New orders for U.S. manufactured goods saw a substantial increase in the month of June, the Commerce Department revealed in a report on Thursday.
The Commerce Department said factory orders jumped by 3.0 percent in June after dipping by a revised 0.3 percent in May.
Economists had expected orders to surge up by 2.9 percent compared to the 0.8 percent drop originally reported for the previous month.
Orders for durable goods spiked by 6.4 percent in June after coming in unchanged in May, while orders for non-durable goods fell by 0.3 percent in June after sliding by 0.6 percent in May.
The report showed a substantial rebound in orders for transportation equipment, which soared by 19.0 in June after slumping by 1.6 percent in May.
Excluding the jump in orders for transportation equipment, factory orders slipped by 0.2 percent in June after edging down by 0.1 percent in the previous month.
The Commerce Department also said shipments of manufactured goods dipped by 0.2 percent in June after rising by 0.3 percent in May.
Inventories of manufactured goods rose by 0.2 percent in June after slipping by 0.2 percent in the previous month.
The inventories-to-shipments ratio subsequently inched back up to 1.38 in June after dipping to 1.37 in May.
by RTT Staff Writer
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