U.S. Factory Orders Rebound In Line With Estimates In August

(RTTNews) - The Commerce Department released a report on Tuesday showing a significant rebound by new orders for U.S. manufactured goods in the month of August.

The report said factory orders jumped by 1.4 percent in August after tumbling by 1.3 percent in July. The rebound was in line with economist estimates.

The sharp increase by factory orders came amid a surge by orders for durable goods, which shot up by 2.9 percent in August after plunging by 2.8 percent in July.

Orders for transportation equipment led the rebound by durable goods orders, soaring by 7.9 percent in August after plummeting by 9.3 percent in July.

Meanwhile, the Commerce Department said orders for non-durable goods edged down by 0.1 percent in August after rising by 0.3 percent in the previous month.

The report also said shipments of manufactured goods slipped by 0.1 percent in August following a 0.9 percent increase in July.

Inventories of manufactured goods were virtually unchanged in August after inching up by 0.2 percent in the previous month.

The Commerce Department said the inventories-to-shipments ratio came in at 1.56 in August, unchanged from July.