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US factory orders rise in June

New orders for U.S. manufactured goods increased at a slower-than-expected pace in June after registering two successive monthly declines, data from the U.S. Census Bureau showed.

Factory orders rose 0.6% month over month to a seasonally adjusted $493.82 billion, following a revised 1.3% decrease in May. Econoday had projected a 0.8% gain in factory orders for June.

New orders for manufactured durable goods rose 1.9% to $245.39 billion in June after a 2.3% decline in the prior month. Meanwhile, nondurable goods fell 0.5% to $248.43 billion.

Transportation equipment orders rose 3.7% in June following a 7.5% drop in May. Orders for machinery increased by 2.1% and orders for fabricated metal products rose 1.7%.

Orders for primary metals and electrical equipment, appliances and components also registered gains in June, while orders for computers and electronic products and furniture and related products declined in June.

Shipments of U.S. manufactured goods edged up 0.4% to $506.15 billion, with shipments of durable goods rising 1.3% and shipments of nondurable goods industries declining 0.5%.

Unfilled orders dropped 0.7% to $1.160 trillion in June after registering a 0.8% decline in May. Inventories edged up 0.2% to $695.59 billion.

The inventories-to-shipments ratio for June was 1.37, down from 1.38 in May.