The U.S. made goods orders are increasing gradually but analysts fear that due to the 2nd wave of Coronavirus and lack of financial assistance from the government can slowdown the consumer spending.
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U.S factory orders increased from 0.5% in August to 1.1% in September. The demand increased in metal, computers and electronic products and motor vehicles and fabricated metal products. But a decline was recorded in orders for machinery, furniture and electrical equipment, appliances and components.
Due to pandemic, people have to work from home and manufacturing was boosted because of spending on setting up home offices and remote classrooms.
A recent survey shows that the new orders reached their highest level in seventeen years resulting innational factories activity achieving its highest level in October, in nearly last two years.
The economic growth in the last quarter was driven by the government’s $3 trillion package which helps all segments to perform strongly. In the third quarter, the U.S. economy grew at an exceptional rate of 33.1%, followed by 31.4% in the 2nd quarter.
Unfilled orders at factories fell 0.2% in September after declining 0.6% in August. Inventories at factories were unchanged for a second straight month, while shipments of manufactured goods rose 0.3%.
The orders for non-defence capital goods excluding aircraft increased by 1.0% in September. Unfilled orders at factories 0.2% in September and shipments of manufactured goods rose 0.3%. Business spending on equipment increased an at massive rated of 70.1% in September, after the continuous decline of the last 5 months.