WASHINGTON — New factory orders for manufactured goods gained 1.1% in November, more than double economists’ estimates, the Commerce Department reported today.
Orders excluding transportation rose 1.9%, the largest increase since June.
Total factory orders have increased in seven of the last eight months and orders excluding transportation have increased for four straight months.
Orders increased 0.8% in October, revised higher from the 0.6% rise initially reported. Orders excluding transportation were revised to a 1.0% jump from a 0.5% increase.
Economists expected total factory orders to increase 0.5%, according to the median estimate from Thomson Reuters.
Durable goods orders inched up 0.2%.
Spurred by resurgent orders, the U.S. manufacturing sector grew in December at the fastest pace in more than three years. The Institute for Supply Management’s purchasing managers index rose to 55.9 in December, the highest level since April 2006.
