
Beverage and tobacco products……………. 30,880 30,768 30,650 0.4 0.4 0.5 31,158 31,148 30,941 31,513 -1.1
Beverages………………..….…..………… 27,342 27,202 27,079 0.5 0.5 0.6 27,541 27,404 27,201 27,711 -0.6
Tobacco……...……..…….……………….. 3,538 3,566 3,571 -0.8 -0.1 -0.2 3,617 3,744 3,740 3,802 -4.9
Textile mills………………….…………………. 3,539 3,528 3,522 0.3 0.2 0.2 3,513 3,519 3,529 3,594 -2.3
Textile products………..……………………… 3,656 3,634 3,621 0.6 0.4 -0.4 3,648 3,654 3,669 3,789 -3.7
Apparel……………………..……..…………… 2,229 2,218 2,171 0.5 2.2 0.4 2,152 2,158 2,132 2,172 -0.9
Leather and allied products………………….. 1,243 1,242 1,253 0.1 -0.9 -1.3 1,227 1,221 1,256 1,297 -5.4
Paper products…………………….……..…… 17,959 17,921 17,855 0.2 0.4 -0.2 17,985 18,074 17,901 18,362 -2.1
Pulp, paper, and paperboard mills....……. 5,618 5,617 5,584 0.0 0.6 -0.3 5,681 5,694 5,594 5,744 -1.1
Paperboard containers……..…………….. 6,796 6,780 6,751 0.2 0.4 -0.1 6,778 6,859 6,831 6,913 -2.0
Printing…………………...………….…….…… 6,577 6,536 6,509 0.6 0.4 -0.4 6,566 6,518 6,469 6,932 -5.3
Petroleum and coal products………………… 47,952 47,715 47,263 0.5 1.0 -2.3 47,683 46,176 45,238 47,559 0.3
Petroleum refineries………...……..……… 41,379 41,192 40,768 0.5 1.0 -2.6 40,990 39,561 38,693 40,332 1.6
Chemical products……..……………..………… 112,764 112,771 112,806 0.0 0.0 -0.1 113,777 113,278 113,308 114,452 -0.6
Pesticides, fertilizers, and other
agricultural chemicals….…...……….…. 6,003 6,004 5,972 0.0 0.5 0.9 6,295 6,353 6,250 6,278 0.3
Pharmaceuticals and medicines………….. 49,255 49,056 49,030 0.4 0.1 0.3 49,913 48,903 49,327 48,199 3.6
Paints, coatings, and adhesives…....……. 5,383 5,431 5,457 -0.9 -0.5 -1.3 5,525 5,553 5,480 6,064 -8.9
Plastics and rubber products…...…………… 33,112 33,060 32,832 0.2 0.7 -1.0 33,449 33,404 32,914 35,047 -4.6

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, March Full Report, May 2, 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>.
Table 5. Value of Manufacturers' Shipments, New Orders, Unfilled Orders, and Total Inventories for
Topical Series1, 2
[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
Industry % Change6
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
p r p r p
2024 2024 2024 Mar. Feb. Jan. 2024 2024 2024 2023 2024 2023 2023

SHIPMENTS
All manufacturing industries…………..……….. 583,302 581,776 573,578 0.3 1.4 -0.8 606,591 556,503 538,557 613,157 1,701,651 1,688,992 0.7

Construction materials and supplies……. 62,861 62,887 62,525 0.0 0.6 0.0 62,472 58,494 56,202 64,021 177,168 174,654 1.4
Information technology………….………… 24,964 24,893 25,047 0.3 -0.6 0.5 26,982 22,766 21,744 26,736 71,492 69,548 2.8
Computers and related products……….. 2,195 2,245 2,216 -2.2 1.3 6.4 2,336 1,892 1,954 2,151 6,182 5,401 14.5
Motor vehicle and parts……………………. 62,849 61,828 60,845 1.7 1.6 -0.5 68,762 61,364 56,575 70,506 186,701 185,277 0.8

Capital goods……….……………...…..….. 94,386 95,858 93,820 -1.5 2.2 -2.3 102,743 90,880 83,386 105,757 277,009 272,946 1.5
Nondefense capital goods3……………… 80,330 81,751 79,808 -1.7 2.4 -2.9 87,263 76,728 71,631 91,437 235,622 235,012 0.3
Excluding aircraft…….…………………. 74,299 74,336 74,807 0.0 -0.6 0.9 79,898 71,476 68,396 81,044 219,770 216,177 1.7
Defense capital goods4……….…….……. 14,056 14,107 14,012 -0.4 0.7 1.6 15,480 14,152 11,755 14,320 41,387 37,934 9.1

Consumer goods………………..………….. 251,731 248,914 243,303 1.1 2.3 -0.8 258,416 234,518 229,465 254,404 722,399 719,241 0.4
Consumer durable goods……...………… 46,161 44,972 43,978 2.6 2.3 -0.5 50,859 43,233 39,230 51,489 133,322 133,462 -0.1
Consumer nondurable goods……………. 205,570 203,942 199,325 0.8 2.3 -0.8 207,557 191,285 190,235 202,915 589,077 585,779 0.6

NEW ORDERS

All manufacturing industries5…………..…….. 584,524 575,391 568,570 1.6 1.2 -3.8 613,335 551,918 533,863 618,987 1,699,116 1,694,019 0.3

Construction materials and supplies……. 62,528 62,688 62,288 -0.3 0.6 -0.5 63,711 59,187 56,974 65,976 179,872 178,021 1.0
Information technology………….………… 24,877 24,625 25,185 1.0 -2.2 0.9 27,943 22,926 21,922 28,414 72,791 71,826 1.3
Computers and related products……….. 2,193 2,281 2,222 -3.9 2.7 6.5 2,334 1,928 1,960 2,168 6,222 5,433 14.5
Motor vehicle and parts……………………. 62,985 61,732 60,641 2.0 1.8 -0.5 68,696 61,971 56,858 70,277 187,525 186,658 0.5

Capital goods……….……………...…..….. 100,332 94,642 94,378 6.0 0.3 -17.0 112,016 88,881 81,771 113,508 282,668 285,459 -1.0
Nondefense capital goods3……………… 87,464 83,006 80,862 5.4 2.7 -21.1 95,498 77,528 71,364 95,869 244,390 244,685 -0.1
Excluding aircraft…….…………………. 73,760 73,680 73,418 0.1 0.4 -0.3 79,836 72,264 69,834 80,632 221,934 220,666 0.6
Defense capital goods4……….…….……. 12,868 11,636 13,516 10.6 -13.9 20.2 16,518 11,353 10,407 17,639 38,278 40,774 -6.1

Consumer goods………………..………….. 251,771 249,075 243,376 1.1 2.3 -0.8 258,516 234,710 229,709 254,494 722,935 719,605 0.5
Consumer durable goods……...………… 46,201 45,133 44,051 2.4 2.5 -0.6 50,959 43,425 39,474 51,579 133,858 133,826 0.0
Consumer nondurable goods………….. 205,570 203,942 199,325 0.8 2.3 -0.8 207,557 191,285 190,235 202,915 589,077 585,779 0.6

UNFILLED ORDERS

All manufacturing industries5…………..…….. 1,397,359 1,391,272 1,392,764 0.4 -0.1 0.0 1,405,112 1,393,996 1,393,809 1,290,994 (X) (X) 8.8

Construction materials and supplies……. 99,153 99,486 99,685 -0.3 -0.2 -0.2 99,750 98,511 97,818 101,114 (X) (X) -1.3
Information technology………….………… 134,635 134,722 134,990 -0.1 -0.2 0.1 135,900 134,939 134,779 135,388 (X) (X) 0.4
Computers and related products……….. 1,312 1,314 1,278 -0.2 2.8 0.5 1,312 1,314 1,278 1,315 (X) (X) -0.2
Motor vehicle and parts……………………. 34,747 34,611 34,707 0.4 -0.3 -0.6 35,948 36,014 35,407 36,322 (X) (X) -1.0

Capital goods……….……………...…..….. 1,055,297 1,049,351 1,050,567 0.6 -0.1 0.1 1,058,805 1,049,532 1,051,531 946,399 (X) (X) 11.9
Nondefense capital goods3……………… 851,160 844,026 842,771 0.8 0.1 0.1 853,284 845,049 844,249 738,317 (X) (X) 15.6
Excluding aircraft…….…………………. 266,970 267,509 268,165 -0.2 -0.2 -0.5 268,821 268,883 268,095 275,169 (X) (X) -2.3
Defense capital goods4……….…….……. 204,137 205,325 207,796 -0.6 -1.2 -0.2 205,521 204,483 207,282 208,082 (X) (X) -1.2

Consumer goods………………..………….. 12,997 12,957 12,796 0.3 1.3 0.6 13,143 13,043 12,851 12,242 (X) (X) 7.4
Consumer durable goods……...………… 12,997 12,957 12,796 0.3 1.3 0.6 13,143 13,043 12,851 12,242 (X) (X) 7.4

TOTAL INVENTORIES
All manufacturing industries…………..……… 857,684 857,313 855,397 0.0 0.2 -0.1 859,168 859,669 852,598 853,605 (X) (X) 0.7

Construction materials and supplies……. 92,962 92,971 92,844 0.0 0.1 0.1 94,272 94,279 93,277 94,216 (X) (X) 0.1
Information technology………….………… 46,031 45,960 45,936 0.2 0.1 -0.3 45,619 45,886 45,561 45,771 (X) (X) -0.3
Computers and related products……….. 3,518 3,495 3,513 0.7 -0.5 -1.5 3,335 3,440 3,379 3,481 (X) (X) -4.2
Motor vehicle and parts……………………. 54,106 54,811 54,575 -1.3 0.4 0.5 53,730 55,370 54,497 52,882 (X) (X) 1.6

Capital goods……….……………...…..….. 255,765 255,118 254,451 0.3 0.3 0.2 255,754 255,089 251,969 244,223 (X) (X) 4.7
Nondefense capital goods3……………… 230,529 229,961 229,640 0.2 0.1 0.2 230,456 230,016 227,326 220,314 (X) (X) 4.6
Excluding aircraft…….…………………. 162,913 162,849 163,096 0.0 -0.2 -0.2 162,765 163,239 161,937 161,301 (X) (X) 0.9
Defense capital goods4……….…….……. 25,236 25,157 24,811 0.3 1.4 0.8 25,298 25,073 24,643 23,909 (X) (X) 5.8

Consumer goods………………..………….. 254,500 254,692 253,441 -0.1 0.5 -0.4 253,910 254,167 251,749 256,136 (X) (X) -0.9
Consumer durable goods……...………… 41,653 42,372 41,704 -1.7 1.6 0.4 41,065 42,804 41,186 41,933 (X) (X) -2.1
Consumer nondurable goods……………. 212,847 212,320 211,737 0.2 0.3 -0.6 212,845 211,363 210,563 214,203 (X) (X) -0.6

X
Not Applicable
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
Topical series are regroupings of the separate industry categories.
3
Nondefense capital goods industries include: 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.
4
Defense capital goods industries include: small arms and ordnance; communications equipment; aircraft; missiles, space vehicles, and parts; ships and boats; and search and navigation equipment.
5
Estimates and percent changes exclude semiconductor industry data.
6
Based on year-to-date for shipments and new orders, but on same month prior year for unfilled orders and inventories.
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, March Full Report, May 2, 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>.
Table 6. Value of Manufacturers' Inventories, by Stage of Fabrication, by Industry Group1
[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 March
Mar. Feb. Jan. Feb. - Jan. - Dec. - Mar. Feb. Jan. Mar. 2024/
p
2024 2024r 2024 Mar. Feb. Jan. 2024p 2024r 2024 2023 2023

MATERIALS AND SUPPLIES

All manufacturing industries..........……..….. 312,454 312,213 312,832 0.1 -0.2 -0.2 311,435 311,892 313,370 316,227 -1.5

Durable goods industries.....................….. 196,593 196,805 196,694 -0.1 0.1 0.2 195,930 196,321 196,784 196,205 -0.1
Wood products…………..………………… 7,551 7,559 7,537 -0.1 0.3 0.3 7,579 7,711 7,711 7,844 -3.4
Nonmetallic mineral products…………….. 7,853 7,862 7,766 -0.1 1.2 2.0 7,895 7,892 7,752 7,752 1.8
Primary metals……………….…..………… 19,374 19,180 18,808 1.0 2.0 1.8 19,193 19,102 18,698 18,988 1.1
Fabricated metal products…………………….. 24,712 24,510 24,210 0.8 1.2 0.3 24,617 24,379 24,263 24,488 0.5
Machinery…………………………………… 40,294 40,369 40,393 -0.2 -0.1 0.5 40,221 40,085 40,182 40,264 -0.1
Computers and electronic products…….. 27,224 27,375 27,435 -0.6 -0.2 0.1 26,749 27,237 27,412 26,013 2.8
Electrical equipment, appliances,
and components…………………………. 12,553 12,607 12,632 -0.4 -0.2 -0.9 12,589 12,729 12,680 12,694 -0.8
Transportation equipment………………… 42,078 42,262 42,854 -0.4 -1.4 -0.6 42,149 42,131 42,968 43,042 -2.1
Furniture and related products…………… 5,155 5,197 5,206 -0.8 -0.2 -0.1 5,254 5,288 5,313 5,446 -3.5
Miscellaneous products………...…………. 9,799 9,884 9,853 -0.9 0.3 0.6 9,684 9,767 9,805 9,674 0.1
Nondurable goods industries..............…….. 115,861 115,408 116,138 0.4 -0.6 -1.0 115,505 115,571 116,586 120,022 -3.8
Food products...…...........………..…….. 25,831 25,700 26,122 0.5 -1.6 -0.7 25,670 25,854 26,436 26,382 -2.7
Beverage and tobacco products.....................… 6,125 6,144 6,247 -0.3 -1.6 -1.2 6,193 6,248 6,518 6,513 -4.9
Textiles.............….....…...…….......…… 1,482 1,484 1,482 -0.1 0.1 0.0 1,475 1,479 1,479 1,446 2.0
Textile products……..………..……………. 1,688 1,684 1,681 0.2 0.2 0.0 1,682 1,684 1,700 1,723 -2.4
Apparel……………….…………………….. 616 562 595 9.6 -5.5 5.5 603 549 599 597 1.0
Leather and allied products…….…………. 382 385 380 -0.8 1.3 -0.8 378 381 379 398 -5.0
Paper products..…………..….….....…….. 9,316 9,309 9,268 0.1 0.4 0.2 9,294 9,387 9,329 9,671 -3.9
Printing ………….………………...……….. 3,445 3,411 3,369 1.0 1.2 -0.9 3,437 3,414 3,362 3,575 -3.9
Petroleum and coal products…………….. 14,302 14,079 14,432 1.6 -2.4 -3.3 13,968 13,716 13,908 14,098 -0.9
Chemical products…………………..……… 38,387 38,412 38,413 -0.1 0.0 -0.9 38,531 38,544 38,612 39,992 -3.7
Plastics and rubber products……..….…… 14,287 14,238 14,149 0.3 0.6 -0.7 14,274 14,315 14,264 15,627 -8.7

WORK IN PROCESS
All manufacturing industries..........……..….. 248,133 247,218 245,638 0.4 0.6 0.4 248,910 247,687 243,815 237,749 4.7

Durable goods industries.....................….. 184,151 183,164 182,747 0.5 0.2 0.2 184,725 183,411 181,158 174,033 6.1
Wood products…………..………………… 1,803 1,789 1,785 0.8 0.2 -0.4 1,848 1,821 1,812 1,890 -2.2
Nonmetallic mineral products…………….. 1,770 1,789 1,810 -1.1 -1.2 0.6 1,820 1,837 1,830 1,698 7.2
Primary metals……………….…..………… 11,640 11,733 11,876 -0.8 -1.2 -3.0 11,689 11,736 11,710 12,511 -6.6
Fabricated metal products…………………….. 17,287 17,389 17,407 -0.6 -0.1 -0.4 17,364 17,425 17,369 16,890 2.8
Machinery…………………………………… 24,424 24,504 24,492 -0.3 0.0 -1.6 24,808 24,890 23,998 25,177 -1.5
Computers and electronic products…….. 13,962 13,928 13,770 0.2 1.1 -0.2 13,994 14,157 13,952 13,936 0.4
Electrical equipment, appliances,
and components…………………………. 4,748 4,712 4,649 0.8 1.4 0.0 4,760 4,734 4,594 4,544 4.8
Transportation equipment………………… 102,020 100,992 100,591 1.0 0.4 1.2 102,030 100,525 99,558 91,215 11.9
Furniture and related products…………… 1,420 1,380 1,376 2.9 0.3 -1.3 1,384 1,350 1,387 1,445 -4.2
Miscellaneous products………...…………. 5,077 4,948 4,991 2.6 -0.9 1.5 5,028 4,936 4,948 4,727 6.4
Nondurable goods industries..............…….. 63,982 64,054 62,891 -0.1 1.8 0.9 64,185 64,276 62,657 63,716 0.7
Food products...…...........………..…….. 6,084 6,116 6,210 -0.5 -1.5 -1.2 6,069 6,269 6,540 7,796 -22.2
Beverage and tobacco products.....................… 11,579 11,417 11,263 1.4 1.4 1.4 11,585 11,517 11,553 11,025 5.1
Textiles.............….....…...…….......…… 557 555 554 0.4 0.2 0.2 553 552 552 580 -4.7
Textile products……..………..……………. 464 464 465 0.0 -0.2 -0.2 463 471 475 472 -1.9
Apparel……………….…………………….. 329 332 317 -0.9 4.7 -2.2 318 323 313 267 19.1
Leather and allied products…….…………. 133 134 143 -0.7 -6.3 -0.7 135 135 143 138 -2.2
Paper products..…………..….….....…….. 1,862 1,843 1,813 1.0 1.7 -0.5 1,875 1,839 1,805 1,652 13.5
Printing ………….………………...……….. 1,127 1,128 1,148 -0.1 -1.7 0.3 1,117 1,119 1,140 1,140 -2.0
Petroleum and coal products…………….. 17,628 17,938 17,105 -1.7 4.9 0.8 17,861 17,952 16,165 16,915 5.6
Chemical products…………………..……… 20,282 20,201 19,985 0.4 1.1 1.6 20,246 20,141 20,075 19,850 2.0
Plastics and rubber products……..….…… 3,937 3,926 3,888 0.3 1.0 0.1 3,963 3,958 3,896 3,881 2.1

FINISHED GOODS
All manufacturing industries..........……..….. 297,097 297,882 296,927 -0.3 0.3 -0.5 298,823 300,090 295,413 299,629 -0.3

Durable goods industries.....................….. 147,090 148,008 147,495 -0.6 0.3 -0.2 147,857 150,385 147,008 146,848 0.7
Wood products…………..………………… 6,469 6,436 6,439 0.5 0.0 0.9 6,798 6,736 6,574 6,843 -0.7
Nonmetallic mineral products…………….. 7,848 7,826 7,891 0.3 -0.8 0.2 8,044 7,985 7,909 7,693 4.6
Primary metals……………….…..………… 14,606 14,788 14,778 -1.2 0.1 -0.7 14,869 15,108 14,881 15,140 -1.8
Fabricated metal products…………………….. 22,605 22,730 23,011 -0.5 -1.2 -0.1 22,840 22,984 22,945 23,568 -3.1
Machinery…………………………………… 30,234 30,186 30,455 0.2 -0.9 0.4 30,667 30,814 30,374 29,381 4.4
Computers and electronic products…….. 14,148 14,049 14,180 0.7 -0.9 -1.2 13,791 14,011 14,060 14,563 -5.3
Electrical equipment, appliances,
and components…………………………. 8,660 8,737 8,731 -0.9 0.1 -1.8 8,807 8,934 8,754 9,054 -2.7
Transportation equipment………………… 25,890 26,700 25,488 -3.0 4.8 1.1 25,626 27,337 25,103 24,039 6.6
Furniture and related products…………… 3,463 3,430 3,444 1.0 -0.4 -0.9 3,347 3,371 3,457 3,499 -4.3
Miscellaneous products………...…………. 13,167 13,126 13,078 0.3 0.4 -1.7 13,068 13,105 12,951 13,068 0.0
Nondurable goods industries..............…….. 150,007 149,874 149,432 0.1 0.3 -0.8 150,966 149,705 148,405 152,781 -1.2
Food products...…...........………..…….. 38,024 38,127 37,647 -0.3 1.3 -0.3 37,759 38,279 37,315 37,624 0.4
Beverage and tobacco products.....................… 13,176 13,207 13,140 -0.2 0.5 0.6 13,380 13,383 12,870 13,975 -4.3
Textiles.............….....…...…….......…… 1,500 1,489 1,486 0.7 0.2 0.5 1,485 1,488 1,498 1,568 -5.3
Textile products……..………..……………. 1,504 1,486 1,475 1.2 0.7 -0.9 1,503 1,499 1,494 1,594 -5.7
Apparel……………….…………………….. 1,284 1,324 1,259 -3.0 5.2 -1.2 1,231 1,286 1,220 1,308 -5.9
Leather and allied products…….…………. 728 723 730 0.7 -1.0 -1.7 714 705 734 761 -6.2
Paper products..…………..….….....…….. 6,781 6,769 6,774 0.2 -0.1 -0.5 6,816 6,848 6,767 7,039 -3.2
Printing ………….………………...……….. 2,005 1,997 1,992 0.4 0.3 0.2 2,012 1,985 1,967 2,217 -9.2
Petroleum and coal products…………….. 16,022 15,698 15,726 2.1 -0.2 -4.5 15,854 14,508 15,165 16,546 -4.2
Chemical products…………………..……… 54,095 54,158 54,408 -0.1 -0.5 -0.3 55,000 54,593 54,621 54,610 0.7
Plastics and rubber products……..….…… 14,888 14,896 14,795 -0.1 0.7 -1.6 15,212 15,131 14,754 15,539 -2.1

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.
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, March Full Report, May 2, 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>.
Table 7. Ratios of Manufacturers' Inventories to Shipments and Unfilled Orders
to Shipments, by Industry Group 1
[Based on Seasonally Adjusted data from the Manufacturers' Shipments, Inventories, and Orders Survey.]
Inventory/Shipments ratio Unfilled Orders/Shipments ratio2

Industry Mar Feb Jan Dec Mar Feb Jan Dec

p r p r
2024 2024 2024 2023 2024 2024 2024 2023

All manufacturing industries3.…………………………….. 1.47 1.47 1.49 1.48 (X) (X) (X) (X)

Durable goods industries3.....…........…………………… 1.87 1.87 1.89 1.87 7.19 7.10 7.17 7.10
Wood products………………..………………………………… 1.18 1.18 1.17 1.18 (X) (X) (X) (X)
Nonmetallic mineral products……………………….. 1.32 1.32 1.33 1.32 (X) (X) (X) (X)
Primary metals……………….………………………………….. 1.73 1.72 1.72 1.72 1.46 1.45 1.46 1.45
Fabricated metal products……………………………….. 1.78 1.78 1.78 1.78 3.64 3.64 3.66 3.66
Machinery……………….…..……….…………………………….. 2.51 2.52 2.51 2.53 3.96 3.96 3.90 3.97
Computers and electronic products3………………. 1.87 1.87 1.86 1.87 5.91 5.92 5.89 5.86
Electrical equipment, appliances,
and components………………....………………………… 1.82 1.83 1.79 1.86 3.38 3.40 3.33 3.43
Transportation equipment………………………………. 1.90 1.89 1.96 1.88 16.29 15.75 16.47 15.71
Furniture and related products………………………. 1.47 1.47 1.46 1.50 1.79 1.79 1.77 1.83
Miscellaneous products…………………………………… 1.92 1.92 1.92 1.92 (X) (X) (X) (X)

Nondurable goods industries…………………………….. 1.09 1.10 1.12 1.11 (X) (X) (X) (X)
Food products……………………………………………………. 0.88 0.88 0.88 0.88 (X) (X) (X) (X)
Beverage and tobacco products……………………… 1.64 1.66 1.66 1.67 (X) (X) (X) (X)
Textiles……………….…….……….……………………………….. 1.71 1.72 1.72 1.70 (X) (X) (X) (X)
Textile products……………….….……………………………. 1.85 1.81 1.83 1.86 (X) (X) (X) (X)
Apparel………….…………..…..….……………………………… 2.71 2.69 2.76 2.70 (X) (X) (X) (X)
Leather and allied products………………………….. 2.26 2.16 2.24 2.36 (X) (X) (X) (X)
Paper products…………………..…………………………….. 1.04 1.04 1.04 1.04 (X) (X) (X) (X)
Printing………………...….……………………………………….. 0.91 0.91 0.90 0.91 (X) (X) (X) (X)
Petroleum and coal products…………………………. 0.70 0.70 0.74 0.74 (X) (X) (X) (X)
Chemical products………………..…………………………. 1.43 1.44 1.45 1.45 (X) (X) (X) (X)
Plastics and rubber products………………………….. 1.33 1.33 1.32 1.32 (X) (X) (X) (X)

X Not Applicable
p
Preliminary
r
Revised data due to late receipts and concurrent seasonal adjustment.
2
Excludes the following industries with no unfilled orders: Wood products; nonmetallic mineral products; medical equipment and supplies; office supplies;
other miscellaneous manufacturing; cutlery and handtools; farm and garden machinery; computer storage and peripheral devices; audio and video
equipment; manufacturing and reproducing magnetic and optical media; batteries; automobiles; light trucks and utility vehicles; heavy duty trucks; and
miscellaneous furniture.
3
Unfilled orders to shipments ratio excludes semiconductor manufacturing.
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, March Full Report, May 2, 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>.

Table 8. Revisions to Previously Published Monthly Percent Changes 1

[Based on Seasonally Adjusted data from the Manufacturers' Shipments, Inventories, and Orders Survey.]
Shipments New Orders Unfilled Orders Inventories

Mar3 Mar3 Mar3 Mar3

Industry 2023- 2023- 2023- 2023-
Mar2
2
Feb Mar Feb Mar2 Feb Mar2 Feb
2024 2024 2024 2024 2024 2024 2024 2024

All manufacturing industries.…..…..……. (X) 0.2 (X) 0.2 (X) 0.1 (X) 0.1

Durable goods industries.....…........……. -0.1 0.2 0.0 0.3 0.0 0.1 0.0 0.1
Wood products………………..…………………… (X) 0.2 (X) (NA) (X) (NA) (X) 0.3
Nonmetallic mineral products………….. (X) 0.4 (X) (NA) (X) (NA) (X) 0.2
Primary metals……………….…………………….. -0.1 0.3 0.3 0.3 0.2 0.1 -0.1 0.2
Fabricated metal products……………….. -0.1 0.1 0.0 0.2 0.0 0.1 -0.1 0.1
Machinery……………….…..……….……………….. -0.1 0.2 -0.2 0.4 0.0 0.1 0.0 0.2
Computers and electronic products….. -0.1 0.2 -0.1 0.4 -0.1 0.0 0.0 0.1
Electrical equipment, appliances,
and components………………....…………… -0.2 0.3 -0.1 1.0 0.2 0.3 0.0 0.3
Transportation equipment……………….. -0.1 0.3 0.1 0.9 0.0 0.1 0.0 0.1
Furniture and related products…………. (X) 0.3 (X) 0.8 (X) 0.3 (X) 0.3
Miscellaneous products…………………….. (X) 0.2 (X) 0.2 (X) 0.1 (X) 0.1

Nondurable goods industries………………. (X) 0.3 (X) (NA) (X) (NA) (X) 0.1
Food products………………………………………. (X) 0.1 (X) (NA) (X) (NA) (X) 0.1
Beverage and tobacco products………… (X) 0.2 (X) (NA) (X) (NA) (X) 0.2
Textiles……………….…….……….…………………. (X) 0.4 (X) (NA) (X) (NA) (X) 0.1
Textile products……………….….……………… (X) 0.2 (X) (NA) (X) (NA) (X) 0.3
Apparel………….…………..…..….………………… (X) 0.4 (X) (NA) (X) (NA) (X) 0.5
Leather and allied products……………… (X) 0.6 (X) (NA) (X) (NA) (X) 0.4
Paper products…………………..………………… (X) 0.1 (X) (NA) (X) (NA) (X) 0.2
Printing………………...….…………………………… (X) 0.4 (X) (NA) (X) (NA) (X) 0.5
Petroleum and coal products…………… (X) 0.8 (X) (NA) (X) (NA) (X) 0.4
Chemical products………………..…………… (X) 0.4 (X) (NA) (X) (NA) (X) 0.1
Plastics and rubber products……………. (X) 0.2 (X) (NA) (X) (NA) (X) 0.2

X Not Applicable
NA Not Available
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
The current month revisions are the difference between the advance percent change and the percent change as shown in this publication.
3
The twelve month revisions are the differences between the month-to-month percent changes of the preliminary and final estimates. The
monthly averages are the simple averages of the absolute values of the differences for the months specified. The advance to final percent change
revisions for the durable goods industries are shown in the advance report for the month.
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, March Full Report, May 2, 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>.