By Xavier Fontdegloria
Manufacturing orders in the U.S. grew in June at a faster pace compared with the previous month, in a sign demand for goods continued to increase despite slowing economic growth.
New orders for manufactured goods rose 2% in June on month, accelerating from the revised 1.8% rise in May, data from the Commerce Department showed Wednesday.
Economists polled by The Wall Street Journal expected factory orders to increase 1.2% on month.
New orders for manufactured durable goods–those meant to last at least three years–increased 2% in June after rising 0.8% in May.
Recent data from surveys in the manufacturing sector signal business conditions are deteriorating as demand weakens and after a strong run in the last two years. However, the volume of backlogged orders should continue to support factory activity in the months ahead, economists say.
Write to Xavier Fontdegloria at [email protected]
(END) Dow Jones Newswires
August 03, 2022 10:43 ET (14:43 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
