Partly reflecting a sharp jump in orders for transportation equipment, the Commerce Department released a report on Friday showing a notable rebound in new orders for U.S. manufactured goods in the month of July.
The Commerce Department said factory orders surged up by 1.9 percent in July following a revised 1.8 percent decrease in June. The increase reflected the biggest gain since last October.
Economists had expected orders to jump by 2.0 percent compared to the 1.5 percent drop that had been reported for the previous month.
The rebound in factory orders came as durable goods orders spiked by 4.4 percent in July after tumbling by 4.3 percent in June.
Orders for transportation equipment jumped by 10.6 percent during the month, as orders for non-defense aircraft and parts soared by 90.0.
Meanwhile, the report said orders for non-durable goods fell by 0.5 percent in July after climbing by 0.8 percent in June.
Shipments of manufactured goods edged down by 0.2 percent in July following four consecutive monthly increases, while inventories of manufactured goods inched up by 0.1 percent after twelve straight drops.
The Commerce Department said the inventories-to-shipments ratio came in at 1.35 in July, unchanged from the previous month.
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