04.10.202114:15:00UTC+00U.S. Factory Orders Jump More Than Expected In August

A report released by the Commerce Department on Monday showed new orders for U.S. manufactured goods jumped by more than expected in the month of August.

The Commerce Department said factory orders surged up by 1.2 percent in August after climbing by an upwardly revised 0.7 percent in July.

Economists had expected factory orders to increase by 0.9 percent compared to the 0.4 percent rise originally reported for the previous month.

The report showed orders for durable goods shot up by 1.8 percent, while orders for non-durable goods rose by 0.6 percent.

Meanwhile, the Commerce Department said shipments of manufactured goods inched up by 0.1 percent in August after jumping by 1.5 percent in July.

Inventories of manufactured goods also climbed by 0.6 percent in August, matching the increase seen in the previous month.

The inventories-to-shipments ratio was 1.47, unchanged from July.