A report released by the Commerce Department on Wednesday showed new orders for U.S. manufactured goods increased by more than expected in the month of November.
The Commerce Department said factory orders surged up by 1.0 percent in November after jumping by an upwardly revised 1.3 percent in October.
Economists had expected factory orders to climb by 0.7 percent compared to the 1.0 percent increase originally reported for the previous month.
The report said durable goods orders advanced by 1.0 percent in November following a 1.8 percent spike in October, with orders for transportation equipment helping to lead the way higher.
Orders for non-durable goods also increased by 1.1 percent in November after climbing by 0.8 percent in the previous month.
The Commerce Department said shipments of manufactured goods also rose by 0.7 percent in November after jumping by 1.2 percent in October.
Inventories of manufactured goods also climbed by 0.7 percent in November following a 0.3 percent uptick in the previous month.
With inventories and shipments both rising, the inventories-to-shipments ratio was unchanged from the previous month at 1.41.