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Financial News: U.S. Factory Orders Edge Slightly Lower In October

U.S. Factory Orders Edge Slightly Lower In October

12/04/2017 - 10:12:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Monday showed a modest decrease in new orders for U.S. manufactured goods in the month of October.

The report said factory orders edged down by 0.1 percent in October after surging up by 1.7 percent in September. Economists had expected orders to drop by 0.4 percent.

The modest decrease in factory orders came as orders for durable goods fell by 0.8 percent, more than offsetting a 0.7 percent increase in orders for non-durable goods.

Meanwhile, the Commerce Department said shipments of manufactured goods climbed by 0.6 percent in October following a 1.1 percent jump in September.

Inventories of manufactured goods also edged up by 0.2 percent in October after rising by 0.6 percent in the previous month.

With inventories and shipments both rising, the inventories-to-shipments ratio was unchanged from the previous month at 1.37.

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