Factory orders rebound in June
(Barnshaws/Flickr)
Factory orders rose 1.8% in June, matching forecasts and rebounding from a drop in the two prior months, according to a revised report released by the Census Bureau.
New orders for manufactured goods rose $8.7 billion to $478.5 billion after a 1.1% decline in May.
Unfilled orders, shipments, and inventories also increased month-over-month.
In a preview of the data to clients, Nomura economists wrote: "Factory orders have been weak since late summer, as various factors such as the strong dollar, low oil prices, bad weather, and the West Coast port disruptions have slowed business activity. However, we may see some turnaround in June as the strong increase in total durable goods orders in June sets a high baseline for factory orders (primarily due to a jump in transportation orders)."
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