New orders for U.S. manufactured goods rose by slightly more than expected in the month of October, according to a report released by the Commerce Department on Thursday.
The Commerce Department said factory orders jumped by 1.5 percent in October following a revised 0.8 percent decrease in September.
Economists had expected orders to climb by about 1.4 percent compared to the 1.0 percent drop originally reported for the previous month.
The increase was largely due to a rebound in durable goods orders, which surged up by 2.9 percent in October after falling by 0.8 percent in September.
Orders for transportation led the recovery following two consecutive monthly decreases, soaring by 7.9 percent amid a jump in demand for commercial aircraft.
Meanwhile, the report said the value of orders for non-durable goods was virtually unchanged compared to the previous month.
The Commerce Department also said shipments of manufactured goods fell by 0.5 percent in October after dipping by 0.3 percent in September. Shipments have fallen in six of the last seven months.
Inventories of manufactured goods also edged down by 0.1 percent in October following a 0.5 percent drop in September.
The inventories-to-shipments ratio for October subsequently came in unchanged from the previous month at 1.35.
The material has been provided by InstaForex Company – www.instaforex.com