U.S. Factory Orders Pull Back More Than Expected In April

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A report released by the Commerce Department on Friday showed new orders for U.S. manufactured goods pulled back by more than expected in the month of April.

The Commerce Department said factory orders slid by 0.6 percent in April after surging by an upwardly revised 1.4 percent in March.

Economists had expected factory orders to edge down by 0.2 percent compared to the 1.1 percent jump originally reported for the previous month.

The bigger than expected decrease in factory orders came as orders for durable goods tumbled by 1.3 percent amid a 6.6 percent slump in orders for transportation equipment.

Meanwhile, the report showed new orders for non-durable goods inched up by 0.1 percent in April after jumping by 1.6 percent in March.

The Commerce Department also said shipments of manufactured goods rose by 0.4 percent in April after spiking by 2.1 percent in March.

Inventories of manufactured goods also increased by 0.3 percent in April after climbing by 0.8 percent in the previous month.

With inventories and shipments both rising, the inventories-to-shipments ratio was unchanged from the previous month at 1.48.

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