US factory orders jump past forecasts in August

Factory goods orders shot higher in August, buoyed by a large increase in those made to last for more than three years.

Total orders from the manufacturing sector grew by 2.3% month-on-month to reach $510.5bn, according to the Department of Commerce.

That was more than twice the 1.0% advance that economists had penciled-in.

Versus a year ago, factory goods orders were 8.6% higher.

Orders for durable goods, or those made to last more than three years, jumped by 4.4% versus July to reach $259.55bn, powered by a 69.1% gain in those for non-defence aircraft and parts.

A preliminary reading had revealed a 4.5% rise in durable goods orders.

Those for non-durable goods meanwhile increased by 0.2% month-on-month to reach $250.9bn.