December 1, 2022

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Orders for U.S. industry will rise in November through Reuters

Orders for U.S. industry will rise in November through Reuters

© Reuters. Gent Machine Co. in Cleveland, Ohio, USA on May 26, 2021. The worker operates one of the metal cutting machines at the plant. REUTERS / Timothy Aeppel

WASHINGTON (Reuters) – New orders for products made in the United States accelerated in November, but business equipment costs may have rebounded in the fourth quarter.

The U.S. Department of Commerce said Thursday that industrial orders rose 1.6% in November. The October data was revised upwards to show an advance of 1.2% instead of the previously released 1.0%.

Economists consulted by Reuters predict that orders will advance 1.5%. Orders increased by 12.9% over the same period last year.

Production, which accounts for 11.9% of the U.S. economy, is supported by companies that fill up inventory.

Orders for computers and electronics and transport equipment increased. But orders for machinery, equipment, tools and electrical components have fallen.

Exports of manufactured goods rose 0.7% in November, after rising 2.0% in October. Industrial stocks rose 0.7%. Orders not yet shipped rose 0.7% after rising 0.3% a month ago.

The Commerce Department also said that orders for non-security capital items remained unchanged in November, with the exception of a handful of companies’ equipment cost plans, instead of a 0.1% drop, as reported last month.

Exports of key capital goods – the number used to calculate business equipment costs in the Gross Domestic Product (GDP) report – rose 0.3% in November, according to an earlier report.

Business equipment costs contracted in the third quarter after four quarters of double-digit growth.

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(By Lucia Muttigani)

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