US factory orders rise in December
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| US factory orders rise in December |
New orders for US manufactured goods rose slightly in December and are likely to rise in the coming months as unfilled orders continue to pile up.
According to the US Department of Commerce's Census Bureau on Friday, February 2, factory orders rose 0.2% after rebounding by about 2.6% in November.
The increase was in line with economists' expectations, and orders rose 0.8% year-on-year in December.
The manufacturing sector, which represents 10.3% of the economy, faces restrictions due to high-interest rates. Despite this, the outlook is promising.
The Federal Reserve (US central bank) kept interest rates unchanged on Wednesday. Bank Governor Jerome Powell told reporters that interest rates have peaked and will fall in the coming months.
Civil aircraft orders rose 0.4% in December after jumping 84.1% in November, while orders for vehicles, spare parts, and trucks increased 0.9%. Orders for base metals, computers, and electronic products as well as electrical equipment, appliances, and components also rose.
Shipments of manufactured goods were unchanged. Inventories of manufactured goods rose 0.1%, while uncompleted orders increased 1.3% after rising at the same rate in November.
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