Reflecting a pullback in orders for durable goods, the Commerce Department released a report on Monday showing a modest drop in new orders for U.S. manufactured goods in the month of April.
The report said factory orders edged down by 0.2 percent in April after jumping by an upwardly revised 1.0 percent in March. The drop in orders matched economist estimates.
The pullback in factory orders came as orders for durable goods slumped by 0.8 percent in April following a 2.4 percent jump in March.
Orders for transportation equipment led the decline after two consecutive monthly increases, tumbling by 1.4 percent.
On the other hand, the Commerce Department said orders for non-durable goods rose by 0.4 percent in April after slipping by 0.3 percent in March.
The report also said shipments of manufactured goods were virtually unchanged in April after dipping by 0.2 percent in March.
Inventories of manufactured goods inched up by 0.1 percent in April after rising by 0.2 percent in the previous month.
The Commerce Department said the inventories-to-shipments ratio subsequently came in at 1.38 in April, unchanged from March.
by RTT Staff Writer
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