US factory orders and durable goods slip in October

According to data released by the US Commerce Department, the country’s factory orders edged slightly down by 0.1% to $479.6 billion in October after an increase of 1.7% in September.

The decrease in factory orders was mostly attributed to a decline in durable goods, which offset a 0.7% increase in non-durable goods orders. Accordingly, the country’s new orders for durable goods decreased to $237.4 billion from 2.4% increase in September.

Meanwhile, shipments and inventories of manufactured goods edged up in October by 0.6% while inventories-to-shipments ratio remained unchanged from September at 1.37%.