U.S. Factory Orders Rebound Much More Than Expected In August
(RTTNews) - New orders for U.S. manufactured goods rebounded by much more than anticipated in the month of August, according to a report released by the Commerce Department on Wednesday.
The report said factory orders surged by 1.2 percent in August after tumbling by 2.1 percent in July. Economists had expected factory order to rise by 0.3 percent.
The bigger than expected rebound by factory orders reflected a sharp increase in orders for non-durable goods, which spiked by 2.1 percent in August after jumping by 1.5 percent in July.
Meanwhile, the Commerce Department said durable goods orders inched up by 0.1 percent in August after plummeting by 5.6 percent in July.
The uptick in durable goods orders reflects a slight downward revision from the previously reported 0.2 percent increase.
The report also said shipments of manufactured goods shot up by 1.3 percent in August after climbing by 0.7 percent in July.
Inventories of manufactured goods also rose by 0.3 percent in August after edging up by 0.1 percent in the previous month.
With shipments increasing by much more than inventories, the inventories-to-shipments ratio slipped to 1.46 in August from 1.47 in July.
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