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

U.S. Factory Orders Jump Slightly More Than Expected In September

11/03/2020 - 10:57:00 (RTTNews)

(RTTNews) - New orders for U.S. manufactured goods showed a significant increase in the month of September, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said factory orders jumped by 1.1 percent in September after rising by a revised 0.6 percent in August.

Economists had expected factory orders to surge up by 1.0 percent compared to the 0.7 percent increase originally reported for the previous month.

The report said orders for durable goods spiked by 1.9 percent, while orders for non-durable goods rose by 0.3 percent.

Shipments of manufactured goods increased for the fifth consecutive month, rising by 0.3 percent in September following a matching uptick in August.

Meanwhile, the Commerce Department said inventories were virtually unchanged in September after coming in nearly unchanged in the previous month.

The inventories-to-shipments ratio subsequently edged down to 1.42 in September from 1.43 in August.

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