U.S. factory orders rise more than expected in October
Source: Reuters
December 3, 2021
10:23 AM EST
Last Updated 25 minutes ago
U.S. Markets
U.S. factory orders rise more than expected in October
Reuters
2 minute read
WASHINGTON, Dec 3 (Reuters) - New orders for U.S.-made goods increased more than expected in October and businesses spending on equipment appeared to rebound after declining in the third quarter.
The Commerce Department said on Friday that factory orders increased 1.0% in October. Data for September was revised higher to show orders gaining 0.5% instead of 0.2% as previously reported. Economists polled by Reuters had forecast factory orders rising 0.5%.
Orders increased surged 17.1% on a year-on-year basis.
Manufacturing, which accounts for 12% of the economy, is being driven by still-strong demand for goods despite spending shifting back to services. Businesses are rebuilding depleted inventories, but shortages of labor and raw materials stemming from the COVID-19 pandemic remain challenges.
An Institute for Supply Management survey on Wednesday showed manufacturing activity picked up in November, noting "some indications of slight labor and supplier delivery improvement."
Shipments rose 2.0% after advancing 1.0% in September. Inventories at factories gained 0.8% in October. Unfilled orders rose 0.3% after increasing 0.7% in the prior month.
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Read more: https://www.reuters.com/markets/us/us-factory-orders-rise-more-than-expected-october-2021-12-03/