Economic Buzz: US Factory Orders Fall 1.0% In July

5 Sep 2022 , 09:01 AM

A report released by the Commerce Department unexpectedly showed a sharp pullback in new orders for U.S. manufactured goods in the month of July. Factory orders slumped by 1.0 percent in July after surging by a revised 1.8 percent in June. The unexpected pullback in factory orders was partly due to a notable decrease in orders for non-durables goods, which tumbled by 1.9 percent in July after shooting up by 1.4 percent in June. Durable goods orders edged down by 0.1 percent in July after spiking by 2.3 percent in June. Shipments of manufactured goods slid by 0.9 percent in July. The report said inventories of manufacturing goods inched up by 0.1 percent in July after rising by 0.4 percent in June. With inventories edging higher and shipments falling, the inventories-to-shipments ratio ticked up to 1.47 in July from 1.46 in June. Powered by Commodity Insights