U.S. Factory Orders Post Third Straight Increase

U.S. Factory Orders Post Third Straight Increase

U.S. Factory Orders Post Third Straight Increase By: Tomas Ronolski - News

Friday, June 7, 2024

New orders for manufactured goods in the United States grew by 0.7 percent in April, exceeding analysts' predictions of a 0.6 percent increase. This uptick was driven by a 0.6 percent rise in orders for durable goods (long-lasting items) and a 0.8 percent increase in non-durable goods (consumables). However, March’s previously reported 1.6 percent jump in factory orders was downwardly revised to 0.7 percent.

In addition to the rise in orders, the Commerce Department also reported a 1.0 percent increase in manufactured goods shipments in April, following a 0.4 percent gain in March. Inventories also saw a slight uptick of 0.1 percent after remaining nearly flat in the previous month.

Factory orders serve as a key indicator of manufacturing sector health, reflecting demand for manufactured goods from businesses, institutions, and consumers. They are categorized into two main groups: durable goods, such as machinery and appliances, and non-durable goods, such as food and beverages. By tracking these orders, economists can gauge production activity and potential future economic trends.

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