After reporting a pullback in new orders for U.S. manufactured items in the previous month, the Commerce Department launched a report on Thursday revealing a considerable rebound in factory orders in the month of August.
The Commerce Department stated factory orders surged up by 2.3 percent in August after falling by a modified 0.5 percent in July.
Economists had anticipated factory orders to jump by 2.1 percent compared to the 0.8 percent drop originally reported for the previous month.
The rebound in factory orders came as resilient items orders increased by 4.4 percent in August after tumbling by 1.2 percent in July.
Orders for transportation equipment led the healing, soaring by 13.1 percent in August after plunging by 3.6 percent in July.
Omitting orders for transport equipment, factory orders inched up by 0.1 percent for the second successive month.
The Commerce Department said orders for non-durable goods edged up by 0.2 percent in August after ticking up by 0.1 percent in July.
The report also stated shipments of produced products increased by 0.5 percent in August after coming in essentially the same in July.
On the other hand, stocks of made items dipped by 0.1 percent in August after climbing up by 0.9 percent in the previous month.
With shipments increasing and inventories falling, the inventories-to-shipments ratio pulled back to 1.34 in August from 1.35 in July.
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