U.S. Factory Orders Decline Sharply in June Amid Manufacturing Slowdown

In June, U.S. factory orders experienced a significant decline, contrasting the notable growth observed in the previous month. According to a report released by the Commerce Department on Monday, manufacturing orders fell sharply by 4.8% in June, following an upwardly revised 8.3% increase in May. Economists had anticipated a 5.0% drop, aligning closely with the actual decline. The decline was primarily driven by a 9.4% drop in durable goods orders, after a substantial 16.5% rise in May. Orders for transportation equipment saw the largest decrease, plunging by 22.4%. Conversely, non-durable goods orders saw a modest increase of 0.5% in June, following a 0.1% rise in May. Meanwhile, shipments of manufactured goods increased slightly by 0.5% in June, building on a 0.2% rise in May. Inventories of manufacturing goods grew by 0.2% in June, up from a 0.1% increase the previous month. As both shipments and inventories rose, the inventory-to-shipments ratio remained steady at 1.57 from May. For further insights and feedback, contact: [email protected]. Stay updated with the latest economic indicators across the globe, including housing data, employment figures, and monetary policy...