WASHINGTON (dpa-AFX) - After reporting a substantial increase by new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Monday showing factory orders pulled back sharply in the month of June.
The Commerce Department said factory orders dove by 4.8 percent in June after soaring by an upwardly revised 8.3 percent in May.
Economists had expected factory orders to plunge by 5.0 percent compared to the 8.2 percent surge originally reported for the previous month.
The sharp pullback by factory orders came as orders for durable goods tumbled by 9.4 percent in June after spiking by 16.5 percent in May. Orders for transportation equipment led the way lower, plummeting by 22.4 percent.
Meanwhile, the report said orders for non-durable goods increased by 0.5 percent in June after inching up by 0.1 percent in May.
The Commerce Department also said shipments of manufactured goods climbed by 0.5 percent in June after rising by 0.2 percent in May.
Inventories of manufacturing goods also rose by 0.2 percent in June following a 0.1 percent uptick in the previous month.
With inventories and shipments both increasing, the inventories-to-shipments ratio in June was unchanged from May at 1.57.
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