New orders for U.S. manufactured goods showed another significant increase in the month of December, according to a report released by the Commerce Department on Thursday.
The report said factory orders jumped by 1.1 percent in December after surging up by 1.3 percent for three consecutive months. Economists had expected factory orders to climb by 0.7 percent.
The bigger than expected increase in factory orders came as orders for non-durable goods spiked by 1.7 percent, while orders for durable goods rose by an upwardly revised 0.5 percent.
Shipments of manufactured goods also shot up by 1.7 percent in December following a 0.8 percent increase in November.
The Commerce Department said inventories of manufactured goods also rose by 0.3 percent in December after climbing by 0.8 percent in the previous month.
With shipments rising by more than inventories, the inventories-to-shipments ratio dropped to 1.39 in December from 1.41 in November.
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