New orders for U.S. manufactured goods jumped by more than expected in the month of November, according to a report released by the Commerce Department on Friday.
The Commerce Department said factory orders surged up by 1.3 percent in November after rising by an upwardly revised 0.4 percent in October.
Economists had expected factory orders to climb by 1.1 percent compared to the 0.1 percent drop originally reported for the previous month.
The bigger than expected increase in factory orders reflected notable growth in orders for both durable and non-durable goods.
Durable goods orders jumped by 1.3 percent in November after falling by 0.4 percent in October, while orders for non-durable goods spiked by 1.4 percent after shooting up by 1.1 percent in the previous month.
The report also showed a significant increase in shipments of manufactured goods, which surged up by 1.2 percent in November after climbing by 0.8 percent in October.
Inventories of manufactured goods also rose by 0.4 percent in November following a 0.3 percent increase in the previous month.
With shipments rising faster than inventories, the inventories-to-shipments ratio edged down to 1.35 in November from 1.36 in October.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Forex News
