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UPDATE:Factory orders declined by $4.8 billion, or 1.0 per cent, to $462.6 billion in January, beating expectations by 50 basis points, data from the Census Bureau shows.
Economists polled by Bloomberg had expected a decline of 1.5 per cent for the month.
Orders were largely negatively impacted by new machinery purchases which declined 10.5 per cent to $30.5 billion.
Transportation equipment showed the greatest increase, gaining more than six per cent to $50.6 billion.
Unfilled orders continued to increase, up $5.4 billion to $917.9 billion, putting the unfilled orders-to-shipments ratio at 6.10, up six basis points from December. Inventories also continued a run higher.
“Inventories, up 20-seven of the last 20-eight months, increased $3.9 billion or 0.6 per cent to $614.7 billion,” the Bureau said. “This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.2 per cent December increase.
The Census Bureau also revised December orders up by 30 basis points, to a 1.4 per cent increase.
Minutes away from one of two major economic announcements of the day: January Factory Orders.
Economists polled by Bloomberg forecast orders fell 1.5 per cent during the month, reversing a 1.1 per cent gain in December.
Forecasts are nearly unanimously negative, with the range of 61 analyst opinions between -3.0 and 0.5 per cent growth.
The Census Bureau will release the announcement at 10:00 a.m. EST.