New orders for U.S. manufactured goods showed another substantial increase in the month of July. according to a report released by the Commerce Department on Wednesday. The Commerce Department said factory orders soared by 6.4 percent in July. matching the upwardly revised spike seen in June.
Economists had expected factory orders to surge up by 6.0 percent compared to the 6.2 percent jump originally reported for the previous month. Factory orders continued to spike as orders for durable goods skyrocketed by 11.4 percent in July.
After soaring by 7.7 percent in June. Orders for transportation equipment led the way higher. The Commerce Department said orders for non-durable goods also increased by 1.8 percent in July after jumping by 5.3 percent in June.
The report also showed a continued increase in shipments of manufactured goods. which surged up by 4.6 percent in July after spiking by 10.0 percent in June.
Meanwhile, inventories of manufactured goods fell by 0.5 percent in July after rising by 0.5 percent in the previous month.
With shipments jumping and inventories falling, the inventories-to-shipments dropped to 1.43 in July from 1.51 in June.
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