New Factory Orders Up 0.8% in October
New orders for manufactured goods increased 0.8% month-over-month to $478 billion for October, according to a U.S. Department of Commerce report [link opens in PDF] released today.
This newest report continues manufactured goods' upward trend, with new orders rising 4.5% in September and clocking gains in three of the past four months . Analysts had expected a 0.1% decline for October.
Excluding the transportation sector's volatile orders, new orders for manufactured goods increased by 1.3%, another solid rise after September's 1.2% improvement and August's 0.7% gain.
Shipments rose by 0.4% in October, to $482 billion, and have increased for three of the past four months. Inventories increased to $616 billion, the highest level since data was first collected in 1992. But the inventories-to-shipment ratio continues to hold constant at 1.28, providing evidence of sustainable inventory growth.
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