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SW Iowa Times

Tuesday, February 25, 2020

New manufacturing orders for mining, oil and gas field machinery manufacturing fall 9.2 percent in September

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By Metric Media News Service | Feb 6, 2020

Genbusiness007

New orders for mining, oil and gas field machinery manufacturing decreased $131 million, or 9.2 percent, to $1.30 billion in September, according to a U.S. Census Bureau report which was released in December.

The previous month saw new orders for the same products increase by 1.5 percent.

The Census Bureau provides monthly broad-based data on current economic conditions as well as indicators of future production commitments in manufacturing. The statistics are a good indicator for future economic conditions.

Data is collected from approximately 3,100 companies representing manufacturers with $500 million or more in annual shipments. It is broken down into 89 industry categories of units that may be divisions of diversified companies, homogenous companies or single-unit manufacturers.

The statistics include the value of shipments as provided by manufacturers, new orders (net of cancellations), end-of-month order backlog/unfilled orders, end-of-month total inventory, materials and supplies, work in progress, and finished goods inventories at current market value or costs.

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