After reporting a sharp increase in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Friday showing that factory orders pulled back in the month of November.
The Commerce Department said factory orders tumbled by 2.4 percent in November after spiking by a revised 2.8 percent in October.
Economists had expected factory orders to slump by 2.5 percent compared to the 2.7 percent jump originally reported for the previous month.
The drop in factory orders was led by a sharp pullback in durable goods orders, which plunged by 4.5 percent in November after surging up by 5.0 percent in October.
Orders for transportation equipment led the decrease, plummeting by 13.2 percent in November after soaring by 12.3 percent in October.
The report said orders for non-durable goods dipped by 0.2 percent in November following a 0.6 percent increase in the previous month.
The Commerce Department also said shipments of manufactured goods edged down by 0.1 percent in November after inching up by 0.2 percent in October.
Meanwhile, inventories of manufactured goods rose by 0.2 in November following a 0.1 percent uptick in October.
The inventories-to-shipments ratio subsequently came in at 1.34 in November, unchanged from the previous month.
by RTT Staff Writer
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