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PRODUCTION AND BUSINESS ACTIVITY.

Industrial Production and Capacity Utilization

Industrial production rose while capacity utilization fell in October.
[Monthly data seasonally adjusted]

               Total industrial production (1)  Industry production
   Period       Index,   Percent change (2)      indexes, 2012=100
               2012=100    From      From          Manufacturing
                         preceding   year       Total (1)  Durable
                           month    earlier

2008              100.8              -3.5           103.8     99.2
2009               89.2             -11.5            89.5     80.6
2010               94.1               5.5            94.7     89.2
2011               97.1               3.1            97.5     94.7
2012              100.0               3.0           100.0    100.0
2013              102.0               2.0           100.9    102.1
2014              105.2               3.1           102.0    105.1
2015              104.1              -1.0           101.5    103.9
2016              102.1              -1.9           100.7    101.7
2017              103.7               1.6           101.9    103.3
2017 Oct          104.8        1.5    2.7           102.6    103.9
     Nov          105.3         .5    3.4           102.9    104.2
     Dec          105.8         .5    2.9           102.8    104.3
2018 Jan          105.4        -.3    2.8           102.3    104.0
     Feb          105.9         .5    3.7           103.8    105.6
     Mar          106.4         .5    3.6           103.7    105.8
     Apr          107.7        1.1    3.8           104.3    106.3
     May (r)      106.8        -.8    3.0           103.3    104.7
     June (r)     107.5         .6    3.6           104.0    106.1
     July (r)     107.9         .4    4.1           104.4    106.0
     Aug (r)      108.8         .8    5.4           104.8    107.3
     Sept (r)     109.0         .2    5.6           105.1    107.8
     Oct (p)      109.1         .1    4.1           105.4    108.3

                   Industry production indexes, 2012=100
   Period
                      Manufacturing         Mining  Utilities
               Nondurable       Other
                           (non-NAICS) (1)

2008                105.8            143.9    88.0      101.9
2009                 97.7            120.3    83.1       99.0
2010                 99.8            111.2    87.2      102.8
2011                 99.9            106.0    92.6      102.4
2012                100.0            100.0   100.0      100.0
2013                100.0             95.0   106.3      102.2
2014                 99.3             93.8   117.8      103.5
2015                 99.6             90.4   113.8      102.7
2016                100.4             88.0   102.7      102.3
2017                101.8             81.9   109.3      101.0
2017 Oct            102.8             81.7   111.6      103.0
     Nov            103.1             79.9   113.9      103.3
     Dec            103.1             78.3   115.1      106.6
2018 Jan            102.2             78.2   113.9      108.8
     Feb            103.6             79.8   117.1       98.4
     Mar            103.1             80.1   118.4      102.6
     Apr            103.9             79.5   119.5      108.5
     May (r)        103.6             77.6   120.7      105.7
     June (r)       103.9             74.9   122.8      104.1
     July (r)       104.8             74.0   123.9      104.2
     Aug (r)        104.4             73.9   126.9      105.4
     Sept (r)       104.4             74.3   126.7      105.2
     Oct (p)        104.6             73.2   126.3      104.7

               Capacity utilization rate
   Period        (output as percent of
                     capacity) (1)
                Total        Total
               industry  manufacturing

2008               77.8           74.6
2009               68.5           65.5
2010               73.6           70.7
2011               76.2           73.6
2012               77.2           74.9
2013               77.6           75.0
2014               79.0           75.8
2015               77.3           75.8
2016               75.3           74.6
2017               76.1           74.8
2017 Oct           76.8           75.2
     Nov           77.1           75.3
     Dec           77.3           75.2
2018 Jan           77.0           74.7
     Feb           77.2           75.7
     Mar           77.5           75.6
     Apr           78.2           75.9
     May (r)       77.5           75.1
     June (r)      77.8           75.6
     July (r)      78.0           75.7
     Aug (r)       78.5           75.9
     Sept (r)      78.5           76.1
     Oct (p)       78.4           76.2

(1) Total industry and total manufacturing series include manufacturing
as defined in the North American Industry Classification System (NAICS)
plus those industries--logging and newspaper, periodical, book and
directory-publishing--that have traditionally been included in
manufacturing.
(2) Percent changes based on unrounded indexes.
Note: Data based on NAICS except series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.


Industrial Production--Major Market Groups and Selected Manufactures
[2012=100; monthly data seasonally adjusted]

                          Products and nonindustrial supplies
                                     Final products
    Period                   Consumer goods              Equipment
                Total
                       Total   Durable  Nondurable  Total (1)  Business
                                goods     goods

2008            103.8   107.2    106.6       107.2       97.3      96.7
2009             93.0    99.2     85.9       102.9       81.5      80.0
2010             96.0   100.3     94.2       101.9       87.8      86.1
2011             98.2   101.4     97.7       102.3       92.2      91.1
2012            100.0   100.0    100.0       100.0      100.0     100.0
2013            100.3   100.7    105.5        99.5       99.6      99.9
2014            101.3   101.5    110.6        99.2      101.0     101.7
2015            100.8   103.0    115.0        99.9       96.6      99.6
2016             99.1   103.6    117.5       100.1       90.2      94.4
2017            100.3   103.7    117.6       100.1       93.8      97.4
2017: Oct       101.3   104.7    118.0       101.4       94.6      98.8
      Nov       101.2   104.6    117.8       101.2       94.6      98.8
      Dec       101.5   105.2    118.4       101.8       94.4      98.5
2018: Jan       101.7   105.5    117.7       102.4       94.5      98.5
      Feb       101.8   105.3    120.9       101.3       95.0      98.6
      Mar       102.1   105.7    122.0       101.6       95.2      98.7
      Apr       103.6   107.4    121.0       103.9       96.2      99.6
      May (r)   101.2   104.6    116.0       101.7       94.7      97.5
      June (r)  102.3   105.3    119.8       101.6       96.5      99.5
      July (r)  102.4   105.5    119.2       102.1       96.5      99.7
      Aug (r)   103.1   105.9    121.7       102.0       97.9     101.3
      Sept (r)  103.7   106.4    122.7       102.3       98.6     102.1
      Oct (p)   104.0   106.6    121.4       102.8       99.4     102.9

                     Products and nonindustrial supplies       Materials
                Final products     Nonindustrial supplies
    Period        Equipment
                  Defense       Total  Construction  Business  Total (1)
                    and
                   space

2008                 98.0       110.3         117.4     107.2       95.6
2009                 93.8        93.5          90.3      95.0       84.9
2010                100.9        96.6          93.6      98.0       91.9
2011                 98.0        98.0          95.8      99.0       95.9
2012                100.0       100.0         100.0     100.0      100.0
2013                 97.1       102.2         103.1     101.8      103.4
2014                 93.9       103.9         106.4     102.8      108.5
2015                 91.7       103.2         107.0     101.4      106.9
2016                 89.1       103.8         108.0     101.8      103.7
2017                 89.3       105.1         110.8     102.3      105.9
2017: Oct            87.6       105.5         111.5     102.6      107.2
      Nov            87.7       106.0         111.9     103.1      108.3
      Dec            87.5       106.6         112.9     103.5      108.9
2018: Jan            87.8       105.8         111.2     103.1      108.2
      Feb            88.5       106.7         114.8     102.7      108.9
      Mar            88.7       106.8         113.6     103.5      109.8
      Apr            90.0       107.6         114.3     104.3      110.9
      May (r)        89.5       107.3         114.7     103.6      111.2
      June (r)       90.5       107.3         114.2     103.9      111.7
      July (r)       90.9       107.1         114.2     103.6      112.6
      Aug (r)        91.6       107.1         114.6     103.3      113.9
      Sept (r)       92.5       107.0         113.9     103.5      113.9
      Oct (p)        93.3       107.0         114.7     103.1      113.7

                Materials
    Period
                 Energy

2008               89.3
2009               86.7
2010               90.6
2011               94.1
2012              100.0
2013              105.1
2014              114.0
2015              112.6
2016              106.0
2017              109.3
2017: Oct         111.8
      Nov         113.3
      Dec         115.2
2018: Jan         115.2
      Feb         114.7
      Mar         116.3
      Apr         117.7
      May (r)     119.2
      June (r)    119.7
      July (r)    121.4
      Aug (r)     124.1
      Sept (r)    123.9
      Oct (p)     123.2

(1) Includes other items, not shown separately.

[2012=100; monthly data seasonally adjusted]

                             Durable manufactures
                                                        Computer and
                Primary metals                           electronic
    Period                       Fabricated               products
                         Iron      metal     Machinery
                         and      products
                Total   steel                              Total
                       products

2008            104.1     109.2       110.7       94.5      84.8
2009             77.5      70.3        85.2       73.5      75.6
2010             95.0      91.8        90.7       82.1      85.6
2011            102.0     100.1        97.1       92.5      92.6
2012            100.0     100.0       100.0      100.0     100.0
2013            103.3     102.1       101.8       95.4     103.2
2014            104.0     101.3       103.6       96.7     107.4
2015             96.8      91.6       100.2       89.0     108.1
2016             92.5      87.3        96.5       82.2     110.4
2017             93.9      91.7        97.6       87.5     113.9
2017: Oct        94.7      91.8        98.8       89.5     115.0
      Nov        96.2      95.8        99.2       90.1     115.8
      Dec        94.8      93.5        99.3       91.0     115.9
2018: Jan        94.8      92.2        99.9       90.0     116.6
      Feb        96.4      95.3       101.8       89.6     117.2
      Mar        97.2      97.7       102.0       88.9     117.8
      Apr        96.8      95.5       102.0       91.0     118.8
      May (r)    96.5      95.2       101.7       90.1     118.4
      June (r)   96.1      93.5       103.1       90.7     119.6
      July (r)   95.6      94.1       102.9       91.0     121.1
      Aug (r)    97.4      97.0       103.7       93.7     120.6
      Sept (r)   98.3      97.2       103.9       94.5     120.7
      Oct (p)   101.2     101.8       104.1       95.7     120.9

                      Durable manufactures
                    Computer and     Transportation
                electronic products     equipment
    Period
                                             Motor
                     Selected               vehicles
                high-technology (1)  Total    and
                                             parts

2008                           75.4   91.0      85.1
2009                           66.6   74.6      62.3
2010                           80.9   86.5      82.7
2011                           91.1   90.4      90.4
2012                          100.0  100.0     100.0
2013                          110.7  105.1     107.2
2014                          122.7  111.9     117.1
2015                          126.7  115.0     123.2
2016                          133.9  112.2     124.8
2017                          139.1  111.7     123.7
2017: Oct                     141.4  111.1     124.2
      Nov                     143.0  110.9     123.8
      Dec                     145.0  111.1     124.6
2018: Jan                     144.6  110.6     124.1
      Feb                     143.7  113.1     129.0
      Mar                     144.7  114.6     132.7
      Apr                     145.4  113.8     130.0
      May (r)                 145.4  108.1     118.9
      June (r)                148.4  112.8     127.4
      July (r)                149.1  111.4     124.2
      Aug (r)                 149.7  114.1     128.7
      Sept (r)                149.7  115.3     130.4
      Oct (p)                 149.7  114.3     126.8

                      Nondurable manufactures
                          Printing
    Period                  and
                Apparel   related    Chemicals  Food
                          support
                         activities

2008              157.2       123.7      108.6  100.6
2009              112.7       103.6       98.1   99.9
2010              109.5       103.5      101.3  100.4
2011              102.9       101.8      101.4  100.2
2012              100.0       100.0      100.0  100.0
2013               92.6       100.3       96.6  102.0
2014               88.8        98.5       95.6  102.9
2015               84.3        97.5       95.2  104.4
2016               79.2        99.2       94.7  106.6
2017               71.0        98.9       95.6  111.0
2017: Oct          68.3        97.5       97.6  112.5
      Nov          68.2        97.6       98.1  112.2
      Dec          69.4        98.7       97.5  112.9
2018: Jan          69.7        98.2       95.9  112.8
      Feb          70.6        98.7       96.9  115.6
      Mar          70.4        96.5       97.4  113.7
      Apr          71.9        97.5       98.5  115.0
      May (r)      71.2        98.0       98.9  114.5
      June (r)     68.6        98.2       99.3  114.8
      July (r)     72.0        98.6      100.2  116.6
      Aug (r)      69.4        96.2      100.3  115.8
      Sept (r)     67.3        97.7       99.9  115.3
      Oct (p)      65.1        96.4      100.2  116.1

(1) Computers and peripheral equipment, communications equipment, and
semiconductors and related electronic components.
Source: Board of Governors of the Federal Reserve System.

New Construction
[Billions of dollars; monthly data at seasonally adjusted annual rates]

                                      Private
                                          Residential
    Period         Total
                    new
                construction   Total
                expenditures           Total (1)    New
                                                  housing

2008                 1,077.4    768.6      359.2    230.1
2009                   906.5    591.6      247.5    133.9
2010                   809.3    505.3      242.0    127.3
2011                   788.3    501.9      244.1    123.2
2012                   850.5    571.1      269.8    154.5
2013                   906.4    635.7      323.4    202.3
2014                 1,005.6    729.5      369.8    235.2
2015                 1,113.6    823.3      422.1    273.7
2016                 1,191.8    899.3      467.2    303.6
2017                 1,246.0    962.8      524.9    330.1
2017: Oct            1,247.5    961.6      529.5    336.0
      Nov            1,257.3    971.0      538.2    340.0
      Dec            1,272.6    983.1      543.7    343.4
2018: Jan            1,276.3    985.9      541.8    343.0
      Feb            1,305.5  1,013.3      560.2    348.5
      Mar            1,293.1    997.9      546.6    344.8
      Apr            1,314.7  1,015.3      563.4    346.6
      May            1,324.3  1,016.8      561.9    349.6
      June           1,314.8  1,009.4      551.7    347.5
      July           1,317.7  1,012.6      555.4    347.0
      Aug (r)        1,311.8    999.2      540.9    343.3
      Sept (r)       1,310.8  1,003.0      541.7    345.6
      Oct (p)        1,308.8    998.7      539.0    344.6

                                 Private
                                Nonresidential
    Period
                                 Commercial
                Total  Lodging  Office  (including  Manufacturing
                                          farm)

2008            409.4     35.4    55.5        82.7      53.6
2009            344.1     25.4    37.3        51.1      57.4
2010            263.3     11.2    24.4        37.2      40.6
2011            257.8      8.4    23.7        39.2      39.8
2012            301.4     10.2    27.4        44.3      46.8
2013            312.3     13.0    30.1        50.9      49.9
2014            359.7     16.3    38.9        60.9      58.1
2015            401.2     21.3    47.4        63.4      79.3
2016            432.2     26.5    59.6        75.0      75.7
2017            437.8     28.0    58.6        84.6      65.8
2017: Oct       432.1     28.0    57.1        84.2      64.8
      Nov       432.8     27.7    59.1        84.9      64.3
      Dec       439.4     29.0    60.2        86.1      64.0
2018: Jan       444.1     28.9    61.4        85.8      63.8
      Feb       453.1     30.1    62.8        89.6      64.5
      Mar       451.3     30.3    62.3        89.3      63.3
      Apr       451.9     31.0    62.1        88.3      61.3
      May       454.9     30.5    63.1        89.7      60.8
      June      457.8     30.7    62.7        89.4      64.2
      July      457.2     30.7    63.3        87.8      65.1
      Aug (r)   458.3     31.0    63.4        84.9      67.1
      Sept (r)  461.3     32.4    64.5        85.3      67.4
      Oct (p)   459.7     32.9    66.4        84.7      66.8

                  Private
                Nonresidential  Federal
    Period                        and
                                 State
                                  and
                  Other (2)      local

2008                  182.3       308.7
2009                  173.0       314.9
2010                  149.9       304.0
2011                  146.7       286.4
2012                  172.6       279.3
2013                  168.3       270.7
2014                  185.5       276.1
2015                  189.7       290.3
2016                  195.3       292.5
2017                  200.9       283.2
2017: Oct             198.0       285.9
      Nov             196.7       286.3
      Dec             200.1       289.5
2018: Jan             204.2       290.3
      Feb             206.2       292.2
      Mar             206.2       295.2
      Apr             209.3       299.4
      May             210.9       307.5
      June            210.8       305.4
      July            210.3       305.1
      Aug (r)         211.9       312.6
      Sept (r)        211.7       307.8
      Oct (p)         208.9       310.2

(1) Includes residential improvements, not shown separately.
(2) Includes health care, educational, communication, and power, among
other categories not shown separately.
Source: Department of Commerce (Bureau of the Census).

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]

                       New housing units started
   Period                  Type of structure
                Total   1 unit  2-4 units (1)  5 units or
                                                  more

2008             905.5   622.0           17.5       266.0
2009             554.0   445.1           11.6        97.3
2010             586.9   471.2           11.4       104.3
2011             608.8   430.6           10.9       167.3
2012             780.6   535.3           11.4       233.9
2013             924.9   617.6           13.6       293.7
2014           1,003.3   647.9           13.7       341.7
2015           1,111.8   714.5           11.5       385.8
2016           1,173.8   781.5           11.5       380.8
2017           1,203.0   848.9           11.4       342.7
                     Seasonally adjusted annual rates
2017 Oct       1,265     888                        359
     Nov       1,303     948                        347
     Dec       1,210     847                        359
2018 Jan       1,334     886                        435
     Feb       1,290     900                        372
     Mar       1,327     882                        431
     Apr       1,276     898                        357
     May       1,329     938                        379
     June      1,177     851                        316
     July (r)  1,184     861                        317
     Aug (r)   1,280     890                        373
     Sept (r)  1,210     881                        323
     Oct (p)   1,228     865                        343

                  New housing units authorized (2)
                                                          New      New
   Period                Type of structure              housing   houses
                                                         units     sold
                Total   1 unit  2-4 units  5 units or  completed
                                              more

2008             905.4   575.6       34.4       295.4    1,119.7     485
2009             583.0   441.1       20.7       121.1      794.4     375
2010             604.6   447.3       22.0       135.3      651.7     323
2011             624.1   418.5       21.6       184.0      584.9     306
2012             829.7   518.7       25.9       285.1      649.2     368
2013             990.8   620.8       29.0       341.1      764.4     429
2014           1,052.1   640.3       29.9       382.0      883.8     437
2015           1,182.6   696.0       32.1       454.5      968.2     501
2016           1,206.6   750.8       34.8       421.1    1,059.7     561
2017           1,282.0   820.0       37.2       424.8    1,152.9     613
                         Seasonally adjusted annual rates
2017 Oct       1,343     854         35         454      1,188       618
     Nov       1,323     864         41         418      1,144       712
     Dec       1,320     877         38         405      1,197       636
2018 Jan       1,366     870         45         451      1,218       633
     Feb       1,323     886         46         391      1,289       663
     Mar       1,377     851         40         486      1,229       672
     Apr       1,364     863         41         460      1,257       633
     May       1,301     843         34         424      1,251       653
     June      1,292     853         36         403      1,216       612
     July (r)  1,303     873         28         402      1,195       606
     Aug (r)   1,249     827         35         387      1,230       591
     Sept (r)  1,270     854         40         376      1,149       597
     Oct (p)   1,265     847         36         382      1,111       544

                    New          Vacancy
                  houses        rate for
   Period        for sale        rental
                  at end         housing
               of period (3)      units
                              (percent) (4)

2008                     353           10.0
2009                     234           10.6
2010                     190           10.2
2011                     151            9.5
2012                     150            8.7
2013                     186            8.3
2014                     210            7.6
2015                     232            7.1
2016                     255            6.9
2017                     294            7.2

2017 Oct                 286
     Nov                 289
     Dec                 294            6.9
2018 Jan                 295
     Feb                 300
     Mar                 297            7.0
     Apr                 300
     May                 301
     June                308            6.8
     July (r)            313
     Aug (r)             317
     Sept (r)            322            7.1
     Oct (p)             336

(1) Monthly data do not meet publication standards because tests for
identifiable and stable seasonality do not meet reliability standards.
(2) Based on approximately 20,100 permit-issuing places beginning with
2014 and 19,300 beginning with 2004. Using the 2004 universe, the total
for 2014 is 1,046.4.
(3) Seasonally adjusted.
(4) Quarterly data are three-month averages. Annual data are averages
of quarterly data.
Source: Department of Commerce (Bureau of the Census).


Business Sales and Inventories--Manufacturing and Trade

In October, according to preliminary estimates, manufacturing and trade sales rose 0.2 percent, manufacturing and trade inventories rose $12.0 billion, retail sales rose 0.9 percent, and retail inventories rose $5.8 billion. Retail and food services sales rose 0.8 percent.
[Millions of dollars, except ratios; seasonally adjusted, except as
noted]

                        Manufacturing and trade (1)          Wholesale
     Period
                                            Inventory/sales
                Sales (2)  Inventories (3)     ratio (4)     Sales (2)

2008            1,160,722        1,465,186       1.31          377,030
2009              988,802        1,330,869       1.38          319,115
2010            1,088,890        1,449,499       1.27          361,447
2011            1,206,660        1,564,021       1.26          407,090
2012            1,267,248        1,652,863       1.28          434,002
2013            1,303,229        1,717,465       1.29          447,546
2014            1,340,932        1,776,773       1.31          463,682
2015            1,294,787        1,806,740       1.39          441,036
2016            1,286,409        1,839,188       1.42          435,490
2017            1,356,014        1,903,551       1.41          466,127
2017: Sept (r)  1,376,904        1,884,562       1.37          474,091
      Oct (r)   1,385,438        1,884,322       1.36          477,567
      Nov       1,402,872        1,893,380       1.35          484,150
      Dec       1,410,433        1,903,551       1.35          489,855
2018: Jan       1,406,327        1,915,012       1.36          483,516
      Feb       1,411,971        1,925,817       1.36          487,805
      Mar       1,420,071        1,923,669       1.35          489,608
      Apr       1,429,298        1,929,393       1.35          496,410
      May       1,447,550        1,935,563       1.34          506,959
      June      1,451,814        1,937,569       1.33          505,806
      July      1,455,246        1,950,641       1.34          506,874
      Aug (r)   1,461,984        1,961,025       1.34          510,369
      Sept (r)  1,467,025        1,970,313       1.34          511,058
      Oct (p)   1,469,480        1,982,324       1.35          510,056

                           Wholesale               Retail
     Period
                                 Inventory/sales
                Inventories (3)     ratio (4)     Sales (2)

2008                    445,307             1.20    327,943
2009                    397,383             1.29    301,039
2010                    441,618             1.15    318,171
2011                    487,289             1.15    341,913
2012                    523,034             1.17    358,519
2013                    543,932             1.19    371,538
2014                    575,944             1.22    386,620
2015                    583,576             1.33    393,833
2016                    596,276             1.35    404,695
2017                    617,837             1.30    422,811
2017: Sept (r)          612,650             1.29    430,563
      Oct (r)           609,856             1.28    432,272
      Nov               614,681             1.27    435,519
      Dec               617,837             1.26    435,599
2018: Jan               623,030             1.29    434,632
      Feb               627,913             1.29    434,859
      Mar               629,230             1.29    437,764
      Apr               629,865             1.27    439,586
      May               631,955             1.25    444,141
      June              632,717             1.25    444,367
      July              636,339             1.26    446,711
      Aug (r)           642,214             1.26    446,408
      Sept (r)          646,756             1.27    447,088
      Oct (p)           652,148             1.28    451,061

                             Retail
     Period                                        Retail and food
                                 Inventory/sales  services sales (2)
                Inventories (3)     ratio (4)

2008                    477,183             1.52             365,965
2009                    429,188             1.47             338,706
2010                    454,548             1.39             357,081
2011                    470,803             1.35             383,192
2012                    505,652             1.38             402,199
2013                    543,640             1.41             416,814
2014                    560,686             1.43             434,638
2015                    587,892             1.46             445,791
2016                    612,018             1.49             459,575
2017                    626,525             1.47             479,196
2017: Sept (r)          622,965             1.45             487,096
      Oct (r)           623,265             1.44             489,148
      Nov               624,844             1.43             492,633
      Dec               626,525             1.44             492,643
2018: Jan               630,503             1.45             492,034
      Feb               634,194             1.46             492,530
      Mar               629,727             1.44             496,077
      Apr               632,396             1.44             497,776
      May               635,001             1.43             503,955
      June              634,638             1.43             505,168
      July              638,148             1.43             508,230
      Aug (r)           642,073             1.44             507,872
      Sept (r)          642,723             1.44             507,606
      Oct (p)           648,487             1.44             511,488

(1) See page 21 for manufacturing.
(2) Annual data are averages of monthly not seasonally adjusted
figures; monthly data are seasonally adjusted totals for month.
(3) Seasonally adjusted, end of period.
(4) Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce (Bureau of the Census).


Manufacturers' Shipments, Inventories, and Orders

In October, manufacturers' inventories rose, while shipments and new and unfilled orders fell.
                Manufacturers' shipments (1)  Manufacturers' inventories
                                                        (2)
    Period               Durable  Nondurable           Durable
                 Total    goods     goods      Total    goods

                Millions of dollars, seasonally adjusted, except as
                                     noted
2008            455,750  218,056     237,694  542,696  329,976
2009            368,648  171,402     197,246  504,298  294,777
2010            409,273  190,059     219,214  553,333  321,512
2011            457,658  206,591     251,067  605,929  352,636
2012            474,727  218,965     255,762  624,177  367,385
2013            484,145  224,651     259,495  629,893  370,629
2014            490,630  233,077     257,553  640,143  387,823
2015            459,918  231,002     228,916  635,272  391,149
2016            446,225  226,090     220,135  630,894  379,310
2017            467,076  234,463     232,614  659,189  396,779
2017: Oct       475,599  238,278     237,321  651,201  393,829
      Nov       483,203  241,765     241,438  653,855  394,356
      Dec       484,979  242,511     242,468  659,189  396,779
2018: Jan       488,179  243,238     244,941  661,479  397,703
      Feb       489,307  245,051     244,256  663,710  399,816
      Mar       492,699  247,016     245,683  664,712  400,538
      Apr       493,302  247,002     246,300  667,132  402,026
      May       496,450  247,423     249,027  668,607  403,402
      June      501,641  251,528     250,113  670,214  403,440
      July      501,661  251,307     250,354  676,154  408,559
      Aug       505,207  253,456     251,751  676,738  407,936
      Sept (r)  508,879  255,840     253,039  680,834  411,069
      Oct (p)   508,363  254,648     253,715  681,689  411,342

                Manufacturers'   Manufacturers' new orders (1)
                inventories (2)               Durable goods
    Period      Nondurable                           Capital
                  goods           Total    Total      goods
                                                      goods
                                                   industries,
                                                   nondefense

                Millions of dollars, seasonally adjusted, except as
                                     noted
2008               212,720       454,344  216,650       73,286
2009               209,521       350,478  153,232       48,926
2010               231,821       407,992  188,778       62,309
2011               253,293       459,305  208,238       71,753
2012               256,792       475,809  220,047       77,674
2013               259,264       485,611  226,116       80,844
2014               252,320       493,833  236,280       81,410
2015               244,123       453,290  224,374       71,502
2016               251,584       441,061  220,926       67,510
2017               262,410       464,953  232,339       73,549
2017: Oct          257,372       470,338  233,017       73,524
      Nov          259,499       479,664  238,226       75,005
      Dec          262,410       488,343  245,875       77,573
2018: Jan          263,776       480,449  235,508       74,861
      Feb          263,894       490,295  246,039       77,475
      Mar          264,174       498,443  252,760       84,205
      Apr          265,106       496,409  250,109       78,584
      May          265,205       498,401  249,374       76,796
      June         266,774       501,612  251,499       78,473
      July         267,595       498,925  248,571       75,540
      Aug          268,802       511,974  260,223       81,095
      Sept (r)     269,765       513,217  260,178       78,513
      Oct (p)      270,347       502,677  248,962       75,259

                Manufacturers'                   Manufacturers'
    Period         unfilled                        inventory/
                  orders (2)                       shipments
                                                   ratio (3)

                Millions of dollars, seasonally
                   adjusted, except as noted
2008                   994,329                             1.26
2009                   825,987                             1.39
2010                   871,363                             1.28
2011                   954,604                             1.29
2012                 1,014,692                             1.30
2013                 1,076,059                             1.30
2014                 1,160,491                             1.31
2015                 1,128,598                             1.39
2016                 1,114,849                             1.41
2017                 1,136,974                             1.37
2017: Oct            1,129,307                             1.37
      Nov            1,129,709                             1.35
      Dec            1,136,974                             1.36
2018: Jan            1,133,139                             1.35
      Feb            1,138,190                             1.36
      Mar            1,147,769                             1.35
      Apr            1,154,664                             1.35
      May            1,160,743                             1.35
      June           1,164,840                             1.34
      July           1,166,061                             1.35
      Aug            1,176,807                             1.34
      Sept (r)       1,185,282                             1.34
      Oct (p)        1,183,576                             1.34

(1) Annual data are averages of monthly not seasonally adjusted
figures; monthly data are seasonally adjusted totals for month.
Shipments are the same as sales.
(2) Seasonally adjusted, end of period.
(3) Annual data are averages of seasonally adjusted monthly ratios.
Note: Manufacturers' nondurable new orders (not shown) are the same as
nondurable shipments. Also, there are no unfilled nondurable orders;
data shown for total unfilled orders are durable unfilled orders.
Total and durable shipments and inventories include data on
semiconductors; new and unfilled orders do not.
Source: Department of Commerce (Bureau of the Census).
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Publication:Economic Indicators
Article Type:Report
Geographic Code:1USA
Date:Nov 1, 2018
Words:5022
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