New factory orders for manufactured goods jumped 1.7% in June, the Commerce Department said yesterday.
The factory order increase, to $457.630 billion, was larger than the 0.7% increase projected by IFR Markets and came after a revised 0.9% increase to $450.033 billion in May, originally reported as a 0.6% increase to $448.680 billion.
Excluding transportation, the level of all new manufacturing orders rose 2.3% to about $402.3 billion in June, following a 0.8% rise in May to $393.2 billion, originally reported as 0.4% jump to $391.4 billion. The increase compared to a 1.7% increase projected by IFR.
Excluding military orders, new orders grew 1.4% to $443.3 billion, following a 0.6% increase to $437.3 billion in May.
New orders for durable goods were up 0.8% to $215.3 billion in June, while orders for non-durable goods jumped 2.5% to $242.3 billion in the month.
Inventories were up 1.0% to $554.3 billion, while the inventory to shipment ratio fell to 1.22 from 1.23 in May.