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U.S. Factory Orders Jump More Than Expected In July

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New orders for U.S. manufactured goods jumped more than expected in the month of July, the Commerce Department revealed in a report released on Thursday.

The report said factory orders surged up by 1.4 percent in July after climbing by a downwardly revised 0.5 percent in June.

Economists had expected factory orders to jump by 1.0 percent compared to the 0.6 percent increase originally reported for the previous month.

The bigger than expected increase in factory orders came as orders for durable goods spiked by 2.0 percent, led by orders for transportation equipment. Orders for non-durable goods also climbed by 0.8 percent.

The Commerce Department said inventories of manufactured goods also rose by 0.2 percent in July after inching up by 0.1 percent.

Meanwhile, the report said shipments of manufactured goods edged down by 0.2 percent in July following two consecutive monthly increases.

Even though inventories rose and shipments fell, the inventories-to-shipments ratio was unchanged from the previous month at 1.38.

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