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Financial News: U.S. Factory Orders Rise Less Than Expected In

U.S. Factory Orders Rise Less Than Expected In June

08/02/2019 - 10:29:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Friday showed a rebound in new orders for U.S. manufactured goods in the month of June.

The Commerce Department said factory orders rose by 0.6 percent in June after tumbling by a downwardly revised 1.3 percent in May.

Economists had expected factory orders to climb by 0.8 percent compared to the 0.7 percent drop originally reported for the previous month.

The rebound in factory orders came as durable goods orders surged up by 1.9 percent in June after plunging by 2.3 percent in May.

Transportation equipment led the rebound in durable goods orders, soaring by 3.7 percent in June after plummeting by 7.5 percent in May.

On the other hand, the report said orders for non-durable goods slid by 0.5 percent in June after falling by 0.3 percent in the previous month.

The Commerce Department also said shipments of manufactured goods rose by 0.4 percent in June after inching up by 0.1 percent in May, while inventories of manufactured goods showed another 0.2 percent uptick.

With shipments rising by more than inventories, the inventories-to-shipments ratio slipped to 1.37 in June from 1.38 in May.

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