Mitchell Jaworski - AHN Reporter
Washington, D.C. (AHN) - U.S. markets were hit with a bevy of economic data on Thursday. A better than expected increase in factory orders was a bright spot, lending further support to the recovery in the manufacturing sector.
The Commerce Department reported Thursday that factory orders in May rose 1.2 percent, topping expectations for a 0.8 percent increase.
The increase works out to roughly a $4.1 billion increase in orders and marks the third month of growth out of the last four.
Growth in new orders was strongest, adding 1.8 percent in May following a 1.4 percent increase in April.
The increase in factory orders is consistent with the improving trend in the ISM manufacturing index, which has improved the past three months.
Another positive note was the continued decrease in inventories of manufactured goods, down 1 percent in May. The drop marks the fifth consecutive month of decline.
In corporate news, Boeing announced Thursday that it has delivered 246 planes so far this year, up from 241 in the same timeframe last year.
The news is a positive development for both Boeing and the airline industry. Boeing has struggled in the past year as orders for new jets continued to fall.
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