U.S. Factory Orders Pull Back Slightly More Than Expected In November
(RTTNews) - A report released by the Commerce Department on Monday showed new orders for U.S. manufactured goods decreased by slightly more than expected in the month of November.
The Commerce Department said factory orders fell by 0.4 percent in November after climbing by an upwardly revised 0.5 percent in October.
Economists had expected factory orders to dip by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
The pullback by factory orders came as orders for durable goods slumped by 1.2 percent, more than offsetting a 0.4 percent increase by orders for non-durable goods.
Meanwhile, the report said shipments of manufactured goods inched up by 0.1 percent in November after slipping by 0.2 percent in October.
Inventories of manufactured goods also rose by 0.3 percent in November after edging down by 0.1 percent in the previous month.
With inventories rising by more than shipments, the inventories-to-shipments ratio crept up to 1.47 in November from 1.46 in October.
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