U.S. Factory Orders Spike More Than Expected In June
A report released by the Commerce Department on Tuesday showed another substantial increase in new orders for U.S. manufactured goods in the month of June.
The Commerce Department said factory orders soared by 6.2 percent in June after skyrocketing by a revised 7.7 percent in May.
Economists had expected factory orders to jump by 5.0 percent compared to the 8.0 percent spike originally reported for the previous month.
The bigger than expected increase in factory orders came as orders for durable goods surged up by 7.6 percent in June after soaring by 15.0 percent in May.
Orders for transportation equipment led the increase in durable goods orders once again, skyrocketing by 20.2 percent in June.
The report said orders for non-durable goods also jumped by 5.0 percent in June following a 2.0 percent increase in the previous month.
The Commerce Department said shipments of manufactured goods also spiked by 9.8 percent in June after surging up by 3.0 percent in May.
Inventories of manufactured goods also rose by 0.6 percent in June after edging up by 0.2 percent in the previous month.
With shipments jumping by much more than inventories, the inventories-to-shipments ratio slumped to 1.51 in June from 1.65 in May.