U.S. Factory Orders Jump More Than Expected In September
(RTTNews) - The Commerce Department released a report on Tuesday showing new orders for U.S. manufactured goods surged by more than expected in the month of September.
The report said factory orders shot up by 1.8 percent in September after rising by an upwardly revised 0.3 percent in August.
Economists had expected factory orders to jump by 1.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
The bigger-than-expected increase in factory orders came as orders for durable goods surged by an upwardly revised 1.9 percent and orders for non-durable goods shot up by 1.8 percent.
The Commerce Department said shipments of manufactured goods also jumped by 1.3 percent in September after inching up by 0.1 percent in August.
Inventories of manufactured goods also rose by 0.4 percent in September after climbing by 0.5 percent in August, the report said.
With shipments increasing by more than inventories, the inventories-to-shipments ratio edged down to 1.46 in September from 1.47 in August.
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