Financial News: U.S. Factory Orders Climb Slightly More Than Expected

U.S. Factory Orders Climb Slightly More Than Expected In April

06/04/2024 - 10:25:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Tuesday showed new orders for U.S. manufactured goods rose by slightly more than expected in the month of April.

The Commerce Department said factory orders climbed by 0.7 percent in April compared to economist estimates for an increase of 0.6 percent.

However, the report also showed the jump in factory orders in March was downwardly revised to 0.7 percent from the previously reported 1.6 percent.

The slightly bigger than expected increase in factory orders in April came as orders for durable goods rose by 0.6 percent, while orders for non-durable goods advanced by 0.8 percent.

The Commerce Department also said shipments of manufactured goods jumped by 1.0 percent in April after rising by 0.4 percent in March.

Inventories of manufactured goods also crept up by 0.1 percent in April after coming in virtually unchanged in the previous month.

With shipments climbing by much more than inventories, the inventories-to-shipments ratio fell to 1.45 in April from 1.47 in March.

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