U.S. Factory Orders Jump Slightly More Than Expected In January
(RTTNews) - New orders for U.S. manufactured goods surged by slightly more than expected in the month of January, according to a report released by the Commerce Department on Wednesday.
The report said factory orders shot up by 1.7 percent in January after falling by a revised 0.6 percent in December. Economists had expected factory orders to jump by 1.6 percent compared to the 0.9 percent decrease originally reported for the previous month.
The rebound by factory orders came as durable goods orders spiked by 3.2 percent in January after tumbling by 1.8 percent in December.
Orders for transportation equipment led the way higher, soaring by 9.9 percent during the month, as orders for non-defense aircraft and parts skyrocketed by 93.9 percent.
The report said orders for non-durable goods also increased by 0.3 percent in January after climbing by 0.5 percent in the previous month.
The Commerce Department also said shipments of manufactured goods rose by 0.4 percent in January following a 0.6 percent increase in December.
Inventories of manufactured goods also inched up by 0.1 percent in January after rising by 0.3 percent in the previous month.
With inventories and shipments both increasing, the inventories-to-shipments for January came in unchanged from December at 1.46.
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