New orders for U.S. manufactured goods increased in line with expectations in the month of January, according to a report released by the Commerce Department on Monday.
The Commerce Department said factory orders climbed by 1.2 percent in January after jumping by 1.3 percent in December. The increase in orders matched economist estimates.
Orders for durable goods surged up by 2.0 percent in January following a 0.9 percent decrease in the previous month.
The rebound in durable goods orders was led by orders for transportation equipment, which soared by 6.2 percent in January after tumbling by 4.3 percent in December.
The report said orders for non-durable goods also rose by 0.4 percent in January after spiking by 3.4 percent in the previous month.
The Commerce Department also said shipments of manufactured goods edged up by 0.2 percent in January after spiking by 2.5 percent in December.
Inventories of manufactured goods also crept up by 0.2 percent in January following a 0.3 percent increase in the previous month.
With shipments and inventories both showing modest increases, the inventories-to-shipments ratio was unchanged at 1.31.
by RTT Staff Writer
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