Orders for manufactured goods rose 1.2% in August, the Commerce Department said Monday. Economists surveyed by the Wall Street Journal were expecting a 1.1% rise. Factory orders for July were revised up to a 0.7% gain from the prior estimate of a 0.4% increase.
Looking at the details, durable-goods orders rose 1.8% in August, unrevised from the initial estimate released last week. Orders for nondurable goods were up 0.6% in the month. Orders excluding transportation rose 0.5% after a 0.9% gain. Orders for nondefense capital goods excluding aircraft, viewed as a good metric of business orders, rose a revised 0.6% in August, up slightly from the prior estimate of a 0.5% gain. Shipments of factory goods rose 0.1% in August, down sharply from a 1.5% gain. Unfilled orders rose 1% after a 0.5% rise in July. Inventories rose 0.6% in August, matching the gain in the prior month. Stocks
opened lower on Monday over new concerns over the debt-ceiling fight in Washington.