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Wholesale inventories in November 2009 increased 1.5% to $386.3 billion from October, but remained 11.0% below their level in November 2008. Sales increased 3.3% to $337.4 billion from the prior month, and are 0.6% higher than a year ago.
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New orders for manufactured goods in November, up seven of the last eight months, increased $3.9 billion or 1.1 percent to $365.3 billion, the U.S. Census Bureau reported today. This followed a 0.8 percent October increase. Excluding transportation, new orders increased 1.9 percent.
Shipments, up five of the last six months, increased $3.9 billion or 1.0 percent to $374.2 billion. This followed a 1.5 percent October increase. Unfilled orders, down fourteen consecutive months, decreased $4.8 billion or 0.7 percent to $724.5 billion. This was the longest streak of consecutive monthly decreases since the series was first published on a NAICS basis in 1992. This followed a 0.6 percent October decrease. The unfilled orders-to-shipments ratio was 5.69, down from 5.75 in October. Inventories, up two consecutive months, increased $0.7 billion or 0.2 percent to $495.1 billion. This followed a 0.6 percent October increase. The inventories-to-shipments ratio was 1.32, down from 1.34 in October.
New orders for manufactured durable goods in November, up two of the last three months, increased $0.4 billion or 0.2 percent to $166.9 billion, unchanged from the previously published increase. This followed a 0.7 percent October decrease. Computers and electronic products, also up two of the last three months, had the largest increase, $1.2 billion or 4.9 percent to $26.0 billion. New orders for manufactured nondurable goods increased $3.5 billion or 1.8 percent to $198.4 billion. Read the rest of this entry »
Construction spendingin the U.S. fell for the seventh straight month in November to the lowest level in more than six years, led by declines in homebuilding and fewer commercial projects.
The 0.6 percent drop followed a revised 0.5 percent decrease in October, previously reported as unchanged, Commerce Department figures showed today in Washington. Construction spending was down 13 percent in November from the same month a year earlier.
Rising office vacancies and plant-use rates close to a record low may discourage new commercial projects, indicating construction will be a drag on the economic recovery. While home sales have stabilized, the threat of more foreclosures will keep residential building muted.
Construction spending totaled $900 billion in November, the lowest level since July 2003.
Private residential construction spending dropped 1.6 percent in November, the most since June, after a 4.8 percent surge a month earlier. Compared with November 2008, it was down 19 percent.
Non-residential construction, including public projects fell 0.2 percent. It was down 11 percent from 12 months earlier. Privately funded non-residential construction eased to $330.5 billion, the lowest level since January 2007, from $330.6 billion.
Public construction decreased 0.4 percent in November, led by health care, power and highway and street projects.
While the extension of a federal tax credit for first-time homebuyers may help sustain demand for homes in coming months, tight bank credit and more foreclosures may limit construction of new homes as well as economic growth.