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U.S. Factory Orders Pull Back Much More Than Expected In October
(RTTNews) - After reporting a sharp increase in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Monday showing factory orders pulled back by much more than expected in the month of October.
The Commerce Department said factory orders plunged by 3.6 percent in October after jumping by a downwardly revised 2.3 percent in September.
Economists had expected factory orders to tumble by 2.6 percent compared to the 2.8 percent surge originally reported for the previous month.
The sharp pullback in factory orders partly reflected a 5.4 percent nosedive by durable goods orders in October following a 4.0 percent spike in September. Orders for transportation equipment led the way lower, plummeting by 14.7 percent.
The report said orders for non-durable goods also slumped by 1.9 percent in October after climbing by 0.6 percent in the previous month.
The Commerce Department also said shipments of manufactured goods dove by 1.4 percent in October after coming in virtually unchanged in September.
Meanwhile, inventories of manufactured goods inched up by 0.1 percent in October, matching the uptick seen in the previous month.
With inventories edging higher and shipments falling, the inventories-to-shipments ratio rose to 1.48 in October from 1.46 in September.
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