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Friday morning, the Commerce Department released its report on new orders for manufactured goods in the month of October, showing that orders unexpectedly increased for the sixth time in the past seven months amid an increase in orders for non-durable goods.
The report showed that factory orders increased by 0.6 percent in October following an upwardly revised 1.6 percent increase in September. Economists had been expecting orders to come in unchanged compared to the 0.9 percent increase originally reported for the previous month.
A notable increase in orders for non-durable goods contributed to the unexpected increase in factory orders. Orders for non-durable goods rose by 1.6 percent, more than offsetting a 0.6 percent decrease in orders for durable goods.
The Commerce Department also said that shipments of manufactured goods increased by 0.8 percent in October after rising by 1.3 percent in September. Shipments of manufactured goods have increased in four of the last five months.
Additionally, the report showed that inventories of manufactured goods increased by 0.4 percent in October following thirteen consecutive monthly decreases.
With shipments increasing at a faster pace than inventories, the inventories-to-shipments ratio still edged down 1.34 in October from 1.35 in September.
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