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

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

12/04/2020 - 10:34:00 (RTTNews)

(RTTNews) - Data released by the Commerce Department on Friday showed new orders for U.S. manufactured goods increased for the sixth consecutive month in October.

The Commerce Department said factory orders climbed by 1.0 percent in October after surging by an upwardly revised 1.3 percent in September.

Economists had expected factory orders to increase by 0.8 percent compared to the 1.1 percent jump originally reported for the previous month.

The report said orders for durable goods shot up by 1.3 percent, unchanged from the previously published increase, while orders for non-durable goods rose by 0.7 percent.

Shipments of manufactured goods also increased for the sixth consecutive month, jumping by 1.0 percent in October after rising by 0.5 percent in September.

Meanwhile, the Commerce Department said inventories ticked up by 0.2 percent in October after edging down by 0.1 percent in September.

With shipments rising by more than inventories, the inventories-to-shipments ratio slipped to 1.41 in October from 1.42 in September.

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