U.S. manufactured goods new orders rose +2.7% MoM in November, while shipments slipped -0.1% MoM, reflecting stronger order inflows alongside softer near-term deliveries.

• Total new orders increased +$16.2B (+2.7% MoM) to $621.6B, reversing October’s -1.2% MoM decline and marking gains in three of the past four months.

• Durable goods new orders were up 5.3% MoM (vs 5.3% MoM advance estimate), and non-durable goods new orders were unchanged MoM.

• Excluding transportation, new orders were up just 0.2% MoM. Core capital goods new orders increased 0.4% MoM, while shipments saw a slower 0.2% MoM increase.

• Shipments edged down -$0.8B (-0.1% MoM) to $606.3B after a +0.1% MoM rise in October, indicating limited follow-through from the pickup in new demand.

• Unfilled orders rose +$20.2B (+1.4% MoM) to $1,513.5B, extending increases to 16 of the last 17 months and pointing to continued backlog accumulation.

• The unfilled orders-to-shipments ratio climbed to 7.04 from 6.93, showing order backlogs are growing faster than goods are being delivered.

• Inventories increased +$1.4B (+0.1% MoM) to $948.4B, following a flat October reading and indicating modest stock building.

• The inventories-to-shipments ratio held at 1.56, suggesting inventory levels remained stable relative to current shipment volumes despite rising backlogs.