New orders for manufactured goods in July, up two of the last three months, increased $12.9 billion or 2.8% to $478.6 billion, the U.S. Census Bureau reported. This followed a 0.5% June decrease. Excluding transportation, new orders increased 0.7%.
Inventories, up following three consecutive monthly decreases, increased $3.1 billion or 0.5% to $607.3 billion. This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.1% June decrease. The inventories-to-shipments ratio was 1.27, down from 1.29 in June.