September Manufacturing Metrics

Oct 28, 2021

Manufacturing numbers for September came out yesterday and the picture is mostly positive:

Shipments of goods continue at a strong pace:

However, new orders of goods declined slightly (perhaps in the start of a return back to a more normal average level):

The backlog of unfilled orders for goods continues to rise but remains below the pre-COVID peak:

And inventories continue to rise (a positive sign):

Another closely watched metric here is the subset of new orders for nondefense capital goods without aircraft, which is on a positive trajectory:

Overall, things look solid with just a few markers of weakness. We will see how that evolves when October’s numbers come out in another month.

Endless Metrics