New orders for U.S. manufactured goods showed a significant increase in the month of May, according to a report released by the Commerce Department on Friday.
The Commerce Department said factory orders surged up by 1.7 percent in May after edging down by a revised 0.1 percent in April.
Economists had expected factory orders to jump by 1.5 percent compared to the 0.6 percent drop originally reported for the previous month.
The notable increase in factory orders came as orders for durable goods shot up by 2.3 percent, while orders for non-durable goods climbed by 1.0 percent.
The report also showed shipments of manufactured goods advanced by 0.7 percent in May after edging up by 0.2 percent in April.
Inventories of manufactured goods also increased by 0.9 percent in May after rising by 0.5 percent in the previous month.
With inventories and shipments both climbing, the inventories-to-shipments ratio for May was unchanged from April at 1.49.
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