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Financial News: U.S. Factory Orders Growth Matches Estimates In June

U.S. Factory Orders Growth Matches Estimates In June

08/02/2018 - 10:24:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed new orders for U.S. manufactured goods increased in line with economist estimates in the month of June.

The report said factory orders climbed by 0.7 percent in June after rising by an unrevised 0.4 percent in May. The continued increase in orders matched expectations.

The Commerce Department said orders for durable goods rebounded after two consecutive monthly decreases, advancing by 0.8 percent in June after falling by 0.3 percent in May.

The increase in durable goods orders was downwardly revised from the previously reported 1.0 percent jump.

Orders for non-durable goods also increased by 0.5 percent in June after surging up by 1.1 percent in the previous month.

Excluding a rebound in orders for transportation equipment, the Commerce Department said factory orders rose by 0.4 percent in June after climbing by 0.8 percent in May.

The report also said shipments of manufactured goods jumped by 1.0 percent in June after climbing by 0.6 percent in May.

Inventories of manufactured goods inched up by 0.1 percent following a 0.2 percent uptick in the previous month.

With shipments rising faster than inventories, the inventories-to-shipments ratio came in at 1.33 in June, down from 1.35 in May.

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