U.S. Factory Orders Jump Much More Than Expected In June

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New orders for U.S. manufactured goods showed a significant increase in the month of June, according to a report released by the Commerce Department on Wednesday.

The report showed factory orders shot up by 2.0 percent in June after surging by an upwardly revised 1.8 percent in May.

Economists had expected factory orders to advance by 1.1 percent compared to the 1.6 percent jump originally reported for the previous month.

The bigger than expected increase in factory orders came as orders for both durable goods and non-durable goods spiked by 2.0 percent.

The report showed shipments of manufactured goods also increased by 1.1 percent in June following a 2.1 percent surge in May.

Inventories of manufactured goods also rose by 0.4 percent in June after jumping by 1.3 percent in May.

With shipments increasing by more than inventories, the inventories-to-shipments ratio edged down to 1.45 in June from 1.46 in May.

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