2009 Economic Calendar
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Factory Orders  
Released On 5/1/2009 10:00:00 AM For Mar, 2009
PriorConsensusConsensus RangeActual
Factory Orders - M/M change1.8 %-0.5 %-2.2 % to 0.6 %-0.9 %

Factory orders fell 0.9 percent in March showing an even mix between a 0.8 percent decline in durables and a 1.0 percent decline in nondurables. Inventories fell 0.8 percent to confirm that destocking is deep, a big plus that points to easing strains ahead for the factory sector. Shipments fell 1.2 percent in the month but this component may show life in April given the big improvement seen in new order data in today's ISM report. This report for March is overshadowed by the ISM report which offers a look at April. But it's the look ahead at shutdowns in the transportation sector, which will begin to hit soon, that clouds the whole outlook for the manufacturing sector.

Consensus Outlook
Factory orders rose a very solid 1.8 percent in February in a gain driven by a sharp jump in durables and moderate rise in nondurables. Unfortunately, more current data point to a reversal for March. Durable goods orders fell back 0.8 percent in March, following a downwardly revised 2.1 percent rebound in February. The prior month's increase originally had been estimated at 3.5 percent.

Factory orders represent the dollar level of new orders for both durable and nondurable goods. This report gives more complete information than the advance durable goods report which is released one or two weeks earlier in the month.  Why Investors Care
Even though monthly shipment data fluctuate less than new orders, both series show underlying trends more clearly by looking at year-over-year changes. In 2005 for example,new orders rose more rapidly than shipments due to large gains in aircraft orders. Aircraft orders have a long lead to shipment.
Data Source: Haver Analytics

2009 Release Schedule
Released On: 1/62/53/54/25/16/37/28/59/210/211/312/4
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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