U.S. Factory Orders Surge Slightly More Than Expected In June
(RTTNews) - A report released by the Commerce Department on Thursday showed a significant increase in new orders for U.S. manufactured goods in the month of June.
The Commerce Department said factory orders spiked by 2.3 percent in June after climbing by an upwardly revised 0.4 percent in May.
Economists had expected factory orders to jump by 2.2 percent compared to the 0.3 percent increase originally reported for the previous month.
Durable goods orders led the way higher, soaring by 4.6 percent in June after surging by 2.0 percent in May amid a sharp increase in orders for transportation equipment.
Meanwhile, the report said orders for non-durable goods inched up by 0.1 percent in June after tumbling by 1.1 percent in May.
The Commerce Department said shipments of manufactured goods crept up by 0.1 percent in June after rising by 0.4 percent in May, while inventories of manufactured goods edged slightly lower in June after dipping by 0.2 percent in May.
With inventories and shipments both showing only modest moves, the inventories-to-shipments ratio was unchanged from the previous month at 1.49.
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