U.S. Factory Orders Rise Much Less Than Expected In May
(RTTNews) - New orders for U.S. manufactured goods increased by much less than expected in the month of May, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said factory orders rose by 0.3 percent in May after rising by a downwardly revised 0.3 percent in April.
Economists had expected factory orders to climb by 0.8 percent compared to the 0.4 percent increase originally reported for the previous month.
The weaker than expected growth came as a 1.8 percent surge in orders for durable goods was partly offset by a 1.2 percent slump in orders for non-durable goods.
The report also said shipments of manufactured goods rose by 0.3 percent in May after falling by 0.6 percent in April.
Meanwhile, inventories of manufactured goods dipped by 0.2 percent in May following a 0.3 percent increase in April.
With shipments rising and inventories falling, the inventories-to-shipments ratio crept up 1.49 in May from 1.50 in the previous month.
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