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Financial News: U.S. Factory Orders Jump More Than Expected In

U.S. Factory Orders Jump More Than Expected In December

02/04/2020 - 10:29:00 (RTTNews)

(RTTNews) - Partly reflecting a significant rebound in durable goods orders, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured goods spiked by more than anticipated in the month of December.

The Commerce Department said factory orders surged up by 1.8 percent in December after tumbling by a revised 1.2 percent in November.

Economists had expected factory orders to jump by 1.2 percent compared to the 0.7 percent decrease originally reported for the previous month.

The bigger than expected rebound in factory orders came as durable goods orders soared by 2.4 percent in December after plunging by 3.1 percent in November. The rebound was unrevised from the previously reported data.

New orders for non-durable goods also showed a significant increase, surging up by 1.1 percent in December after climbing by 0.7 percent in November.

The report said shipments of manufactured goods also rose by 0.5 percent in December, as a 1.1 percent jump in shipments of non-durable goods more than offset a 0.2 percent dip in shipments of durable goods.

Inventories of manufactured goods also climbed by 0.5 percent in November after rising by 0.3 percent in the previous month.

With inventories and shipments both increasing, the inventories-to-shipments ratio was unchanged from the previous month at 1.40.

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