New orders for US-made goods rose less than expected in August, but corporate spending on equipment appeared to recover, which likely boosted the economy in the third quarter of the year.
The US Commerce Department said factory orders increased 0.7% after a 6.5% acceleration in July.
Economists polled by Reuters had expected factory orders to rise 1% in August.
The manufacturing sector, which accounts for 11.3% of economic activity in the United States, is recovering from low levels reached due to the pandemic as companies return to fill stocks. But the pace of growth is slowing with the persistence of the Coronavirus crisis and the dwindling support coming from fiscal stimulus.
The Institute for Supply Management said Thursday that its index of factory activity in the country fell in September, as new orders fell from a peak of more than six and a half years.
Non-executed orders at factories fell 0.6% in August after dropping 0.7 in July. There was no change in the inventories of factories, while shipments of manufactured goods increased by 0.3%.
The government also reported that orders for non-defense capital goods excluding aircraft, which are an indication of companies’ spending plans on equipment, increased 1.9% in August.
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October 03, 2020 at 06:27AM
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US corporate spending is improving and factory orders below expectations –... - AlKhaleej Today
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