US factory orders for manufactured goods rose 1.0% month-over-month in October higher than the consensus 0.7% and following an unrevised 0.3% increase in September. Shipments of manufactured goods jumped 0.7% after increasing 0.3% in September. The US has seen a quick rebound in business spending, highlighted by the 0.6% increase in nondefense capital goods orders excluding aircraft, and the sizable jump in shipments of nondefense capital goods excluding aircraft (+1.5%) that will add favorably to Q4 GDP forecasts.
US Factory Orders October 2022
- Factory orders for manufactured goods +1.0% month-over-month in October (consensus 0.7%) following an unrevised 0.3% increase in September.
- Shipments of manufactured goods jumped 0.7% after increasing 0.3% in September.
- New orders for durable goods rose 1.1% m/m in October after increasing 0.2% in September.
- New orders for nondurable goods increased 1.0% m/m in October after increasing 0.3% in September.
- Nondefense capital goods orders, excluding aircraft — a proxy for business spending — were up 0.6% m/m in October after declining 0.7% in September.
- The inventory-to-shipments ratio held steady at 1.45.
Biggest increases were seen in
- Orders for transportation equipment (0.4 percent vs 1.2 percent),
- Orders for machinery (1.4 percent vs 0.3 percent)
- Orders forcomputers and electronic products (0.4 percent vs 0.6 percent).
Source: U.S. Census Bureau
From The TradingCommunity News Desk