Factory Orders Increase, Driven by Transportation
The value of new factory orders rose by 1.2% in August, beating the 0.9% increase expected by analysts in a MNI survey.
Nondurable goods orders rose 0.4%, but durable goods orders were revised up to a 2.0% increase, data released by the Commerce Department Thursday morning showed. Petroleum and coal products shipments rose by 2.2% in August, leading the increase in nondurables orders.
Total factory orders excluding transportation rose 0.4% in August, while durable goods orders excluding transportation were up 0.5%, revised up from the 0.2% increase in the advance estimate.