Business and Industry

Revised historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) Survey were issued on May 12, 2023. These revisions result from: Benchmarking the M3 shipments and inventories data to the 2021 and 2020 Annual Survey of Manufactures (ASM) data; Incorporating the unfilled orders to shipments ratios obtained for 2021, 2020, and 2019 from the Manufacturers’ Unfilled Orders (M3UFO) Survey; Adjusting the new orders data to be consistent with the benchmarked shipments and unfilled orders data; Correcting monthly data for late receipts, reclassifications of reported data, and revisions to previously reported data; Updating the seasonally adjusted data based on the results of benchmarking and the recent annual review of the seasonal adjustment models. These revisions spanned the seasonally adjusted data for January 2012 through March 2023 and the data not seasonally adjusted for January 2017 through March 2023

For the Manufacturers' Shipments, Inventories, and Orders Survey, all current month estimates are preliminary estimates and will be superseded in following months by revised estimates.

For information on survey methodology and use of the data, including seasonal adjustment and other information pertinent to this economic indicator, go to the Manufacturers' Shipments, Inventories, and Orders website, which provides a link to historical data.