US factory orders grow more quickly than expected in June

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Sharecast News | 04 Aug, 2020

Updated : 15:59

Factory orders in the US grew more quickly than expected last month.

According to the Department of Commerce, in seasonally adjusted terms, orders for manufactured goods increased at a month-on-month clip of 6.2% to reach an annualised rate of $437.21bn.

Economists had forecast an increase of 5.0%.

Orders for durable goods, or those made to last more than three years, increased by 7.6% on the month (Preliminary: 7.3%) following downwardly-revised growth of 15.0% in the month before.

May's increase was originally reported as up by 15.7%.

Non-durable goods orders meanwhile were ahead by 5.0% to $229.97bn.

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