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

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

08/03/2021 - 10:33:00 (RTTNews)

(RTTNews) - Partly reflecting a sharp increase in orders for non-durable goods, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured goods jumped more than expected in the month of June.

The Commerce Department said factory orders shot up by 1.5 percent in June after surging by an upwardly revised 2.3 percent in May.

Economists had expected factory orders to increase by 1.0 percent compared to the 1.7 percent jump originally reported for the previous month.

The report showed new orders for non-durable goods spiked by 2.1 percent in June following a 1.4 percent advance in May.

Orders for durable goods also climbed by an upwardly revised 0.9 percent in June after soaring by 3.2 percent in the previous month.

The Commerce Department also said shipments of manufactured goods jumped by 1.6 percent in June after rising by 0.9 percent in May.

Inventories of manufactured goods also advanced by 1.0 percent in June following a 1.1 percent increase in the previous month.

With the shipments climbing by more than inventories, the inventories-to-shipments ratio edged down to 1.48 in June from 1.49 in May.

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