U.S. Factory Orders Unexpectedly Dip 0.3% In June

(RTTNews) - A report released by the Commerce Department on Tuesday showed an unexpected decrease in new orders for U.S. manufactured goods in the month of June.

The Commerce Department said factory orders fell by 0.3 percent in June after tumbling by a revised 1.1 percent in May.

Economists had expected factory orders to climb by 0.4 percent compared to the 1.3 percent slump originally reported for the previous month.

The unexpected dip in factory orders came amid a sharp pullback in new orders for non-durable goods, which dove by 1.2 percent in June after surging by 2.2 percent in May.

Meanwhile, the report showed a rebound in new orders for durable goods, which climbed by 0.5 percent in June after plunging by 4.0 percent in May.

The Commerce Department also said shipments of manufactured goods edged down by 0.2 percent in June after jumping by 1.6 percent in May.

Inventories of manufactured goods crept up by 0.1 percent in June after rising by 0.2 percent in May, the report said.

With inventories increasing and shipments falling, the inventories-to-shipments ratio ticked up to 1.48 in June from 1.47 in May.