U.S. Factory Orders Inch Up In Line With Estimates In August
(RTTNews) - A report released by the Commerce Department on Friday showed a slight uptick in new orders for U.S. manufactured goods in the month of August.
The Commerce Department said factory orders crept up by 0.1 percent in August after climbing by a downwardly revised 0.8 percent in July.
Economists had expected factory orders to inch up by 0.1 percent compared to the 0.9 percent advance originally reported for the previous month.
The uptick in factory orders came as orders for non-durable goods rose by 0.3 percent in August following a 0.7 percent increase in July.
Meanwhile, the report said orders for durable goods edged down by 0.1 percent in August compared to the previously reported unchanged reading. Durable goods orders climbed by 0.9 percent in July.
The Commerce Department also said shipments of manufactured goods were virtually unchanged in August, while inventories of manufactured goods rose by 0.5 percent.
With inventories climbing and shipments flat, the inventories-to-shipments ticked up to 1.48 in August from 1.47 in July.
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