New orders for U.S. manufactured goods jumped by more than expected in the month of October, according to a report released by the Commerce Department on Monday.
The Commerce Department said factory orders shot up by 1.0 percent in October after rising by 0.3 percent in September. Economists had expected factory orders to increase by 0.7 percent.
The bigger than expected increase in factory orders came as orders for durable goods surged by 1.1 percent in October after edging up by 0.2 percent in September. Orders for transportation equipment led the way higher, soaring by 2.2 percent.
The report said orders for non-durable goods also jumped by 1.0 percent in October after rising by 0.3 percent in the previous month.
The Commerce Department also said shipments of manufactured goods advanced by 0.7 percent in October following a 0.3 percent increase in September.
Inventories of manufactured goods also rose by 0.5 percent in October after a 0.1 percent uptick in the previous month.
With inventories and shipments both increasing, the inventories-to-shipments ratio was unchanged from the previous month at 1.45.
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