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U.S. Factory Order Drop More Than Expected In May

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New orders for U.S. manufactured goods fell by more than expected in the month of May, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said factory orders slumped by 0.8 percent to $464.9 billion in May after falling by a revised 0.3 percent in April.

Economists had expected factory orders to drop by 0.5 percent compared to the 0.2 percent decrease originally reported for the previous month.

New orders for manufactured durable goods slid by 0.8 percent, while new orders for manufactured non-durable goods also tumbled by 0.8 percent,

Meanwhile, the report said shipments of manufactured goods inched up by 0.1 percent in May after coming in virtually unchanged in April.

Inventories of manufactured goods edged down by 0.1 percent in May following six consecutive monthly increases.

Despite the modest drop in inventories, the inventories-to-shipments ratio held at 1.38 in May, unchanged from the previous month.

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