New factory orders for manufactured goods increased 1.0% in December, the fourth consecutive increase and the eighth increase in nine months, the Commerce Department reported yesterday.
Orders excluding transportation rose 1.2% following a 2.1% increase in November, revised higher from the 1.1% gain initially reported. In November all orders were revised up to a 1.0% increase from the initially reported 0.6% gain.
Economists expected factory orders would rise 0.5% for the month, according to Thomson Reuters.
The inventories-to-shipments ratio fell to 1.29 from 1.32 in November.