U.S. Posts 4.8 Percent Decline in June Factory Orders

(MENAFN) US factory orders declined by 4.8% month-over-month in June, a smaller drop than analysts had predicted, according to official figures released Monday.

Data from the US Census Bureau revealed that total factory orders in June reached $611.7 billion.

The May factory orders number was revised upward, moving from 8.2% to 8.3%.

Market forecasts had anticipated a 4.9% decrease in June factory orders.

After gains in the previous two months, shipments increased by $2.9 billion, or 0.5%, totaling $602.4 billion in June.

Unfilled orders, which have risen in 11 of the past 12 months, added $14.3 billion in June, a 1% increase, reaching $1.47 trillion.

Inventories, having grown in eight of the last nine months, expanded by $1.6 billion, or 0.2%, to $945.6 billion.

The ratio of inventories to shipments held steady from May at 1.57.

Factory orders are a critical gauge for forecasting the industrial sector’s near-term performance, a vital component of the US economy.

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