New orders for U.S. manufactured goods saw a significant increase in the month of October, the Commerce Department revealed in a report on Tuesday.
The Commerce Department said factory orders surged up by 2.7 percent in October after climbing by 0.6 percent in September. The jump in factory orders matched economist estimates.
The sharp increase in factory orders came as durable goods orders shot up by 4.6 percent in October following a 0.3 percent uptick in the previous month.
Orders for transportation led the increase, spiking by 12.0 percent amid a jump in orders for non-defense aircraft and parts.
The report said orders for non-durable goods also climbed by 0.9 percent in October, matching the increase seen in September.
Additionally, the Commerce Department said shipments of manufactured goods rose by 0.4 percent in October following a 0.9 percent increase in the previous month.
Inventories of manufactured goods were virtually unchanged in October after edging down by 0.1 percent in September.
The inventories-to-shipments ratio subsequently came in at 1.34 in October, unchanged from the previous month.
by RTT Staff Writer
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