U.S. Factory Orders Virtually Unchanged For Second Straight Month In February
(RTTNews) - The Commerce Department released a report on Friday showing new orders for U.S. manufactured goods remained flat for the second straight month in February.
The report said factory orders were virtually unchanged in February, while revised data showed factory orders were also virtually unchanged in January.
Economists had expected factory orders to dip by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
Factory orders came in flat during the month as a 1.5 percent surge in orders for non-durable goods offset a 1.3 percent slump in orders for durable goods.
Meanwhile, the Commerce Department said shipments of manufactured goods shot up by 1.4 percent in February after increasing by 0.7 percent in January.
Inventories of manufactured goods also crept up by 0.1 percent in February, matching the uptick seen in the previous month.
With shipments jumping by much more than inventories, the inventories-to-shipments ratio fell to 1.53 in February from 1.55 in January.
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