logo
  

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

factory orders2 080322 lt

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go. Lyft announced the expansion to its partnership with Indeed in Jobs Access program. The ride-hailing company will be providing transportation access for Indeed's Ready to Work program. Indeed's Ready to Work program is a series of free virtual and in-person events for job seekers in several cities across the U.S. from September 15 to October 8, 2022. Pool and Spa drain covers imported to the United States by various companies have been recalled due to violation of the Virginia Graeme Baker Pool and Spa Safety Act, the U.S. Consumer Product Safety Commission announced. The various recalls include pool and spa drain covers manufactured in China and sold exclusively at Amazon.com for different prices ranging from $10 to $12.
Follow RTT