US Factory Orders Show Steep Drop In October

WASHINGTON (Alliance News) - A report released by the Commerce Department on Thursday showed a ...

Alliance News 6 December, 2018 | 3:40PM
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WASHINGTON (Alliance News) - A report released by the Commerce Department on Thursday showed a steep drop in new orders for US manufactured goods in the month of October.

The Commerce Department said factory orders tumbled by 2.1% in October after rising by a downwardly revised 0.2% in September.

Economists had expected factory orders to slump by 2.0% compared to the 0.7% increase originally reported for the previous month.

Durable goods orders led the way lower during the month, plunging by 4.3% amid a 12.0% nosedive in orders for transportation equipment.

Meanwhile, the report showed a continued increase in orders for non-durable goods, which rose by 0.3% in November.

The Commerce Department also said shipments of manufactured goods fell for the first time in sixteen months, edging down by 0.1% in October after climbing by 0.7% in September.

Inventories of manufactured goods increased for the twenty-fourth consecutive month, inching up by 0.1% in October after rising by 0.6% in September.

With inventories and shipments both showing only modest moves, the inventories-to-shipments ratio was unchanged from the previous month at 1.34.

Copyright RTT News/dpa-AFX

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