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Manufacturers’ Shipments, Inventories, & Orders

The Manufacturers’ Shipments, Inventories, and Orders (M3) survey provides broad-based, monthly statistical data on economic conditions in the domestic manufacturing sector. The survey measures current industrial activity and provides an indication of future business trends.

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Benchmark notice:

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. An updated Press Release contains revised monthly tables for January 2023 through March 2023.

Statement Regarding COVID-19 Impact: The Census Bureau continues to monitor response and data quality and has determined that estimates in these releases meet publication standards. For more information on the compilation of this month's reports, see M3 COVID-19 FAQs.

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