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New orders for US factory goods rose for a third straight month in April, pointing to strength in manufacturing and the broader economy.
The Commerce Department said on Tuesday new orders for manufactured goods increased 0.7 per cent. March's orders were revised to show a 1.5 per cent increase instead of the previously reported 0.9 per cent rise.
The factory orders report showed inventories rose 0.4 per cent in April, while shipments rose for a third consecutive month. The inventories-to-shipments ratio was unchanged at 1.30. Orders excluding the volatile transportation category increased 0.5 per cent in April as bookings for primary metals, electrical equipment, appliances and components and capital goods rose. That was the third straight month of gains.
Unfilled orders at factories increased 0.9 per cent, the largest gain since November. Order backlogs have increased in 12 of the last 13 months.
The department also said orders for durable goods, manufactured products expected to last three years and more, rose 0.6 percent instead of the 0.8 per cent gain reported last month.
