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6/3, 4:00 PM (Source: TeleTrader)
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US factory orders down 13% in April

New orders for manufactured durable goods in the United States in April dropped by 13% or $57.5 billion to $384.3 billion compared to the previous month due to the coronavirus pandemic, the US Census Bureau reported on Wednesday. April's figure came in better than projections.

Shipments fell $63.6 billion or 13.5% to $406.8 billion, the fourth consecutive monthly decline. Meanwhile, inventories of manufactured goods decreased $2.6 billion or 0.4% to $686.5 billion during the same month.

The inventories-to-shipments ratio stood at 1.69, up from the 1.46 reported in March.

Breaking the News / JC