Factory Orders for June

August 4th, 2008 at 10:34am Bob Trojan

Factory orders climbed more than expected in June, while a barometer of capital spending by businesses also increased.

Orders for manufactured goods increased 1.7%, following a 0.9% jump in May, the Commerce Department said Monday.

Dow Jones Newswires had projected that factory goods orders would rise 0.6% in June.

Demand for durable goods grew 0.8% in June. Durables are expensive goods made to last at least three years.

Factory orders in June for non-defense capital goods orders excluding aircraft increased 1.2%, after falling 0.3% in May. Those bookings are seen as a yardstick for capital spending by businesses. Non-durable goods factory orders climbed in June by 2.5%, after increasing 1.7% in the prior month and 3.5% in April. The increases likely reflect rising prices for oil and food, which both fall under the broad non-durables category.

Entry Filed under: Economy