(RTTNews) – New orders for U.S. manufactured goods rebounded by more than expected in the month of July, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said factory orders increased by 0.9 percent in July after edging down by a revised 0.2 percent in June.
Economists had expected factory orders to climb by 0.5 percent compared to the 0.3 percent dip originally reported for the previous month.
The bigger than expected increase in factory orders came as durable goods orders shot up by 1.1 percent in July after rising by 0.6 percent in June. Orders for transportation equipment led the way higher, surging by 2.3 percent.
The report said orders for non-durable goods also climbed by 0.7 percent in July after slumping by 0.9 percent in June.
The Commerce Department also said shipments of manufactured goods increased by 0.8 percent in July, while inventories of manufactured goods rose by 0.4 percent.
With inventories and shipments both climbing, the inventories-to-shipments came in unchanged from the previous month at 1.47.