Driven by major gains in transportation equipment, July factory orders posted a strong rebound after decreases in June and May.
U.S. Census Bureau data released Sept. 4 showed that new orders of manufactured goods increased 5.0% month-to-month during July to $592.1 billion, following two consecutive monthly decreases. June orders fell 3.3%.
The Bureau’s latest report noted that July durable goods orders increased 9.8% month-to-month, revised down slightly from the 9.9% increase published in the Bureau’s advance report on Aug. 26. It was a major jump after June’s 6.9% increase. Transportation drove the July increase, as orders increased 0.4% when excluding transportation.
Shipments — up five of the last six months — increased 1.1% in July, unchanged from the previously published increase.
Unfilled orders — up 47 of the last 48 months — increased 0.2% in July, unchanged from the previously published increase. This followed a 1.4% decrease in June.
July’s unfilled orders-to-shipments ratio was 6.76, down from June’s 6.91.
Inventories — up three of the last four months — increased $0.7 billion in July to $529.7 billion, following a 0.1% June decrease.
July’s inventories-to-shipments ratio was 1.45, down from June’s 1.46.
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It far surpassed economists’ expectations and followed two straight flat months.
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While up year-over-year, it declined monthly from a flat June.
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It was the second straight monthly decrease after May orders fell 0.5%.
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