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New orders for U.S. manufactured goods expanded in August, indicating sustained strength in manufacturing even as economic growth appeared to have slowed in Q3.
- Factory orders increased 1.2% in August. Figures for July were revised higher to indicate orders increasing 0.7% in July rather than gaining 0.4% as initially anticipated. Factory orders rose up 18.0% on a year-on-year basis.
- Manufacturing is being strongly promoted by the still-strong demand for goods irrespective of spending shifting back to services. Businesses are rebuilding their inventories underpinning activity at factories.
- U.S. shipments of these so-called core capital goods rose by $0.3 billion or 0.1% to $508.3 billion. This followed a 1.5% July increase. Transportation equipment contributed to a decrease of $2.1 billion, declining to $73.4 billion.
- Unfilled orders increased consecutively over the last seven months by 1.0$ or $11.9 billion to reach $1,239.4 billion after a 0.5% increase in July.
The inventories-to-shipments ratio steadied at 1.47 in August, from the same position in July. The unfilled orders-to-shipments ratio was 6.86, up from 6.81 in July.
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Source: U.S. Department of Commerce
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