0.6% Hike Recorded in Factory Orders for October across US

In November, for the sixth consecutive time in around seven months, orders placed in factories across America recorded a rise, with non-durable products leading the sector. Gains made by these products managed to off-set the spending which factories had to undertake for new equipment.

The 0.6% rise for October has come right after the 1.6% hike recorded for September, a figure much better than expectations, and has been confirmed by the Commerce Department. Demand for non-durable merchandise, like petroleum and food products, hiked by
1.6%, while that for durable goods dropped by 0.6%.

"The demand for manufactured goods has stabilized and even begun a slow recovery but remains at a low level", said Steven Wood, president of Insight Economics LLC.

Shipments of non-durable goods also recorded a 1.6% rise on the back of higher demand for petroleum. Refineries have also posted a 6.0% growth for the period.

The growth pegged by analysts for the month was a disappointing 0%, but the actually figure managed to beat that.

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