Business and Industry

Revised historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) Survey were issued on May 16, 2025. These revisions resulted from: benchmarking the M3 shipments and inventories data to the 2022 Economic Census (EC) data on a 2017 NAICS basis, as well as to revised ASM data from 2018 through 2021, resulting from benchmarking the ASM to the 2022 Economic Census; incorporating the unfilled orders to shipments ratios obtained for 2021 and 2022 from the Manufacturers’ Unfilled Orders (M3UFO) Survey by applying these ratios to the respective ASM and EC shipments data, as well as incorporating revised unfilled orders to shipments ratios for prior years; 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 2025 and the data not seasonally adjusted for January 2017 through March 2025.

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Shipments, Inventories, and Orders Survey, all current month estimates are preliminary estimates and will be superseded in following months by revised estimates.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