U.S. Factory Orders Rebound Much More Than Expected In November
(RTTNews) - After reporting a notable decrease in new orders for U.S. manufactured goods in the previous month, the Commerce Department release a report on Thursday showing factory orders rebounded by much more than anticipated in the month of November.
The Commerce Department said factory orders surged by 2.7 percent in November after tumbling by a revised 1.2 percent in October.
Economists had expected factory orders to jump by 1.6 percent compared to the 1.3 percent slump originally reported for the previous month.
The bigger than expected rebound by factory orders came as durable goods orders spiked by 5.3 percent in November after plunging by 2.1 percent in October.
Orders for transportation equipment led the way higher, spiking by 14.7 percent in November after plummeting by 6.3 percent in October.
Meanwhile, the Commerce Department said orders for non-durable goods were virtually unchanged in November after dipping by 0.3 percent in October.
The report also said shipments of manufactured goods edged down by 0.1 percent in November after inching up by 0.1 percent in October.
Inventories of manufactured goods crept up by 0.1 percent in November after coming in virtually unchanged in the previous month.
With inventories and shipments both showing little changed, the inventories-to-shipments ratio for November was unchanged from October at 1.56.
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