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Sunday, September 20, 2020
HomeNewsEconomyFactory Orders Gained 6.4% in July, Revised Higher for June, Beating Forecasts

Factory Orders Gained 6.4% in July, Revised Higher for June, Beating Forecasts

Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)
Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)
Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)

Factory orders, or new orders for manufactured goods rose $27.8 billion or 6.4% to $466.1 billion in July, the U.S. Census Bureau reported. That’s the third straight month of gains and follows a stronger than expected and initially reported gain of 6.4% in June.

Forecasts for factory orders ranged from a low of 2.0% to a high of 10.4%. The consensus forecast was 6.0%.

Meanwhile, shipments have also been up for three consecutive months and rose $21.3 billion or 4.6% to $479.5 billion. This followed a 10.0% June increase.

Unfilled orders, which have been down four of the last five months, fell $8.3 billion or 0.8% to $1,084.3 billion. That’s after a decline of 1.4% in June. The unfilled orders-to-shipments ratio was 6.70, down from 7.01.

Inventories are down after two consecutive monthly increases, falling $3.1 billion, or 0.5% to $687.2 billion. That followed a 0.5% increase in June. The inventories-to-shipments ratio was 1.43, down from 1.51 in June.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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