U.S. Factory Orders Rebound More Than Expected In November
(RTTNews) - A report released by the Commerce Department on Friday showed a significant rebound in new orders for U.S. manufactured goods in the month of November.
The Commerce Department said factory orders surged by 2.6 percent in November after tumbling by a revised 3.4 percent in October.
Economists had expected factory orders to jump by 2.1 percent compared to the 3.6 percent plunge originally reported for the previous month.
The rebound in factory orders came as durable goods orders spiked by 5.4 percent in November after plummeting by 5.1 percent in October.
Meanwhile, non-durable goods orders were virtually unchanged in November following a 1.8 percent slump in the previous month.
The report also said shipments of manufactured goods rose by 0.5 percent in November after tumbling by 1.3 percent in October.
Inventories of manufactured goods also crept up by 0.1 percent in November after coming in virtually unchanged in the previous month.
With inventories and shipments both rising, the inventories-to-shipments ratio came in at 1.48 in November, unchanged from October.
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