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Financial News: U.S. Factory Orders Show Slight Pullback In August

U.S. Factory Orders Show Slight Pullback In August

10/03/2019 - 10:32:00 (RTTNews)

(RTTNews) - After reporting a sharp increase in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Thursday showing a slight pullback in factory orders in the month of August.

The Commerce Department said factory orders edged down by 0.1 percent in August after surging up 1.4 percent in July. Economists had expected orders to dip by 0.2 percent.

The modest decrease in factory orders came as a 0.3 percent decline in orders for non-durable goods more than offset a 0.2 percent uptick in orders for durable goods.

The report said shipments of manufactured goods also fell for the second straight month, edging down by 0.1 percent in August after sliding by 0.3 percent in July.

Inventories of manufactured goods also edged slightly lower in August following eight consecutive monthly increases.

With inventories and shipments both falling, the inventories-to-shipments ratio was unchanged from the previous month at 1.38.

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