While figures released by the Commerce Department on Friday showed a notable increase in new orders for manufactured goods in the month of December, the pace of growth fell short of economist estimates.
The report showed that factory orders rose by 1.1 percent in December following an upwardly revised 2.2 percent increase in November. Economists had expected orders to increase by 1.5 percent compared to the 1.8 percent growth that had been reported for the previous month.
Excluding a 5.4 percent increase in orders for transportation equipment, orders rose by a more modest 0.6 percent in December.
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