The factory orders report, produced by the U.S. Census Bureau, consists of both of the durable goods report (announced earlier) along with a report detailing the events of non-durable goods orders. The report itself tends to be rather predictable with non durable goods appearing as the only new component to the previous report.
US Department of Commerce; U.S. Census Bureau
There are two releases each month, with data covering the previous two months
#The Census Bureau releases the Advance Report on Durable Goods Manufacturers’ Shipments at 8:30 AM EST about every 18 working days after each month
#the Census Bureau releases the Manufacturers’ Shipments, Inventories, and Orders report at 10:00 AM EST about every 23 working days after each month
Commodities classed as non durable goods consist of items such as food and tobacco products which tend to grow at a fairly consistent monthly rate, leading market forecasts for these items to be on the whole fare more accurate than those featured in the durable goods orders report.
In addition to non durable goods appearing on the report for the first time, markets also watch out for any revisions to the previously published durable orders data, which can at times be significant although at present durable goods orders tend to sum to around 54% of total orders.
The information in the report specifically concerning factory inventories is the real first glimpse into the inventory picture each month with separate inventories due to be issued for the disparate industries. Wholesales inventories, for example, typically are released at the following week, with retail inventories released a few days after that.
While the inventory figures themselves do not tend to affect markets, economists do use this number to help forecast inventories calculations in the quarterly Gross Domestic Product GDP report
http://www.census.gov/indicator/www/m3/ Manufacturers’ Shipments, Inventories, and Orders report – U.S. Census Bureau Official Website Durable Goods Orders