US factory orders grow more quickly than expected in June
By Alexander Bueso
Date: Tuesday 04 Aug 2020
(Sharecast News) - Factory orders in the US grew more quickly than expected last month.
According to the Department of Commerce, in seasonally adjusted terms, orders for manufactured goods increased at a month-on-month clip of 6.2% to reach an annualised rate of $437.21bn.
Economists had forecast an increase of 5.0%.
Orders for durable goods, or those made to last more than three years, increased by 7.6% on the month (Preliminary: 7.3%) following downwardly-revised growth of 15.0% in the month before.
May's increase was originally reported as up by 15.7%.
Non-durable goods orders meanwhile were ahead by 5.0% to $229.97bn.
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